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** 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.
Average redemption rates will be one of the key SPAC metrics to watch as the market looks to stabilize.
A continued deceleration in SPAC IPOs will be a positive sign for SPACs going forward. The key is for the market to clear out more, deSPACs to perform (reasonably), and new deals to be attractive.
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).
SPAC Stock Movers
No surprise, but DWAC again capitalized on the improved market mood and surged almost 14% to return to $83.25.
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)
-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)
- CEO / CFO / Director Resignations & Appointments | Jan 14, 2022
- CEO / CFO / Director Resignations & Appointments | Dec 31, 2021
The Know Who Drives Return Podcast (all episodes)
- Coffee Company or Lifestyle Brand? Black Rifle Coffee Set for Vote on SPAC Deal with SBEA
- Tal Keinan on Sky Harbour and merger with Yellowstone Acquisition (YSAC)
- Rangeley’s Chris DeMuth Jr. on Value Investing and SPACs
- Sonder's Francis Davidson on Re-Designing Hospitality and GMII Merger
- Amy Nauiokas on FinTech VC, SPACs, Diversity, and Anthemis Digital (ADAL)
- Dave CEO Jason Wilk on Saving Customers Billions and their SPAC Deal with VPCC
- Tim Hentschel on HotelPanner Merger Astrea Acquisition (ASAX)
- Greenbox POS Talking Blockchain and Stablecoin Coyni
- SPAC Sponsor Spotlight: Live Oak Merchant Partners
- BM Technologies’ (BMTX) Luvleen Sidhu on Becoming a Bank and FinTech Evolution
- Will SeatGeek’s Primary Strategy Propel them to Ticketing Victory?
- Why Navitas Semiconductor (NVTS) Is the Next Big Thing in Chips with CEO Gene Sheridan
- Chad Rigetti on why Superconducting and Rigetti is the Best Bet on Quantum Computing
(Disclaimers: this is not investment advice. The author may be long one or more stocks mentioned in this report.)