SPACs End Week on a High (Kind of)

The SPAC market is still stuck in a kind of stasis with most SPACs meaningfully below NAV, or for a rare few with deals fighting to stay above, but at least it didn't get worse today.
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Investors saw the broader market rebound from a dismal few days with the S&P up 1.49% and the NASDAQ up 2.32% and even SPACs showed some lift. That said, the average pre-deal SPAC is still trading at $9.83 -- well below NAV.

Yesterday we pointed out that the pitchforks are out for Chamath and SPACs and today will have been a nice, if minor, respite for both. 

All of Chamath's current SPACs rose alongside the market:
IPOA | 4.39% ~ $ 16.18 | De-SPAC -> Virgin Galactic Holdings, Inc.
IPOB | 6.86% ~ $ 15.12 | De-SPAC -> OpenDoor Labs Inc.
IPOC | 2.89% ~ $ 7.47 | De-SPAC -> Clover Health Investments, Corp.
IPOD | 1.18% ~ $ 10.27 | Pre-Deal
IPOE | 2.26% ~ $ 14.94 | Announced -> Social Finance, Inc.
IPOF | 1.61% ~ $ 10.09 | Pre-Deal

SPAC Activity Picked Up This Week

8 SPAC Deals Felt Like Momentum, but They Lacked Punch
Investors saw eight deal announcements this week, but unfortunately the rise in rate didn't have an equivalent rise in price performance. All eight deals, even with today's broader rally, remain below NAV.

May 12 | $ 9.89 | SWBK - Switchback II Corporation --> Bird Rides, Inc.
May 12 | $ 9.85 | CENH - Centricus Acquisition Corp. --> Arqit Limited
May 11 | $ 9.88 | AURC - Aurora Acquisition Corp. --> Better
May 11 | $ 9.90 | SRNG - Soaring Eagle Acquisition Corp. --> Ginkgo
May 10 | $ 9.88 | AUS - Austerlitz Acquisition Corporation I --> Wynn Interactive
May 10 | $ 9.96 | LIVK - LIV Capital Acquisition Corp. --> AgileThought
May 10 | $ 9.87 | STPC - Star Peak Corp II --> Benson Hill, Inc.
May 10 | $ 9.89 | HCIC - Hennessy Capital Investment Corp. V --> Plus
May 07 | $ 10.16 | LSAQ - LIFE SCI ACQ II --> Science 37
May 07 | $ 9.85 | STWO - ACON S2 Acquisition Corp --> ESS TECHNOLOGY
May 07 | $ 9.98 | LOKB - Live Oak Acquisition Corp. II --> Navitas Semiconductor
May 06 | $ 9.95 | AMHC - Amplitude Healthcare Acquisition Corporation --> Jasper Therapeutics
May 03 | $ 9.86 | MAAC - Montes Archimedes Acquisition Corp --> Roivant Sciences

2 SPAC IPOs also Lack Punch
Osiris Acquisition Corp. (OSI.UT) debuted on the NYSE today and immediately traded down 1.2% to close at $9.88. This was a downsized IPO of $230m from initial filing of $250m. Earlier in the week Orion Biotech (OSRIAU) debuted up a few cents, but today closed right at $10. So, while it's good to see some IPO action in the SPAC market, the dynamic of an oversupplied SPAC market remains. 

This week's IPOs
$9.88 | OSI.UT - Osiris Acquisition Corp.
$10.00 | OSRIAU - Orion Biotech Opportunities Corp.

IPOs Since April
-1.6% ~ $ 9.84 | TUGC - TradeUP Global Corp
-.4% ~ $ 9.96 | VLAT - Valor Latitude Acquisition Corp.
-.3% ~ $ 9.97 | BSKY - Big Sky Growth Partners, Inc.
-.1% ~ $ 9.99 | ADF - Aldel Financial Inc.
.0% ~ $ 10.00 | MAQC - Maquia Capital Acquisition Corporation
.1% ~ $ 10.01 | TIOA - Tio Tech A
1.0% ~ $ 10.10 | DKDCA - Data Knights Acquisition Corp.
1.5% ~ $ 10.15 | ACBA - Ace Global Business Acquisition Limited
1.7% ~ $ 10.17 | MPAC - Model Performance Acquisition Corp
5.5% ~ $ 10.55 | CMLT - CM Life Sciences III Inc.

Other SPAC Events

  • SRAC shareholders approved an extension to August 13.  19,662 shares were redeemed at the vote. 
  • Both OPA.U and DISAU split
  • Deerfield Healthcare Technology (DFHT) filed a DEFM14A for the CareMax deal. The vote is on June 4.
  • GX ACQUISITION (GXGX) voted on an extension to July 31

** ICYMI **

Pitchforks out for "SPAC King" Chamath Palihapitiya and SPACs
We take a look at the negativity around SPACs and Chamath and discuss what may be next for SPACs.

Exclusive SPAC Q&A: Better World Acquisition Corp (BWAC)
A great Q&A with Rosemary Ripley who is CEO of BWAC and their sponsor N*GEN. Learn more about the team there and why BWAC she believes they have an ESG edge.

Friday's Top SPAC Stock Movers

A lot of big positive and negative moves today so we've included a few more than usual.

Top SPAC Gainers
9.84% ~ $ 11.61 | CMII - CM Life Sciences II Inc. (Announced)
7.15% ~ $ 13.79 | MUDS - Mudrick Capital Acquisition Corporation II (Announced)
6.46% ~ $ 11.37 | FSRV - FinServ Acquisition Corp (Announced)
6.08% ~ $ 14.14 | TPGY - TPG Pace Beneficial Finance Corp (Announced)
5.58% ~ $ 14.76 | SSPK - Silver Spike Acquisition Corp. (Announced)
5.53% ~ $ 10.87 | SRAC - Stable Road Acquisition Corp. (Announced)
5.04% ~ $ 14.58 | RICE - Rice Acquisition Corp. (Announced)
4.96% ~ $ 13.96 | ACTC - ArcLight Clean Transition Corp (Announced)
4.00% ~ $ 17.94 | CCIV - Churchill Capital Corp IV (Announced)
3.98% ~ $ 11.50 | AGC - ALTIMETER GROWTH CORP (Announced)
3.76% ~ $ 10.02 | GAMC - Golden Arrow Merger Corp. (Pre-Deal)
3.45% ~ $ 10.79 | LCY - Landcadia Holdings III Inc (Announced)
3.44% ~ $ 11.43 | GHVI - Gores Holdings VI Inc (Announced)
2.81% ~ $ 11.70 | TDAC - Trident Acquisitions Corp (Announced)
2.60% ~ $ 11.05 | CLII - Climate Change Crisis Real Impact I Acquisition Corp (Announced)
2.26% ~ $ 14.94 | IPOE - Social Capital Hedosophia Holdings Corp V (Announced)
1.85% ~ $ 9.93 | GLBL - Cartesian Growth Corporation (Pre-Deal)
1.82% ~ $ 10.09 | ARYA - Arya Sciences Acquisition Corp III (Announced)
1.81% ~ $ 12.38 | BOWX - BowX Acquisition Corp (Announced)
1.80% ~ $ 24.94 | PSTH - Pershing Square Tontine Holdings (Pre-Deal)

Top SPAC Losers
-10.33% ~ $ 23.01 | BRPA - Big Rock Partners Acquisition Corp (Announced)
-6.19% ~ $ 9.85 | GTPA - Gores Technology Partners, Inc (Pre-Deal)
-5.31% ~ $ 9.80 | OHPA - Orion Acquisition Corp. (Pre-Deal)
-3.09% ~ $ 9.75 | MBTC - Nocturne Acquisition Corporation (Pre-Deal)
-2.17% ~ $ 9.90 | RKTA - Rocket Internet Growth Opportunities Corp. (Pre-Deal)
-1.87% ~ $ 9.77 | LIII - Leo Holdings III Corp (Pre-Deal)
-1.73% ~ $ 10.25 | ARYD - ARYA Sciences Acquisition Corp IV (Pre-Deal)
-1.41% ~ $ 9.78 | ATAC - Altimar Acquisition Corporation (Announced)
-1.21% ~ $ 9.79 | HCII - HUDSON EXECUTIVE INVESTMENT CORP. II (Pre-Deal)
-1.15% ~ $ 10.35 | BLSA - BCLS Acquisition Corp. (Pre-Deal)
-1.11% ~ $ 9.81 | JYAC - Jiya Acquisition Corp. (Pre-Deal)
-1.02% ~ $ 9.75 | RMGC - RMG Acquisition Corp. III (Pre-Deal)
-.99% ~ $ 10.00 | HYAC - Haymaker Acquisition Corp. III (Pre-Deal)
-.97% ~ $ 9.70 | TRCA - Twin Ridge Capital Acquisition Corp. (Pre-Deal)
-.93% ~ $ 9.61 | PSAG - Property Solutions Acquisition Corp. II (Pre-Deal)
-.82% ~ $ 9.72 | BSN - Broadstone Acquisition Corp. (Pre-Deal)
-.81% ~ $ 9.75 | IPVA - InterPrivate II Acquisition Corp. (Pre-Deal)
-.71% ~ $ 9.82 | NGAB - Northern Genesis Acquisition Corp. II (Pre-Deal)
-.70% ~ $ 9.93 | WPCA - Warburg Pincus Capital Corporation I—A (Pre-Deal)
-.69% ~ $ 10.04 | TPGS - TPG Pace Solutions Corp. (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.)