SPACs Drop on M&A Votes, 23andMe Soars

Several SPACs have been dropping on their vote dates. 23andMe surges on first day of trading as ME. The SEC will be closed tomorrow for Juneteenth in a surprise move.
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Beware the SPAC vote date - a few weeks ago SPACs were jumping on/around vote date. That trade has not come to fruition this week. Today's two votes, ACAC and HEC, both fell substantially. Other votes this week, including FAII and CRSA, also fell on the day they voted - though FAII has recovered a lot, including a +5% jump today. 

As we mentioned this morning, redemptions appear to be on the rise for SPACs around NAV. HEC and CRSA followed that up with both reporting a large number of redemptions this afternoon: 

  • CRSA reported $150M in redemptions (60%), leaving just $98M in trust, and caused the company to waive its minimum cash threshold and amend the sources and uses of the merger consideration
  • HEC reported over $250M of redemptions (>60%), leaving $150M in trust

Today's Merger Votes:

  • Acies Acquisition Corp. (ACAC) approved merger w/ PLAYSTUDIOS (MYPS), citing 97% of shareholders voted in favor of the merger. ACAC closed down big, almost 11%, to $8.75
  • Hudson Executive Investment Corp. (HEC) approved merger w/ Talkspace. HEC also took a big hit, closing down 8% to $9.00

Side note: the SEC is now closed on Friday June-18 in observance of Juneteenth, so we might have to wait for the official voting/redemption results until next week. 

Elsewhere in SPACs...

23andMe (ME) surged over +21% on its first day of trading with its new ticker following the closing of its business combination with VG Acquisition Co. (VGAC). A nice first day of trading for the former SPAC sponsored by Richard Branson / Virgin. 

ME

GS Acquisition Holdings II (GSAH) rose +1.6% after announcing its deal with Mirion Technologies for $2.6B. 

Bloomberg is reporting that Leo Holdings III Corp. (LIII) is close to a $1.1B deal with Local Bounti, an indoor agriculture startup. 

Corner Growth Acquisition Corp. 2 (TRON/U) rose +0.6% today on its priced $175M SPAC IPO. 

Today's Biggest Gainers

8.63% ~ $ 13.09 | CMLF - CM Life Sciences Inc (Announced)
6.56% ~ $ 14.29 | LACQ - Leisure Acquisition Corp. (Announced)
2.23% ~ $ 11.47 | BCTG - BCTG Acquisition Corp. (Announced)
2.04% ~ $ 20.97 | SSPK - Silver Spike Acquisition Corp. (Announced)
1.75% ~ $ 10.25 | HLXA - HELIX ACQUISITION CORP (Pre-Deal)
1.60% ~ $ 10.16 | GSAH - GS Acquisition Holdings Corp II (Announced)
1.52% ~ $ 22.74 | PSTH - Pershing Square Tontine Holdings (Announced)
1.34% ~ $ 9.82 | ANZU - Anzu Special Acquisition Corp I (Pre-Deal)
1.34% ~ $ 9.84 | KRNL - Kernel Group Holdings, Inc. (Pre-Deal)
1.32% ~ $ 12.26 | LCY - Landcadia Holdings III Inc (Announced)
1.19% ~ $ 16.98 | RICE - Rice Acquisition Corp. (Announced)
1.13% ~ $ 9.84 | IPVI - InterPrivate IV InfraTech Partners Inc. (Pre-Deal)
1.12% ~ $ 9.96 | DDMX - DD3 Acquisition Corp. II (Pre-Deal)
1.05% ~ $ 11.52 | PDAC - Peridot Acquisition Corp (Announced)
1.03% ~ $ 9.82 | GGMC - Glenfarne Merger Corp. (Pre-Deal)
1.01% ~ $ 9.98 | VTIQ - VectoIQ Acquisition Corp. II (Pre-Deal)
1.00% ~ $ 10.15 | ZT - Zimmer Energy Transition Acquisition Corp. (Pre-Deal)

Today's Biggest Losers

-10.99% ~ $ 8.75 | ACAC - Acies Acquisition Corp (Announced)
-8.07% ~ $ 9.00 | HEC - Hudson Executive Investment Corp (Announced)
-4.85% ~ $ 9.41 | CRSA - Crescent Acquisition Corp (Announced)
-2.72% ~ $ 11.10 | MUDS - Mudrick Capital Acquisition Corporation II (Announced)
-2.42% ~ $ 14.11 | CLII - Climate Change Crisis Real Impact I Acquisition Corp (Announced)
-2.10% ~ $ 12.57 | PSAC - Property Solutions Acquisition Corp (Announced)
-2.04% ~ $ 23.55 | CCIV - Churchill Capital Corp IV (Announced)
-1.92% ~ $ 9.72 | ARYA - Arya Sciences Acquisition Corp III (Announced)
-1.83% ~ $ 11.82 | TDAC - Trident Acquisitions Corp (Announced)
-1.64% ~ $ 10.18 | AHAC - Alpha Healthcare Acquisition Corp (Announced)
-1.46% ~ $ 10.10 | IACA - ION Acquisition Corp 1 Ltd (Announced)
-1.42% ~ $ 11.14 | FWAA - Fifth Wall Acquisition Corp. I (Announced)
-1.22% ~ $ 9.75 | FTAA - FTAC Athena Acquisition Corp. (Pre-Deal)
-1.21% ~ $ 9.80 | LIII - Leo Holdings III Corp (Pre-Deal)
-1.19% ~ $ 9.95 | CHAQ - Chardan Healthcare Acquisition 2 Corp. (Announced)
-1.15% ~ $ 10.31 | DMYI - dMY Technology Group Inc III (Announced)
-1.13% ~ $ 10.11 | NGCA - NextGen Acquisition Corp. II (Pre-Deal)
-1.07% ~ $ 10.13 | CCV - Churchill Capital Corp V (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.)