A welcome scene on the activity front this morning with 2 new deals announced and 3 fresh IPOs. However, also not very surprising, none of the aforementioned traded particularly well. KCAC + Wallbox (see below) shares fell 2%, while KVSA dipped 3% on its first deal. Of the 3 IPOs (GACQ, SMIH, and CLBR) just Summit Healthcare (SMIH) is trading above NAV in the aftermarket at $10.40.
That being said, the SPAC tide definitely feels to be turning with improving sentiment and rising prices. Pre-deal SPACs have been creeping higher towards NAV, and the the average is now at $9.84. De-SPACs have been performing better, particularly right after De-SPAC, and announced deals are generally trading higher as well (avg. $10.78). And, we've seen a number of SPACs pop around the merger vote or after de-SPAC so KCAC/Wallbox's (among others) story isn't fully written yet.
We'll continue to expect the newest IPOs to dip below NAV, but there is a ton of opportunity to be had in both pre-deal and announced-deal SPACs given the current state of the market. See below for June's upcoming M&A votes - over 20 on tap.
Two more De-SPACs are now official, GIX--> UpHealth will begin trading as UPH on the NYSE tomorrow, and FSRV--> Katapult will begin trading as KPLT on Nasdaq tomorrow.
Khosla Ventures (KSVA) struck its first SPAC deal (3 have priced) with Valo Health, valuing the company at $2.3B EV. Shares slumped down 3% to close at $9.91. The well known venture capitalist had previously warned retail investors against expecting large near term profits in his SPAC deals:
SPAC IPO Access for the People
According to new amendments filed this morning, Chamath's 4 new biotech SPACs intend to allocate up to 5% of their offering to retail investors thru SoFi's new retail IPO platform.
The filing also notes that it will charge retail investors $50 per trade if they want to unload those shares prior to 6 months after the offering, so buyer beware.
Of course one of Chamath's original SPACs, Social Capital Hedesophia V (IPOE), took SoFi public earlier this month.
Kensington Capital Acquisition Corp. II (KCAC) Wallbox deal Falls Flat (for now)
This morning, KCAC joined the crowded SPAC EV related space in announcing a $1.5B deal with Wallbox. Wallbox develops EV charging solutions for residential, semi-public and public use from nine offices across three continents, with sales across 67 countries. KCAC shares dropped on the day, ultimately settling down 2%. EV related SPACs with lofty revenue projections haven't been as desirable from the investing community as of late.
Upcoming M&A Votes
Jun 30 | $ 11.35 | HOL - Holicity Inc --> Astra
Jun 30 | $ 11.02 | APXT - Apex Technology Acquisition Corporation --> AvePoint, Inc.
Jun 30 | $ 10.63 | WPF - Foley Trasimene Acquisition Corp. --> Alight Solutions
Jun 29 | $ 10.01 | FCAC - Falcon Capital Acquisition Corp --> sharecare
Jun 29 | $ 12.79 | CLII - Climate Change Crisis Real Impact I Acquisition Corp --> EVgo
Jun 28 | $ 10.20 | IACA - ION Acquisition Corp 1 Ltd --> Taboola
Jun 24 | $ 10.02 | FIII - Forum Merger III Corporation --> Electric Last Mile, Inc.
Jun 24 | $ 10.32 | FRX - Forest Road Acquisition Corp --> Beachbody, LLC
Jun 23 | $ 10.09 | FTOC - FTAC Olympus Acquisition Corp --> Payoneer Inc.
Jun 23 | $ 10.00 | AACQ - Artius Acquisition Inc. --> Origin Materials
Jun 22 | $ 10.19 | TBA - Thoma Bravo Advantage --> ironSource
Jun 22 | $ 12.75 | FTIV - FinTech Acquisition Corp. IV --> Perella Weinberg Partners LLC
Jun 17 | $ 10.00 | ACAC - Acies Acquisition Corp --> PlayStudios, Inc.
Jun 16 | $ 10.13 | CRSA - Crescent Acquisition Corp --> LiveVox TopCo, LLC
Jun 15 | $ 9.99 | FAII - Fortress Value Acquisition Corp. II --> ATI Physical Therapy
Jun 11 | $ 18.88 | ACTC - ArcLight Clean Transition Corp --> Proterra Inc
Jun 10 | $ 10.17 | VGAC - VG Acquisition Corp --> 23andMe, Inc.
Jun 10 | $ 10.17 | CCX - Churchill Capital Corp II --> Software Luxembourg Holding S.A
Jun 10 | $ 17.25 | SSPK - Silver Spike Acquisition Corp. --> WM Holding Company, LLC
Today's Biggest Gainers
THBR rose the most as its shareholders approved its merger with Indie Semi.
7.25% ~ $ 11.10 | THBR - Thunder Bridge Acquisition II, Ltd (Announced)
6.56% ~ $ 14.29 | LACQ - Leisure Acquisition Corp. (Announced)
4.49% ~ $ 11.16 | ARYA - Arya Sciences Acquisition Corp III (Announced)
3.80% ~ $ 16.92 | RICE - Rice Acquisition Corp. (Announced)
3.72% ~ $ 11.15 | FWAA - Fifth Wall Acquisition Corp. I (Announced)
3.19% ~ $ 15.87 | GHVI - Gores Holdings VI Inc (Announced)
1.85% ~ $ 9.90 | THMA - Thimble Point Acquisition Corp. (Pre-Deal)
1.75% ~ $ 12.18 | SRAC - Stable Road Acquisition Corp. (Announced)
1.65% ~ $ 10.50 | BLSA - BCLS Acquisition Corp. (Pre-Deal)
1.64% ~ $ 9.94 | PFDR - Pathfinder Acquisition Corporation (Pre-Deal)
1.53% ~ $ 9.93 | CLIM - Climate Real Impact Solutions II Acquisition Corporation (Pre-Deal)
1.53% ~ $ 10.60 | DMYI - dMY Technology Group Inc III (Announced)
1.53% ~ $ 10.63 | VACQ - Vector Acquisition Corp (Announced)
1.42% ~ $ 9.99 | MPAC - Model Performance Acquisition Corp (Pre-Deal)
1.38% ~ $ 10.25 | LSAQ - LIFE SCI ACQ II (Announced)
1.33% ~ $ 9.88 | RKTA - Rocket Internet Growth Opportunities Corp. (Pre-Deal)
1.31% ~ $ 10.79 | DCRC - Decarbonization Plus Acquisition Corporation III (Pre-Deal)
Today's Biggest Losers
-6.78% ~ $ 12.79 | CLII - Climate Change Crisis Real Impact I Acquisition Corp (Announced)
-4.96% ~ $ 17.25 | SSPK - Silver Spike Acquisition Corp. (Announced)
-4.68% ~ $ 13.44 | THCB - Tuscan Holdings Corp. (Announced)
-3.93% ~ $ 11.23 | PDAC - Peridot Acquisition Corp (Announced)
-3.03% ~ $ 9.91 | KVSA - Khosla Ventures Acquisition Co (Announced)
-2.93% ~ $ 11.93 | FTCV - FinTech Acquisition Corp. V (Announced)
-2.78% ~ $ 11.52 | AGC - ALTIMETER GROWTH CORP (Announced)
-2.70% ~ $ 18.39 | RSVA - Rodgers Silicon Valley Acquisition Corp (Announced)
-2.67% ~ $ 9.83 | GTPB - GORES TECHNOLOGY PARTNERS II, INC. (Pre-Deal)
-2.32% ~ $ 11.35 | HOL - Holicity Inc (Announced)
-2.00% ~ $ 9.80 | NGC - Northern Genesis Acquisition Corp. III (Pre-Deal)
-1.96% ~ $ 10.00 | KCAC - Kensington Capital Acquisition Corp. II (Announced)
-1.92% ~ $ 13.26 | TPGY - TPG Pace Beneficial Finance Corp (Announced)
-1.83% ~ $ 9.77 | WALD - Waldencast Acquisition Corp. (Pre-Deal)
-1.64% ~ $ 10.18 | SNPR - Tortoise Acquisition Corp II (Announced)
-1.58% ~ $ 11.80 | MUDS - Mudrick Capital Acquisition Corporation II (Announced)
-1.48% ~ $ 10.22 | HSAQ - Health Sciences Acquisitions Corporation 2 (Pre-Deal)