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The SPAC market is hot again. Probably too hot. In particular, the IPO pace needs to slow down significantly otherwise an already overcrowded market is likely to see more problems. The good news is that deSPACs are starting to perform better and there is some excitement to deals again.
The latest vintage of SPAC IPOs typically has an overfunded trust and 1/2 warrants. This combination gives a lot of juice to squeeze for investors so they have, in most cases, been hanging above $10 and seeing some high volume as flips are made.
$ 10.10 | NPABU - New Providence Acquisition Corp. II
$ 10.17 | MCAA - Mountain Co. I Acquisition Corp.
$ 10.06 | RRAC - Rigel Resource Acquisition Corp.
$ 10.04 | MPRA - Mercato Partners Acquisition Corp
$ 10.08 | SVNAU - 7 Acquisition Corp
$ 10.10 | IQMD - Intelligent Medicine Acquisition Corp.
SPAC Deal Announcements
SPAC investors, for the most part, aren't seeing announced deals trading at levels much above $10. DWAC remains the standout, though investors who bought above $60 (and there were lots buying above that) are now feeling pain as it closed today at $56.56. There aren't many who believe this is a long-term buy and hold, but this still remains a hot trade that some folks believe will pop back up.
More importantly, the pace has to pick up or we're on track to see significant liquidations and a lot of bad deals. Only three deals so far in November, let's keep our fingers crossed for more next week.
Nov 05 | $ 11.01 | AGBA - AGBA ACQUISITION LIMITED --> TAG Holdings Limited
Nov 04 | $ 9.94 | QFTA - Quantum FinTech Acquisition Corp --> TradeStation Group, Inc.
Nov 02 | $ 10.44 | SBEA - SilverBox Engaged Merger Corp I --> Black Rifle Coffee Company
Oct 28 | $ 9.90 | TWNT - Tailwind Two Acquisition Corp. --> TERRAN ORBITAL Corp
Oct 25 | $ 10.36 | BRPM - B. Riley Principal 150 Merger Corp. --> FaZe Clan
Oct 21 | $ 56.56 | DWAC - Digital World Acquisition Corp. --> Trump Media & Technology Group Corp.
Oct 15 | $ 9.89 | ADER - 26 Capital Acquisition Corp --> Okada Manila
Oct 14 | $ 9.97 | ACEV - ACE Convergence Acquisition Corp --> Tempo Automation
Oct 13 | $ 10.09 | RBAC - RedBall Acquisition Corp. --> SeatGeek
Oct 12 | $ 9.93 | DUNE - Dune Acquisition Corporation --> TradeZero
Oct 07 | $ 9.90 | FMAC - FirstMark Horizon Acquisition Corp --> Starry, Inc.
Oct 05 | $ 10.75 | SNII - Supernova Partners Acquisition Company II, Ltd. --> Rigetti Co, Inc.
Oct 04 | $ 9.94 | GBRG - Goldenbridge Acquisition Limited --> AgiiPlus
Oct 04 | $ 9.90 | HLXA - HELIX ACQUISITION CORP --> MoonLake Immunotherapeutics AG
EV SPACs Remain Hot
The EV space broadly remains on fire and the SPAC market is a main beneficiary of it as many the new EV auto makers and infrastructure/charging places started as SPACs. With Rivian (RIVN) reportedly boosting its IPO price to $72-74 from $57-62, watch for more fireworks in the coming weeks.
Announced Transaction | $ 10.69 | GGPI - Gores Guggenheim, Inc -> Polestar
Announced Transaction | $ 11.61 | TPGY - TPG Pace Beneficial Finance Corp -> EVBox Group
De-SPAC | $ 9.42 | SNPR - Tortoise Acquisition Corp II -> Volta Inc (VLTA)
De-SPAC | $ 9.98 | CLII - Climate Change Crisis Real Impact I Acquisition Corp -> EVgo Inc (EVGO)
De-SPAC | $ 10.68 | ACTC - ArcLight Clean Transition Corp -> Proterra Inc (PTRA)
De-SPAC | $ 13.14 | VTIQ - VectoIQ Acquisition Corp -> Nikola Corp (NKLA)
De-SPAC | $ 14.76 | NBAC - Newborn Acquisition Corp. -> Nuvve Holding Corp (NVVE)
De-SPAC | $ 19.01 | SPAQ - Spartan Energy Acquisition Corp. -> Fisker Inc (FSR)
De-SPAC | $ 24.69 | SBE - Switchback Energy Acquisition Corporation -> ChargePoint Holdings Inc (CHPT)
De-SPAC | $ 31.02 | KCAC - Kensington Capital Acquisition Corp -> QuantumScape Corp (QS)
De-SPAC | $ 41.80 | CCIV - Churchill Capital Corp IV -> Lucid Group Inc (LCID)SPAC Calendar
Next week will be quiet for SPAC merger votes with only two on the calendar. The deal announcement through deSPAC pace is going to have to heat up if there is any hope of catching up to the SPAC IPO pace.
Nov 09 | $ 9.88 | NGAB - Northern Genesis Acquisition Corp. II --> Embark Trucks
Nov 12 | $ 9.98 | DFPH - DFP HEALTHC ACQ --> The Oncology Institute
The Know Who Drives Return Podcast
SPAC SEAH is taking Super Group public in a $4.6B deal that investors are hoping will close in the 4th quarter of 2021. Listen in to learn more about John and Neal's backgrounds, why Super Group may be the right bet for investors, and their expectations on deal close timing, what will happen with warrants, and more.
More from the Know Who Drives Return Podcast
- Wejo CEO Richard Barlow on why Connected Vehicle Data is the Future (SPAC: VOSO)
- Podcast: Codere Online (SPAC:DDMX) and the Gaming / Betting Landscape in LatAm
- Podcast: CompoSecure / DBDR Going Beyond Metal Cards into Crypto with CEOs Jon Wilk & Don Basile
- Podcast: DWAC and Trump / TMTG Make SPACs Great Again
- Inspirato's Brent Handler and Web Neighbor on the Future of Subscription Travel
- Vacasa CEO Matt Roberts on Travel and Merger with TPG Pace Solutions (TPGS)
- Aurora's Chris Urmson and Reinvent's Michael Thompson
- Okapi's Bruce Goldfarb on Activism, the Rise of Retail, AMC, and SPACs
- See the full Know Who Drivers Return podcast library
SPAC Stock Movers
Biggest SPAC Decliners
-9.18% ~ $ 8.90 | GNRS - GREENROSE ACQUISITION CORP (Announced)
-7.55% ~ $ 11.38 | DCRC - Decarbonization Plus Acquisition Corporation III (Announced)
-5.79% ~ $ 9.76 | BMAQ - Blockchain Moon Acquisition Corp. (Pre-Deal)
-3.87% ~ $ 56.56 | DWAC - Digital World Acquisition Corp. (Announced)
-2.97% ~ $ 10.47 | IVAN - Ivanhoe Capital Acquisition Corp (Announced)
-1.48% ~ $ 10.68 | FTCV - FinTech Acquisition Corp. V (Announced)
-1.42% ~ $ 9.80 | GLTA - Galata Acquisition Corp (Pre-Deal)
-1.05% ~ $ 10.40 | BENE - Benessere Capital Acquisition Corp. (Pre-Deal)
-.82% ~ $ 9.72 | TPBA - TPB Acquisition Corporation I (Pre-Deal)
-.67% ~ $ 9.95 | BLSA - BCLS Acquisition Corp. (Pre-Deal)
-.63% ~ $ 12.67 | CND - Concord Acquisition Corp (Announced)
-.61% ~ $ 13.02 | MEKA - MELI Kaszek Pioneer Corp (Pre-Deal)
-.61% ~ $ 9.84 | MCAE - Mountain Crest Acquisition Corp. III (Pre-Deal)
-.59% ~ $ 10.04 | DYNS - Dynamics Special Purpose Corp. (Pre-Deal)
-.55% ~ $ 10.79 | SEAH - Sports Entertainment Acquisition Corp (Announced)
-.55% ~ $ 9.91 | DCRD - Decarbonization Plus Acquisition Corp IV (Pre-Deal)
-.51% ~ $ 9.73 | CLAA - Colonnade Acquisition Corp. II (Pre-Deal)
-.51% ~ $ 9.74 | BSKY - Big Sky Growth Partners, Inc. (Pre-Deal)
-.51% ~ $ 9.78 | STRE - Supernova Partners Acquisition Company III, Ltd (Pre-Deal)
-.51% ~ $ 9.80 | FRXB - Forest Road Acquisition Corp. II (Pre-Deal)
Biggest SPAC Gainers
15.02% ~ $ 11.56 | FSII - FS Development Corp. II (Announced)
4.07% ~ $ 10.75 | SNII - Supernova Partners Acquisition Company II, Ltd. (Announced)
2.47% ~ $ 11.61 | TPGY - TPG Pace Beneficial Finance Corp (Announced)
1.67% ~ $ 10.36 | BRPM - B. Riley Principal 150 Merger Corp. (Announced)
1.56% ~ $ 13.05 | XPDI - Power & Digital Infrastructure Acquisition Corp. (Announced)
1.42% ~ $ 10.69 | GGPI - Gores Guggenheim, Inc (Announced)
.89% ~ $ 10.23 | DMYQ - dMY Technology Group, Inc. IV (Announced)
.85% ~ $ 11.93 | AGC - Altimeter Growth Corp. (Announced)
.65% ~ $ 10.76 | FPAC - Far Peak Acquisition Corp (Announced)
.62% ~ $ 9.80 | BNNR - Banner Acquisition Corp. (Pre-Deal)
.61% ~ $ 9.89 | GIIX - GORES HOLDINGS VIII, INC. (Pre-Deal)
.61% ~ $ 9.90 | AAQC - Accelerate Acquisition Corp. (Pre-Deal)
.61% ~ $ 9.91 | CCV - Churchill Capital Corp V (Pre-Deal)
.56% ~ $ 9.93 | PPHP - PHP Ventures Acquisition Corp. (Pre-Deal)
.54% ~ $ 10.25 | CBAH - CBRE Acquisition Holdings, Inc. (Announced)
.51% ~ $ 9.78 | LCAA - L Catterton Asia Acquisition Corp (Pre-Deal)
.51% ~ $ 9.79 | FTPA - FTAC Parnassus Acquisition Corp. (Pre-Deal)
.50% ~ $ 10.09 | RBAC - RedBall Acquisition Corp. (Announced)
.46% ~ $ 9.88 | GAPA - G&P Acquisition Corp. (Pre-Deal)
.41% ~ $ 9.71 | HWEL - Healthwell Acquisition Corp. I (Pre-Deal)
Latest SPAC Analysis from Boardroom Alpha
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- October SPAC Issuance nears $10B and SPACs are Hot Again
- Could Esports' FaZe Clan Go MEME as it Goes Public via B Riley SPAC?
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- GS Acquisition (GSAH) / Mirion and BowX (BOWX) / WeWork Set for Merger Votes
- A Positive SPAC Week as HZAC Shareholders Approve Deal. BOWX / WeWork is Next
- Say-On-Pay Failures 2021
- Spring Valley (SV) and AeroFarms end SPAC Merger
- Billy Beane's RedBall Nabs SeatGeek in SPAC Merger
- SPAC Market Remains Saturated, Deal Pace Needs to Pick Up to Clear
- Starry Going Public with FirstMark Horizon (FMAC)
- Don't Go Long on SPACs
- All SPAC Analysis from Boardroom Alpha
(Disclaimers: this is not investment advice. The author may be long one or more stocks mentioned in this report.)