Skip to main content

SPAC Sentiment Already Turning?

It's been a better few days in SPAC land. Whether that continues is more about the fundamentals of the SPAC market -- IPOs, redemptions, deals -- than an improved mood from the broader market stabilizing.

----------------------------------------------------
Free Investor Resources from Boardroom Alpha
----------------------------------------------------
** Podcast: Know Who Drives Return
** Daily SPAC Newsletter
** Full SPAC Listing
** SPAC Market Review - December 2021

The SPAC (and deSPAC) market is enjoying the last few days thanks to some thinking "spec tech" is already back, SPAC sentiment seemingly shifted thanks to several hedge funds saying now is the time to buy, and an overall better market tide lifting all boats. Whether the more positive mood and results continue is the real question. 

Given nothing has fundamentally changed in the SPAC market -- ie still too many SPACs, not enough deals, and poor performing deSPACs -- don't expect the mood to last too long. However, if SPAC IPOs continue to slow in February (January had a marked decline), a few good deals get announced, and the markets stabilize, investors could see an environment that is more supportive of a smoother SPAC market correction.

boardroomalpha-average_redemption_rates-20220201183538
boardroomalpha-ipo_count-20220201183538

Tuesday's SPAC Deal

POND announced a deal with Maria DB with an enterprise value of $672M and an $18M dollar PIPE. Maria DB is a ""fast growing, popular open source database software company." POND closed up at $9.85 on the day.

Elsewhere in SPACs

  • IVAN shareholders approved their SPAC deal with SES Holdings. 81.4% of shares redeemed
  • DeSPAC Satellogic (SATL) announced a strategic partnership with Palantir (PLTR)
  • ENNV adjourned vote until February 2 and amended merger agreement to lower the valuation. 91% of shareholders have already redeemed removing $315.4M from trust.
  • MCMJ / Leafly approved merger, though no details yet on redemptions

SPAC Deal Vote Calendar

Watch for more redemptions as February's SPAC votes start rolling in. For those watching SBEA / Black Rifle, you can check out our podcast with them here.

Feb 02 | $ 7.25 | ENNV - ECP Environmental Growth Opportunities Corp. --> Fast Radius, Inc.
Feb 03 | $ 9.76 | SBEA - SilverBox Engaged Merger Corp I --> Black Rifle Coffee Company
Feb 08 | $ 10.18 | TVAC - Thayer Ventures Acquisition Corporation --> Inspirato LLC
Feb 09 | $ 9.99 | MBAC - M3-Brigade Acquisition II Corp --> Syniverse Corp
Feb 09 | $ 9.99 | GCAC - Growth Capital Acquisition Corp. --> Cepton Technologies, Inc
Feb 14 | $ 9.97 | ROCR - ROTH CH ACQUISITION III CO --> QualTek
Feb 15 | $ 9.96 | ASAX - Astrea Acquisition Corp. --> HotelPlanner
Feb 15 | $ 9.97 | HCCC - Healthcare Capital Corp. --> Alpha Tau Medical Ltd.

DeSPACs See Green Again!

It was another big green day from many of the recent DeSPACs. DAVE which has now climbed up to $14.30 after hitting a low of $4.62 after deSPAC. IONQ was up almost 7% as "spec tech" may be getting its footing back (see: Ark ETF).

Source: Boardroom Alpha

Source: Boardroom Alpha

SPAC Stock Movers

No surprise, but DWAC again capitalized on the improved market mood and surged almost 14% to return to $83.25.

Biggest Gainers

13.93% ~ $ 83.25 | DWAC - Digital World Acquisition Corp. (Announced)
6.27% ~ $ 11.02 | ESSC - East Stone Acquisition Corporation (Announced)
4.59% ~ $ 10.38 | LGST - Semper Paratus Acquisition Corp (Pre-Deal)
3.13% ~ $ 7.25 | ENNV - ECP Environmental Growth Opportunities Corp. (Announced)
2.96% ~ $ 10.09 | CPAA - Conyers Park III Acquisition Corp. (Pre-Deal)
2.40% ~ $ 11.93 | CFVI - CF Acquisition Corp. VI (Announced)
2.15% ~ $ 9.98 | RJAC - Jackson Acquisition Co (Pre-Deal)
2.07% ~ $ 9.85 | POND - Angel Pond Holdings Corp (Announced)
1.77% ~ $ 10.04 | WEL - Integrated Wellness Acquisition Corp (Pre-Deal)
1.65% ~ $ 9.83 | ALCC - AltC Acquisition Corp. (Pre-Deal)
1.57% ~ $ 9.70 | ATEK - Athena Technology Acquisition Corp. II (Pre-Deal)
1.45% ~ $ 9.79 | TIOA - Tio Tech A (Pre-Deal)
1.35% ~ $ 9.74 | TWCB - Bilander Acquisition Corp. (Pre-Deal)
1.33% ~ $ 9.94 | BHAC - Crixus BH3 Acquisition Corp. (Pre-Deal)
1.32% ~ $ 10.00 | HLXA - HELIX ACQUISITION CORP (Announced)
1.24% ~ $ 9.80 | DISA - Disruptive Acquisition Corp I (Pre-Deal)
1.24% ~ $ 9.81 | IBER - Ibere Pharmaceuticals (Pre-Deal)
1.22% ~ $ 9.92 | PACI - PROOF Acquisition Corp I (Pre-Deal)
1.19% ~ $ 10.04 | GEEX - Games & Esports Experience Acquisition Corp. (Pre-Deal)
1.12% ~ $ 9.91 | AACI - Armada Acquisition Corp. I (Announced)

Biggest Losers

-8.42% ~ $ 6.53 | MCMJ - Merida Merger Corp. I (Announced)
-3.70% ~ $ 7.28 | CCAC - CITIC Capital Acquisition Corp (Announced)
-3.62% ~ $ 9.84 | VMAC - Vistas Media Acquisition Company Inc. (Announced)
-3.50% ~ $ 9.65 | PFTA - Portage Fintech Acquisition Corp. (Pre-Deal)
-2.78% ~ $ 9.80 | SCUA - Sculptor Acquisition Corp I (Pre-Deal)
-2.18% ~ $ 9.85 | PORT - Southport Acquisition Corporation (Pre-Deal)
-1.81% ~ $ 9.76 | SBEA - SilverBox Engaged Merger Corp I (Announced)
-1.80% ~ $ 9.81 | BPAC - Bullpen Parlay Acquisition Co (Pre-Deal)
-1.62% ~ $ 9.74 | HCNE - Jaws Hurricane Acquisition Corporation (Pre-Deal)
-1.49% ~ $ 8.57 | ENVI - Environmental Impact Acquisition Corp. (Announced)
-1.41% ~ $ 9.82 | BRKH - BurTech Acquisition Corp. (Pre-Deal)
-.82% ~ $ 9.62 | ALPA - ALPHA HEALTHCARE ACQUISITION CORP III (Pre-Deal)
-.82% ~ $ 9.72 | KLAQ - KL Acquisition Corp (Pre-Deal)
-.81% ~ $ 9.85 | WALD - Waldencast Acquisition Corp. (Announced)
-.71% ~ $ 9.73 | SKYA - Skydeck Acquisition Corp. (Pre-Deal)
-.71% ~ $ 9.82 | RCFA - RCF Acquisition Corp. (Pre-Deal)
-.70% ~ $ 9.93 | OLIT - OmniLit Acquisition Corp. (Pre-Deal)
-.62% ~ $ 9.68 | PEGR - Project Energy Reimagined Acquisition Corp. (Pre-Deal)
-.61% ~ $ 9.71 | OMEG - Omega Alpha SPAC (Pre-Deal)
-.61% ~ $ 8.13 | IVAN - Ivanhoe Capital Acquisition Corp (Announced)

More from Boardroom Alpha

For ongoing tracking, analytics, and data on SPACs checkout Boardroom Alpha's SPAC Data and Analytics service.

Monthly SPAC Market Review

Exec Moves (all issues)

The Know Who Drives Return Podcast (all episodes)

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