VPC Impact Drops on Dave Deal, More SPAC Votes Ahead

VPCC fell slightly today on the back of its merger announcement with Dave. June has over 20 SPAC shareholder deal votes remaining and the IPO market remains silent.
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Overall quiet day, though merger Monday did bring us a deal this morning as VPC Impact 3 struck a deal with Dave (see below). The market continues to be focused on the onslaught of merger votes on tap for the month with the 20+ deals that are set to vote.. and likely De-SPAC. 

Today's vote, Finserv/Katapult, passed, and investors are still waiting to see if there were any redemptions. However, it's unlikely there will be many, as FSRV closed +1.09% today to $13.96.

SPACs generally dropped today, and Pre-Deal SPACs continue to trade at a discount. However, they have ticked up as of late, and the average pre-deal SPAC is now trading at $9.83, up a few cents from the last couple of weeks. All part of the slowly changing, and improving, narrative around SPACs. 

VPC Impact Acquisition Holdings III (VPCC) announced Deal with Dave
In a deal valued at $3.6B (4.9x 2022E revenue) VPCC is taking Dave, a Leading Banking App with 10 Million Customers, public. The PIPE is at $210M with Tiger, Wellington, and Corbin all participating. 

VPCC is sponsored by Victory Park Capital, who were an early anchor investor in Dave. VPCC closed down -0.1% on the news to $9.88.

Where are the IPOs?
Even though new S-1 formations have picked up a bit from the doldrums, see Chamath, the SPAC IPO market remains on pause. In fact it's been nearly two weeks without a pricing. However, given the uptick we've seen in S-1 amendments, don't be surprised to see some new deals hit the market this week.

De-SPACs
Bespoke Capital Acquisition (BSPE) Corp & Vintage Wine Estates announced the closing of their merger. Shares will trade as VWE starting June 8. 

Juniper Industrial (JIH) and Janus announced the closing of their merger as well today, shares will trade as JBE starting June 8. 

Today's Price Action

Biggest Gainers

10.65% ~ $ 26.50 | CCIV - Churchill Capital Corp IV (Announced)
9.00% ~ $ 11.99 | THCB - Tuscan Holdings Corp. (Announced)
7.49% ~ $ 11.48 | FTCV - FinTech Acquisition Corp. V (Announced)
7.19% ~ $ 16.10 | RSVA - Rodgers Silicon Valley Acquisition Corp (Announced)
6.56% ~ $ 14.29 | LACQ - Leisure Acquisition Corp. (Announced)
6.17% ~ $ 10.67 | AHAC - Alpha Healthcare Acquisition Corp (Announced)
5.78% ~ $ 10.25 | RKTA - Rocket Internet Growth Opportunities Corp. (Pre-Deal)
4.69% ~ $ 11.61 | PDAC - Peridot Acquisition Corp (Announced)
4.65% ~ $ 18.00 | SSPK - Silver Spike Acquisition Corp. (Announced)
4.48% ~ $ 11.89 | AGC - ALTIMETER GROWTH CORP (Announced)
4.40% ~ $ 23.03 | PSTH - Pershing Square Tontine Holdings (Announced)
3.77% ~ $ 10.46 | HOL - Holicity Inc (Announced)
3.66% ~ $ 10.49 | ARYA - Arya Sciences Acquisition Corp III (Announced)
3.10% ~ $ 10.30 | CAPA - HighCape Capital Acquisition Corp (Announced)
2.78% ~ $ 9.99 | DCRC - Decarbonization Plus Acquisition Corporation III (Pre-Deal)
2.58% ~ $ 10.33 | HAAC - Health Assurance Acquisition Corp (Pre-Deal)
2.49% ~ $ 10.69 | DCRB - Decarbonization Plus Acquisition Corp (Announced)
2.24% ~ $ 10.48 | VIH - VPC Impact Acquisition Holdings (Announced)

Biggest Losers

-3.64% ~ $ 13.51 | PSAC - Property Solutions Acquisition Corp (Announced)
-2.18% ~ $ 10.34 | BTWN - Bridgetown Holdings Ltd (Pre-Deal)
-2.00% ~ $ 9.80 | BOAC - Bluescape Opportunities Acquisition Corp (Pre-Deal)
-1.86% ~ $ 11.06 | SRAC - Stable Road Acquisition Corp. (Announced)
-1.73% ~ $ 9.68 | MACC - Mission Advancement Corp. (Pre-Deal)
-1.49% ~ $ 12.54 | FTIV - FinTech Acquisition Corp. IV (Announced)
-1.44% ~ $ 9.90 | FVAM - 501 ACQ CORP (Pre-Deal)
-1.35% ~ $ 10.24 | GSAH - GS Acquisition Holdings Corp II (Pre-Deal)
-1.25% ~ $ 12.63 | FST - FAST ACQ CP (Announced)
-1.11% ~ $ 9.80 | GOAC - GO ACQUISITION (Pre-Deal)
-1.02% ~ $ 9.71 | POW - Powered Brands (Pre-Deal)
-.99% ~ $ 10.00 | TCVA - TCV Acquisition Corp. (Pre-Deal)
-.92% ~ $ 9.86 | ATVC - Tribe Capital Growth Corp I (Pre-Deal)
-.92% ~ $ 9.73 | HCII - HUDSON EXECUTIVE INVESTMENT CORP. II (Pre-Deal)
-.90% ~ $ 9.86 | LCA - Landcadia Holdings IV, Inc. (Pre-Deal)
-.86% ~ $ 9.81 | PICC - Pivotal Investment Corporation III (Pre-Deal)
-.83% ~ $ 11.88 | CMLF - CM Life Sciences Inc (Announced)
-.81% ~ $ 9.74 | FVIV - Fortress Value Acquisition Corp. IV (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.)