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No SPACs For You Say the Dems

The proposed language includes barring investment banks from marketing SPACs to retail investors. Elsewhere, SPACs were largely flat on an up stock market day.

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As reported by Bloomberg on Monday, the House Democrats put forward a proposal that would largely block investment banks from marketing SPAC deals to retail investors. The idea being that retail investors are often seen getting the raw end of SPAC deals that pay sponsors handsomely. The rule would call for the banks to only be permitted to market to accredited investors. Chalk it up to another point heading towards more regulation in the market. 

However, increased regulation and a leaner market with more experienced sponsors bringing higher quality deals to market should actually be looked at as a positive for the SPAC market going forward. Until that comes, the market will keep slowly chipping away at the 450+ SPACs looking for deals, trading at a discount - avg. ~$9.82 right now. 

No new M&A deals were announced today, though we saw two IPOs price:

  • Crixus BH3 Acquisition Corp (BHAC), $200M 1/2 W, real estate focused. BHACU fell -0.7% on the day to close at $9.93, despite a $10.10 overfunded trust. 
  • Mount Rainier Acquisition Corp (RNER), $150M 1 W, tech $500M - $2B EV focused. RNERU rose +0.5% on the day to close at $10.05.

SPAC Calendar

STWO shareholders approved their deal with ESS, $208M in shares redeemed, or ~83% of that SPAC's trust. STWO rose slightly and closed at $8.94.

Waiting on the redemption results from today's other vote ITAC / Arbe Robotics.

Oct 12 | $ 9.97 | LOKB - Live Oak Acquisition Corp. II --> Navitas Semiconductor
Oct 13 | $ 9.99 | MRAC - Marquee Raine Acquisition Corp. --> Enjoy Technology, Inc.
Oct 14 | $ 10.03 | VIH - VPC Impact Acquisition Holdings --> BAKKT Holdings, LLC
Oct 14 | $ 10.58 | LEGO - LEGATO MERGER CORP. --> Algoma Steel
Oct 14 | $ 9.99 | HZAC - HORIZON ACQ CP --> Vivid Seats Inc.
Oct 19 | $ 10.06 | GSAH - GS Acquisition Holdings Corp II --> Mirion Technologies
Oct 19 | $ 9.99 | BOWX - BowX Acquisition Corp --> WeWork

Today's Price Action

Biggest Gainers

9.30% ~ $ 9.40 | KCAC - Kensington Capital Acquisition Corp. II (Announced)
5.14% ~ $ 9.00 | SV - Spring Valley Acquisition Corp (Announced)
3.39% ~ $ 11.90 | MEKA - MELI Kaszek Pioneer Corp (Pre-Deal)
2.71% ~ $ 10.25 | BLSA - BCLS Acquisition Corp. (Pre-Deal)
1.13% ~ $ 9.85 | GNAC - GROUP NINE ACQUISITION CORP. (Pre-Deal)
1.13% ~ $ 9.88 | GIIX - GORES HOLDINGS VIII, INC. (Pre-Deal)
.99% ~ $ 10.25 | XPDI - Power & Digital Infrastructure Acquisition Corp. (Announced)
.91% ~ $ 9.98 | RONI - Rice Acquisition Corp. II (Pre-Deal)
.83% ~ $ 9.71 | FICV - Frontier Investment Corp (Pre-Deal)
.82% ~ $ 9.80 | GPAC - Global Partner Acquisition Corp II (Pre-Deal)
.76% ~ $ 10.58 | LEGO - LEGATO MERGER CORP. (Announced)
.72% ~ $ 9.78 | LOKM - Live Oak Mobility Acquisition Corp. (Pre-Deal)
.72% ~ $ 9.82 | IACC - ION Acquisition Corp 3 Ltd. (Pre-Deal)
.71% ~ $ 9.74 | ESM - ESM Acquisition Corporation (Pre-Deal)
.70% ~ $ 10.10 | TPGS - TPG Pace Solutions Corp. (Announced)
.62% ~ $ 9.69 | HWEL - Healthwell Acquisition Corp. I (Pre-Deal)
.62% ~ $ 9.75 | GFOR - Graf Acquisition Corp. IV (Pre-Deal)
.62% ~ $ 9.75 | BITE - Bite Acquisition Corp. (Pre-Deal)

Biggest Losers

-4.84% ~ $ 9.25 | LSAQ - LIFE SCI ACQ II (Announced)
-4.66% ~ $ 9.82 | PPHPA - PHP Ventures Acquisition Corp. (Pre-Deal)
-4.31% ~ $ 9.78 | KCGI - Kensington Capital Acquisition Corp. V (Pre-Deal)
-3.73% ~ $ 9.79 | WINV - WinVest Acquisition Corp. (Pre-Deal)
-2.87% ~ $ 9.83 | CENQ - CENAQ Energy Corp. (Pre-Deal)
-2.27% ~ $ 9.71 | AFTR - AfterNext HealthTech Acquisition Corp. (Pre-Deal)
-2.00% ~ $ 9.80 | THCP - Thunder Bridge Capital Partners IV, Inc. (Pre-Deal)
-1.90% ~ $ 8.76 | ITAC - Industrial Tech Acquisitions Inc (Announced)
-1.02% ~ $ 9.68 | ORIA - Orion Biotech Opportunities Corp. (Pre-Deal)
-.92% ~ $ 9.65 | CORS - Corsair Partnering Corporation (Pre-Deal)
-.91% ~ $ 9.82 | DNAB - Social Capital Suvretta Holdings Corp. II (Pre-Deal)
-.82% ~ $ 9.66 | XPAX - XPAC Acquisition Corp (Pre-Deal)
-.81% ~ $ 9.82 | GLTA - Galata Acquisition Corp (Pre-Deal)
-.71% ~ $ 9.75 | WPCA - Warburg Pincus Capital Corporation I—A (Pre-Deal)
-.69% ~ $ 10.02 | ADF - Aldel Financial Inc. (Announced)
-.66% ~ $ 9.74 | TBSA - TB SA Acquisition Corp (Pre-Deal)
-.61% ~ $ 9.71 | TETC - Tech and Energy Transition Corporation (Pre-Deal)
-.61% ~ $ 9.71 | RMGC - RMG Acquisition Corp. III (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.)

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