Despite Higher Activity Level SPACs Showing Some Weakness

Recently announced SPAC deals are showing weakness trading on average at $9.97, but recent IPOs are near NAV. With continued higher activity in the market, the mood could shift quickly.
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After what felt like some strength in the SPAC market around an improving narrative, we're seeing continued weakness for SPACs with announced deals. Of the last 34 deal announcements (excluding PSTH) the average price is now $9.97

We've been seeing some pops on deal announcement, but that has often been a pop back toward NAV as opposed to surging beyond NAV. For example, both HCAQ and HCCC had some deal pop yesterday, but that only returned them toward NAV. The exception was CND, also announced yesterday, which had a +6.9% surge to end above NAV at $10.55.

Jul 08 | $ 9.98 | HCAQ - HealthCor Catalio Acquisition Corp. --> Hyperfine, Inc.
Jul 08 | $ 9.79 | HCCC - Healthcare Capital Corp. --> Alpha Tau Medical Ltd.
Jul 08 | $ 10.55 | CND - Concord Acquisition Corp --> Circle
Jul 07 | $ 9.95 | DMYQ - dMY Technology Group, Inc. IV --> Planet Labs Inc.
Jul 07 | $ 9.95 | ATHN - Athena Technology Acquisition Corp. --> Heliogen
Jul 06 | $ 9.85 | CFV - CF Acquisition Corp. V --> Satellogic
Jul 06 | $ 10.65 | KVSB - Khosla Ventures Acquisition Co. II --> Nextdoor, Inc.
Jul 01 | $ 9.86 | ISOS - Isos Acquisition Corp. --> Bowlero
Jun 30 | $ 10.05 | TVAC - Thayer Ventures Acquisition Corporation --> Inspirato LLC
Jun 29 | $ 9.91 | TREB - Trebia Acquisition Corp --> System1
Jun 29 | $ 9.96 | FSII - FS Development Corp. II --> Pardes Biosciences, Inc
Jun 28 | $ 9.94 | DFPH - DFP HEALTHC ACQ --> The Oncology Institute
Jun 24 | $ 9.87 | ENFA - 890 5th Avenue Partners, Inc. --> BuzzFeed
Jun 24 | $ 9.89 | IACB - ION Acquisition Corp 2 --> Innovid
Jun 23 | $ 9.90 | NGAB - Northern Genesis Acquisition Corp. II --> Embark Trucks
Jun 22 | $ 9.91 | CCAC - CITIC Capital Acquisition Corp --> Quanergy Systems
Jun 22 | $ 9.88 | THMA - Thimble Point Acquisition Corp. --> Pear Therapeutics, Inc.
Jun 22 | $ 9.93 | BCYP - Big Cypress Acquisition Corp. --> SAB Biotherapeutics
Jun 22 | $ 9.92 | DDMX - DD3 Acquisition Corp. II --> Codere Online
Jun 18 | $ 9.90 | LIII - Leo Holdings III Corp --> Local Bounti Corp
Jun 17 | $ 10.13 | GSAH - GS Acquisition Holdings Corp II --> Mirion Technologies
Jun 16 | $ 9.90 | ROCR - ROTH CH ACQUISITION III CO --> QualTek
Jun 15 | $ 10.15 | DCRC - Decarbonization Plus Acquisition Corporation III --> Solid Power Inc.
Jun 14 | $ 9.87 | SVOK - Seven Oaks Acquisition Corp. --> Boxed
Jun 11 | $ 9.88 | YAC - Yucaipa Acquisition Corporation --> SIGNA Sports United
Jun 10 | $ 9.98 | VENA - Venus Acquisition Corporation --> VIYI Algorithm Inc.
Jun 10 | $ 10.05 | TMTS - Spartacus Acquisition Corporation --> NextNav Holdings, LLC
Jun 10 | $ 9.87 | BSN - Broadstone Acquisition Corp. --> Vertical Aerospace
Jun 09 | $ 9.93 | KVSA - Khosla Ventures Acquisition Co --> Valo Health
Jun 09 | $ 9.99 | KCAC - Kensington Capital Acquisition Corp. II --> Wallbox
Jun 07 | $ 9.89 | VPCC - VPC Impact Acquisition Holdings III, Inc. --> DAVE INC.
Jun 04 | $ 9.83 | GIG - GigCapital4, Inc. --> BigBear.ai
Jun 04 | $ 21.92 | PSTH - Pershing Square Tontine Holdings --> Universal Music Group
Jun 03 | $ 9.89 | KURI - Alkuri Global Acquisition Corp. --> Babylon

SPAC IPOs

  • AltC Acquisition Corp. (ALCC) began trading its upsized $450m SPAC backed by Michael Klein and Sam Altman. It closed Thursday at $10.01.
  • RICO - Agrico Acquisition Corp. began trading its $150M SPAC. It closed Thursday at $10.02.
  • Acropolis Infrastructure Acquisition (ACRO / U) begins trading today. Its $300M, 1/3 warrant SPAC is sponsored by Apollo and is targeting infrastructure

Overall, recent SPAC IPOs continue to hold steady with June's IPOs averaging $10.01. SPAC investors should be pleased to see the continued support around NAV as it suggests that the IPO pacing isn't yet tipping the balance back to significantly toward a more significant oversupply.

Jun 30 | $ 10.00 | DNAA - Social Capital Suvretta Holdings Corp. I
Jun 30 | $ 10.00 | CORS - Corsair Partnering Corporation
Jun 30 | $ 9.99 | DRAY - Macondray Capital Acquisition Corp. I
Jun 30 | $ 9.99 | DNAD - Social Capital Suvretta Holdings Corp. IV
Jun 30 | $ 9.99 | DNAB - Social Capital Suvretta Holdings Corp. II
Jun 30 | $ 9.97 | DNAC - Social Capital Suvretta Holdings Corp. III
Jun 30 | $ 10.13 | GGGV - G3 VRM Acquisition Corp.
Jun 29 | $ 9.98 | GOBI - Gobi Acquisition Corp.
Jun 29 | $ 10.00 | SHQA - Shelter Acquisition Corporation I
Jun 29 | $ 9.97 | MCAF - Mountain Crest Acquisition Corp. IV
Jun 29 | $ 9.91 | THCP - Thunder Bridge Capital Partners IV, Inc.
Jun 29 | $ 10.01 | EOCW - Elliott Opportunity II Corp.
Jun 23 | $ 10.08 | NLIT - Northern Lights Acquisition Corp.
Jun 23 | $ 10.06 | FTVI - FinTech Acquisition Corp. VI
Jun 22 | $ 10.09 | GPCO - Golden Path Acquisition Corporation
Jun 22 | $ 9.89 | MITA - Coliseum Acquisition Corp.
Jun 17 | $ 10.05 | JUGG - Jaws Juggernaut Acquisition Corporation
Jun 16 | $ 10.04 | TRON - CORNER GROWTH ACQUISITION CORP. 2
Jun 15 | $ 10.21 | RONI - Rice Acquisition Corp. II
Jun 15 | $ 10.02 | ZT - Zimmer Energy Transition Acquisition Corp.
Jun 15 | $ 10.04 | DILA - Dila Capital Acquisition Corp
Jun 14 | $ 10.03 | GSQB - G Squared Ascend II, Inc.
Jun 10 | $ 10.05 | HCNE - Jaws Hurricane Acquisition Corporation
Jun 10 | $ 9.96 | LITT - Logistics Innovation Technologies Corp.
Jun 10 | $ 10.22 | LAAA - Lakeshore Acquisition I Corp.
Jun 09 | $ 9.90 | CLBR - Colombier Acquisition Corp.
Jun 09 | $ 10.00 | BSGA - Blue Safari Group Acquisition Corp
Jun 09 | $ 9.97 | SMIH - Summit Healthcare Acquisition Corp.
Jun 09 | $ 9.91 | ISAA - Iron Spark I Inc.
Jun 08 | $ 9.95 | GACQ - Global Consumer Acquisition Corp.
Jun 07 | $ 10.01 | SPK - SPK Acquisition Corp.

Other SPAC News

  • Spartan Acquisition Corp. II (SPRQ) shareholders approved their deal with Sunlight Financial. No mention of redemptions, but be on watch as it had been trading below NAV for a while. It closed the day at $9.96, but is up around +1.6% in premarket trading. Trading of the combined company is expected to start on July 12th as SUNL on NYSE.
  • Per Bloomberg, Polestar, the electric-car maker controlled by Volvo Car AB, is in talks to go public with Gores Guggenheim (GGPI). GGPI common jumped +4.49% to $10.23 on Thursday while the warrants surged +113% to close at $2.75.
  • Per Bloomberg, Social Capital Hedosophia Holdings Corp VI (IPOF) and Equinox have ended merger negotiations over a disagreement on the valuation of the combined entity. This may not be a big surprise as when it first leaked there was a significant amount of negative chatter on social media regarding the potential deal and it is unlikely Chamath and team would go against retail.

Thursday's SPAC Price Action

Biggest Gainers
6.67% ~ $ 10.55 | CND - Concord Acquisition Corp (Announced)
5.14% ~ $ 10.23 | GGPI - Gores Guggenheim, Inc (Pre-Deal)
4.51% ~ $ 22.47 | RSVA - Rodgers Silicon Valley Acquisition Corp (Announced)
3.33% ~ $ 10.86 | ARYD - ARYA Sciences Acquisition Corp IV (Pre-Deal)
2.46% ~ $ 9.98 | HCAQ - HealthCor Catalio Acquisition Corp. (Announced)
1.56% ~ $ 9.79 | HCCC - Healthcare Capital Corp. (Announced)
1.45% ~ $ 13.25 | TPGY - TPG Pace Beneficial Finance Corp (Announced)
1.06% ~ $ 9.50 | ALUS - Alussa Energy Acquisition Corp (Announced)
1.03% ~ $ 9.82 | HLAH - Hamilton Lane Alliance Holdings I, Inc. (Pre-Deal)
1.02% ~ $ 9.88 | PTIC - PropTech Investment Corporation II (Pre-Deal)
1.02% ~ $ 9.88 | NGC - Northern Genesis Acquisition Corp. III (Pre-Deal)
.93% ~ $ 9.77 | RKTA - Rocket Internet Growth Opportunities Corp. (Pre-Deal)
.88% ~ $ 9.76 | BSKY - Big Sky Growth Partners, Inc. (Pre-Deal)
.82% ~ $ 9.79 | FSRX - FinServ Acquisition Corp. II (Pre-Deal)
.82% ~ $ 9.86 | CLIM - Climate Real Impact Solutions II Acquisition Corporation (Pre-Deal)
.81% ~ $ 14.89 | GHVI - Gores Holdings VI Inc (Announced)
.76% ~ $ 9.98 | FTAA - FTAC Athena Acquisition Corp. (Pre-Deal)

Biggest Losers
-5.74% ~ $ 12.80 | SRAC - Stable Road Acquisition Corp. (Announced)
-4.11% ~ $ 11.66 | CMII - CM Life Sciences II Inc. (Announced)
-3.93% ~ $ 11.50 | FTCV - FinTech Acquisition Corp. V (Announced)
-3.69% ~ $ 12.52 | TDAC - Trident Acquisitions Corp (Announced)
-2.92% ~ $ 11.65 | FWAA - Fifth Wall Acquisition Corp. I (Announced)
-2.58% ~ $ 11.70 | LCY - Landcadia Holdings III Inc (Announced)
-2.55% ~ $ 9.94 | DKDCA - Data Knights Acquisition Corp. (Pre-Deal)
-2.47% ~ $ 11.05 | BOWX - BowX Acquisition Corp (Announced)
-2.34% ~ $ 12.50 | CMLF - CM Life Sciences Inc (Announced)
-2.34% ~ $ 9.67 | CLBR - Colombier Acquisition Corp. (Pre-Deal)
-2.32% ~ $ 10.10 | DCRB - Decarbonization Plus Acquisition Corp (Announced)
-2.20% ~ $ 10.65 | KVSB - Khosla Ventures Acquisition Co. II (Announced)
-2.19% ~ $ 24.96 | CCIV - Churchill Capital Corp IV (Announced)
-1.93% ~ $ 10.17 | CMLT - CM Life Sciences III Inc. (Pre-Deal)
-1.65% ~ $ 11.93 | PDAC - Peridot Acquisition Corp (Announced)
-1.48% ~ $ 10.00 | YTPG - TPG Pace Beneficial II Corp. (Pre-Deal)
-1.32% ~ $ 9.74 | SPKB - Silver Spike Acquisition Corp II (Pre-Deal)
-1.31% ~ $ 9.80 | NSTD - Northern Star Investment 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.)