SPAC Weekly Roundup: De-SPACs IONQ & LCID Dominate Narrative in Lighter Week of Activity

Pace of announced mergers slowed this week and a lot of the SPAC narrative was focused on de-SPACs including IONQ, LCID, and SOFI.

Author:

David Drapkin

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Next week on Know Who Drives Return we will be recording with Chad Rigetti of Rigetti Computing (going public via SNII), Niccolo de Masi and Will Marshall talking Planet (DMYQ), and Gene Sheridan of Navitas Semiconductor (NVTS).

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Weekly SPAC Wrap

It's a short week upcoming for the Thanksgiving holiday, so I wouldn't necessarily expect much to come in the way of the SPAC market. Capital markets tend to cool off with the midweek holiday bringing a lot of folks "out of their seats." Although, these days, is there such a thing? Either way this week was also relatively light from a primary SPAC market activity perspective.

Only a few shareholder votes, including the shocking cancellation of the Khosla / Valo Health deal the day before its vote, and an adjournment for FORE. 5 new merger definitive agreements and 10 SPAC IPOs.

That being said a bigger storyt this week was the performance of certain de-SPACs. IONQ and LCID had big run-ups of > 35% and 23% respectively, while SOFI was hurt (down -11%) on news that Chamath was selling 15% of his stake in the company to raise liquidity elsewhere.

And DWAC can't stay out of the narrative, the latest being Elizabeth Warren calling on the SEC to investigate DWAC. DWAC lost ~9% today, but is still riding high > $50.

SPAC Mergers

Nov 18 | $ 10.34 | BSGA - Blue Safari Group Acquisition Corp --> Bitdeer
Nov 17 | $ 9.87 | ASPC - Alpha Capital Acquisition Company --> Semantix
Nov 16 | $ 10.22 | ATSPT - Archimedes Tech SPAC Partners Co --> SoundHound
Nov 15 | $ 9.92 | CHPM - CHP Merger Corp. --> Accelus
Nov 15 | $ 9.95 | WALD - Waldencast Acquisition Corp. --> Obagi and Milk Makeup

SPAC IPOs

It's been quite the active November for new SPAC issuance with $9.1B in new capital already raised. That compares to just $2.6B in November 2020, right before SPAC mania was really about to hit. Issuance criteria these days are quite different as nothing (essentially) is pricing at less than 1/2 warrant coverage or a minimum overfunded trust of $10.15 - $10.20.

That means most new issues are trading over the $10 level, but almost universally still below SPAC NAV, including Kevin Durant's SPAC Infinite Acquisition.

Nov 19 | $ 10.08 | NFNT - Infinite Acquisition Corp.
Nov 19 | $ 10.05 | IFIN - InFinT Acquisition Corporation
Nov 18 | $ 10.13 | TBD - Arisz Acquisition Corp.
Nov 18 | $ 10.03 | CREC - Crescera Capital Acquisition Corp.
Nov 18 | $ 10.08 | BLEU - bleuacacia ltd
Nov 17 | $ 10.08 | SUAC - ShoulderUP Technology Acquisition Corp.
Nov 17 | $ 10.09 | SGII - Seaport Global Acquisition II Corp.
Nov 16 | $ 10.08 | LFAC - LF Capital Acquisition Corp. II
Nov 16 | $ 10.14 | NETC - Nabors Energy Transition Corp.
Nov 15 | $ 10.18 | ENCP - Energem Corp

SPAC Calendar

Nov 23 | $ 9.97 | THMA - Thimble Point Acquisition Corp. --> Pear Therapeutics, Inc.
Nov 24 | $ 9.91 | FORE - Foresight Acquisition Corp. --> P3 Health Partners
Nov 29 | $ 9.98 | IACB - ION Acquisition Corp 2 --> Innovid
Nov 30 | $ 10.04 | TPGS - TPG Pace Solutions Corp. --> Vacasa
Nov 30 | $ 14.00 | AGC - Altimeter Growth Corp. --> Grab
Dec 03 | $ 9.98 | GIG - GigCapital4, Inc. --> BigBear.ai
Dec 03 | $ 11.40 | DMYQ - dMY Technology Group, Inc. IV --> Planet Labs Inc.
Dec 06 | $ 10.40 | CBAH - CBRE Acquisition Holdings, Inc. --> Altus Power, Inc
Dec 07 | $ 9.98 | SVOK - Seven Oaks Acquisition Corp. --> Boxed
Dec 07 | $ 10.06 | DGNS - DRAGONEER GR OP --> CVENT
Dec 07 | $ 13.44 | DCRC - Decarbonization Plus Acquisition Corporation III --> Solid Power Inc.
Dec 07 | $ 9.96 | PFDR - Pathfinder Acquisition Corporation --> ServiceMax
Dec 08 | $ 9.97 | CFV - CF Acquisition Corp. V --> Satellogic

Today's Price Action

Biggest Gainers

5.70% ~ $ 14.64 | FSII - FS Development Corp. II (Announced)
5.66% ~ $ 13.44 | DCRC - Decarbonization Plus Acquisition Corporation III (Announced)
4.85% ~ $ 11.88 | CND - Concord Acquisition Corp (Announced)
3.54% ~ $ 14.32 | XPDI - Power & Digital Infrastructure Acquisition Corp. (Announced)
2.96% ~ $ 10.10 | SWSS - Springwater Special Situations Corp. (Pre-Deal)
2.90% ~ $ 14.35 | MEKA - MELI Kaszek Pioneer Corp (Pre-Deal)
2.76% ~ $ 13.76 | GGPI - Gores Guggenheim, Inc (Announced)
2.19% ~ $ 14.00 | AGC - Altimeter Growth Corp. (Announced)
1.94% ~ $ 9.45 | LIII - Leo Holdings III Corp (Announced)
1.69% ~ $ 11.40 | DMYQ - dMY Technology Group, Inc. IV (Announced)
1.62% ~ $ 10.67 | BRPM - B. Riley Principal 150 Merger Corp. (Announced)
1.41% ~ $ 11.50 | SEAH - Sports Entertainment Acquisition Corp (Announced)
1.23% ~ $ 9.90 | DDMX - DD3 Acquisition Corp. II (Announced)
1.18% ~ $ 10.32 | NGCA - NextGen Acquisition Corp. II (Announced)
.88% ~ $ 10.30 | DCRN - Decarbonization Plus Acquisition Corporation II

Biggest Losers

-8.88% ~ $ 51.21 | DWAC - Digital World Acquisition Corp. (Announced)
-3.81% ~ $ 9.33 | GNRS - GREENROSE ACQUISITION CORP (Announced)
-2.60% ~ $ 10.12 | SVFA - SVF Investment Corp. (Pre-Deal)
-2.51% ~ $ 9.72 | BACA - Berenson Acquisition Corp. I (Pre-Deal)
-2.03% ~ $ 10.12 | AGCB - Altimeter Growth Corp. 2 (Pre-Deal)
-1.93% ~ $ 10.68 | PIPP - Pine Island Acquisition Corp (Pre-Deal)
-1.47% ~ $ 10.07 | RBAC - RedBall Acquisition Corp. (Announced)
-1.41% ~ $ 11.88 | SNII - Supernova Partners Acquisition Company II, Ltd. (Announced)
-.99% ~ $ 10.04 | TPGS - TPG Pace Solutions Corp. (Announced)
-.99% ~ $ 10.05 | MCMJ - Merida Merger Corp. I (Announced)
-.96% ~ $ 9.75 | BLNG - Belong Acquisition Corp. (Pre-Deal)
-.96% ~ $ 10.34 | FTCV - FinTech Acquisition Corp. V (Announced)
-.91% ~ $ 9.80 | BNNR - Banner Acquisition Corp. (Pre-Deal)
-.78% ~ $ 10.18 | ESSC - East Stone Acquisition Corporation (Announced)
-.72% ~ $ 9.68 | DISA - Disruptive Acquisition Corp I (Pre-Deal)
-.69% ~ $ 24.30 | PCPC - Periphas Capital Partnering Corporation (Pre-Deal)
-.62% ~ $ 10.50 | LMACA - Liberty Media Acquisition Corporation (Pre-Deal)