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SEC Holiday Puts SPAC Activity on Pause, Vote Wave is Coming Back and De-SPACs on the Rise

In observance of Veterans Day the SEC was shut down, meaning no new deals or IPOs today. Several SPACs are gearing up for shareholder votes and De-SPACs in the next week.

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SoFi Technologies (SOFI) shares jumped over 12% on strong earnings to close at nearly $23 / share. In case you don't remember SOFI is the product of a SPAC, and if you were lucky enough to purchase Social Capital Hedosophia Holdings Corp V at $10, you're sitting on some pretty nice gains. 

Does that mean De-SPAC momentum is back? For awhile the narrative was circling around lofty projections not being met and the Lordstown style debacles that have plagued some of the SPAC story. Yet names like SOFI, IONQ, NVTS, BKKT and others have been (at least so far) providing nice gains for investors. 

Elsewhere, no new primary SPAC market activity today due to the observance of Veterans Day at the SEC, though focus now shifts to the several SPACs that will be voting over the next week on their mergers.

SPAC Calendar

Embark Technology (EMBK) fell (4.5)% on it's first day of trading following ticker change and De-SPAC from NGAB to EMBK. 72% of that SPAC's trust redeemed in the vote, though it did appear that there was some reduction of sponsor compensation in proportion to the SPAC redemptions.

One SPAC is set to vote tomorrow DFP Healthcare Acquisitions Corp. (DFPH) will be voting on its proposed merger with The Oncology Institute. DFPH shares closed +1.7% today to $10.10. 

At least 5 SPACs are set to vote next week, including Virtuoso Acquisition Corp (VOSO)/Wejo, and DD3 Acquisition Corp (DDMX)/Codere Online. ICYMI we recently spoke to both about their deals on the Know Who Drives Return Podcast:

Nov 12 | $ 10.10 | DFPH - DFP HEALTHC ACQ --> The Oncology InstituteNov 16 | $ 10.00 | VOSO - Virtuoso Acquisition Corp. --> WejoNov 16 | $ 9.96 | LIII - Leo Holdings III Corp --> Local Bounti CorpNov 16 | $ 9.90 | KVSA - Khosla Ventures Acquisition Co --> Valo HealthNov 18 | $ 9.99 | DDMX - DD3 Acquisition Corp. II --> Codere OnlineNov 18 | $ 9.99 | FORE - Foresight Acquisition Corp. --> P3 Health Partners

Today's Price Action

Biggest Gainers

12.53% ~ $ 17.06 | AGC - Altimeter Growth Corp. (Announced)
7.89% ~ $ 11.89 | SEAH - Sports Entertainment Acquisition Corp (Announced)
3.66% ~ $ 11.06 | GGPI - Gores Guggenheim, Inc (Announced)
3.26% ~ $ 13.30 | MEKA - MELI Kaszek Pioneer Corp (Pre-Deal)
2.54% ~ $ 11.30 | DCRC - Decarbonization Plus Acquisition Corporation III (Announced)
2.04% ~ $ 9.99 | CPAA - Conyers Park III Acquisition Corp. (Pre-Deal)
1.71% ~ $ 10.10 | DFPH - DFP HEALTHC ACQ (Announced)
1.64% ~ $ 9.92 | FRON - Frontier Acquisition Corp. (Pre-Deal)
1.55% ~ $ 10.45 | HUGS - USHG Acquisition Corp. (Announced)
1.27% ~ $ 10.36 | DMYQ - dMY Technology Group, Inc. IV (Announced)
1.17% ~ $ 10.04 | MBTC - Nocturne Acquisition Corporation (Pre-Deal)
1.15% ~ $ 10.11 | NHLD - NewHold Investment Corp. II (Pre-Deal)
1.05% ~ $ 10.62 | FPAC - Far Peak Acquisition Corp (Announced)
.79% ~ $ 10.17 | SBEA - SilverBox Engaged Merger Corp I (Announced)
.71% ~ $ 9.95 | GIIX - GORES HOLDINGS VIII, INC. (Pre-Deal)
.68% ~ $ 10.34 | IVAN - Ivanhoe Capital Acquisition Corp (Announced)
.67% ~ $ 10.50 | BENE - Benessere Capital Acquisition Corp. (Pre-Deal)

Biggest Losers

-12.19% ~ $ 8.72 | GNRS - GREENROSE ACQUISITION CORP (Announced)
-3.74% ~ $ 12.09 | CND - Concord Acquisition Corp (Announced)
-2.33% ~ $ 12.18 | FST - FAST ACQ CP (Announced)
-2.10% ~ $ 9.78 | AACI - Armada Acquisition Corp. I (Pre-Deal)
-1.02% ~ $ 9.74 | FTPA - FTAC Parnassus Acquisition Corp. (Pre-Deal)
-.96% ~ $ 10.27 | MCMJ - Merida Merger Corp. I (Announced)
-.89% ~ $ 10.02 | DYNS - Dynamics Special Purpose Corp. (Pre-Deal)
-.76% ~ $ 10.44 | BRPM - B. Riley Principal 150 Merger Corp. (Announced)
-.75% ~ $ 10.61 | FTCV - FinTech Acquisition Corp. V (Announced)
-.72% ~ $ 9.72 | LITT - Logistics Innovation Technologies Corp. (Pre-Deal)
-.71% ~ $ 9.76 | FLAG - First Light Acquisition Group, Inc. (Pre-Deal)
-.71% ~ $ 9.76 | LOKM - Live Oak Mobility Acquisition Corp. (Pre-Deal)
-.62% ~ $ 12.90 | XPDI - Power & Digital Infrastructure Acquisition Corp. (Announced)
-.61% ~ $ 9.70 | ALPA - ALPHA HEALTHCARE ACQUISITION CORP III (Pre-Deal)
-.61% ~ $ 9.71 | EGGF - EG Acquisition Corp. (Pre-Deal)
-.61% ~ $ 9.77 | VAQC - Vector Acquisition Corporation II (Pre-Deal)
-.54% ~ $ 10.15 | ADF - Aldel Financial Inc. (Announced)
-.51% ~ $ 9.72 | JOFF - JOFF Fintech Acquisition Corp (Pre-Deal)

Recent IPOs

Nov 20 | $ 10.06 | LGVC - LAMF Global Ventures Corp. I
Nov 10 | $ 10.06 | VMGA - VMG Consumer Acquisition Corp.
Nov 09 | $ 10.09 | ACDI - Ascendant Digital Acquisition Corp. III
Nov 09 | $ 10.10 | BCSA - Blockchain Coinvestors Acquisition Corp. I
Nov 09 | $ 10.07 | RCF - RCF Acquisition Corp.
Nov 09 | $ 10.06 | CBRG - Chain Bridge I
Nov 09 | $ 10.07 | AFAC - Arena Fortify Acquisition Corp.
Nov 09 | $ 10.08 | GVCI - Green Visor Financial Technology Acquisition Corp I
Nov 08 | $ 10.11 | DPCS - DP Cap Acquisition Corp I
Nov 08 | $ 10.11 | HTAQ - Hunt Companies Acquisition Corp. I
Nov 08 | $ 10.07 | APN - Apeiron Capital Investment Corp.
Nov 04 | $ 10.24 | MCAA - Mountain Co. I Acquisition Corp.
Nov 04 | $ 10.17 | NPAB - New Providence Acquisition Corp. II
Nov 04 | $ 10.19 | IQMD - Intelligent Medicine Acquisition Corp.
Nov 04 | $ 10.07 | RRAC - Rigel Resource Acquisition Corp.
Nov 04 | $ 10.08 | SVNA - 7 Acquisition Corp
Nov 04 | $ 10.06 | MPRA - Mercato Partners Acquisition Corp
Nov 03 | $ 10.10 | LGST - Semper Paratus Acquisition Corp

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