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SPAC M&A Heating Up With 3 More Deals Today (RCLF, CPTK, VTAQ)

Three SPACs announced new definitive agreements today taking the likes of GETT, Presto, and Brivo public. Is the pace enough to clear out the SPAC glut?

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It certainly feels like a more active SPAC M&A market that's been relatively silent this fall. 3 new deals were announced today bringing the week's total to 7. Today's transactions:

  • Rosecliff Acquisition Corp I (RCLF), $1B deal for GETT. +0.6%
  • Ventoux CCM Acquisition Corp (VTAQ), $817M deal for Presto. -0.6%
  • Crown PropTech Acquisitions (CPTK), $808M deal for Brivo. +1.1%

Though while 2/3 received a modest pop, none are screaming above NAV. In addition, (see below tweet) the low volume traded would signal a potential tough road ahead to stem any increased levels of redemptions. Long way to go, but interesting to take a look at the early reactions.

That being said, the M&A pace is still being trumped by the SPAC IPO pace which priced another 6 deals today, bringing the week's total thus far to 9. November has already peaked $6B in SPAC fresh new issuance, putting October's $10B in striking distance. 

Now, is it healthy to see more M&A deals be announced? Surely. However, the PIPE market still seems to be quite difficult (majority of today's PIPEs include some form of convertible financing) and it certainly seems increasingly likely that we will see a wave of SPAC liquidations eventually, similarly to ~15 years ago. 

In addition, deals keep getting called off, as with BBQ Guys and Velocity Acquisition. 

Recent SPAC IPOs

Nov 09 | $ 10.18 | BCSA - Blockchain Coinvestors Acquisition Corp. I
Nov 09 | $ 10.06 | CBRG - Chain Bridge I
Nov 09 | $ 10.09 | GVCI - Green Visor Financial Technology Acquisition Corp I
Nov 09 | $ 10.07 | AFAC - Arena Fortify Acquisition Corp.
Nov 09 | $ 10.09 | ACDI - Ascendant Digital Acquisition Corp. III
Nov 09 | $ 10.07 | RCF - RCF Acquisition Corp.
Nov 08 | $ 10.10 | HTAQ - Hunt Companies Acquisition Corp. I
Nov 08 | $ 10.06 | DPCS - DP Cap Acquisition Corp I
Nov 08 | $ 10.08 | APN - Apeiron Capital Investment Corp.

Today's Price Action

Biggest Gainers

1.75% ~ $ 58.30 | DWAC - Digital World Acquisition Corp. (Announced)
1.45% ~ $ 10.52 | BRPM - B. Riley Principal 150 Merger Corp. (Announced)
1.13% ~ $ 9.86 | RACB - Research Alliance Corp. II (Pre-Deal)
1.12% ~ $ 9.89 | CPTK - Crown PropTech Acquisitions (Announced)
.87% ~ $ 9.84 | LDHA - LDH Growth Corp I (Pre-Deal)
.71% ~ $ 9.93 | ARTA - Artisan Acquisition Corp. (Announced)
.71% ~ $ 9.95 | MCAE - Mountain Crest Acquisition Corp. III (Pre-Deal)
.69% ~ $ 9.95 | DALS - DA32 Life Science Tech Acquisition Corp. (Pre-Deal)
.62% ~ $ 9.77 | EGGF - EG Acquisition Corp. (Pre-Deal)
.62% ~ $ 9.78 | PMGM - Priveterra Acquisition Corp. (Pre-Deal)
.62% ~ $ 9.79 | EOCW - Elliott Opportunity II Corp. (Pre-Deal)
.61% ~ $ 9.85 | RCLF - Rosecliff Acquisition Corp I (Announced)
.51% ~ $ 9.82 | NSTD - Northern Star Investment Corp. IV (Pre-Deal)
.51% ~ $ 12.88 | MEKA - MELI Kaszek Pioneer Corp (Pre-Deal)
.50% ~ $ 10.05 | HLXA - HELIX ACQUISITION CORP (Announced)
.41% ~ $ 9.71 | PFTA - PORTAGE FINTECH ACQUISITION CORP. (Pre-Deal)
.41% ~ $ 9.72 | XPAX - XPAC Acquisition Corp (Pre-Deal)
.41% ~ $ 9.73 | TETC - Tech and Energy Transition Corporation (Pre-Deal)

Biggest Losers

-7.47% ~ $ 11.02 | DCRC - Decarbonization Plus Acquisition Corporation III (Announced)
-4.73% ~ $ 10.67 | GGPI - Gores Guggenheim, Inc (Announced)
-4.38% ~ $ 10.27 | IVAN - Ivanhoe Capital Acquisition Corp (Announced)
-3.51% ~ $ 10.46 | SNII - Supernova Partners Acquisition Company II, Ltd. (Announced)
-2.82% ~ $ 15.16 | AGC - Altimeter Growth Corp. (Announced)
-2.71% ~ $ 12.56 | CND - Concord Acquisition Corp (Announced)
-2.65% ~ $ 11.02 | SEAH - Sports Entertainment Acquisition Corp (Announced)
-2.55% ~ $ 12.98 | XPDI - Power & Digital Infrastructure Acquisition Corp. (Announced)
-2.48% ~ $ 10.23 | DMYQ - dMY Technology Group, Inc. IV (Announced)
-1.50% ~ $ 10.51 | FPAC - Far Peak Acquisition Corp (Announced)
-1.45% ~ $ 10.18 | CBAH - CBRE Acquisition Holdings, Inc. (Announced)
-1.44% ~ $ 10.29 | HUGS - USHG Acquisition Corp. (Announced)
-1.40% ~ $ 9.86 | ARYE - ARYA Sciences Acquisition Corp V (Pre-Deal)
-1.37% ~ $ 10.09 | SBEA - SilverBox Engaged Merger Corp I (Announced)
-1.19% ~ $ 12.50 | FSII - FS Development Corp. II (Announced)
-1.14% ~ $ 10.37 | MCMJ - Merida Merger Corp. I (Announced)
-1.02% ~ $ 9.74 | FTPA - FTAC Parnassus Acquisition Corp. (Pre-Deal)
-.92% ~ $ 9.69 | GOBI - Gobi Acquisition Corp. (Pre-Deal)

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(Disclaimers: this is not investment advice. The author may be long one or more stocks mentioned in this report.)