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October SPAC Issuance nears $10B and SPACs are Hot Again

2 definitive agreements and 15 SPAC IPOs highlight the week in SPACs. Will merger activity pick back up?

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With 15 new SPAC IPOs pricing this week October issuance is approaching $10B, the biggest month of issuance since March. The pace of IPO issuance is far outpacing the merger agreement + de-SPAC pace, meaning the oversaturated SPAC market is likely to linger for a bit more time. 

That being said, thanks to popular deal announcements with the likes of Trump Media Technology Group (DWAC) and FaZe Clan (BRPM), SPACs appear to be having a moment once more. Pre-Deal SPACs are trading up and many SPACs with announced deals are finally trading at a premium. Couple that with some recent de-SPAC winners in IONQ + LCID and SPAC momentum is back. 

Renewed interest is flowing back to the sector and rightfully so, there is value to be had across the spectrum. Below we recap the week's market activity.

SPAC IPOs

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Most SPAC IPOs are demanding either overfunded trusts and/or anchor investors in order to get deals priced. That being said, the deals are certainly clearing the market (often upsized), however they are largely trading below NAV on a quick flip. 

Oct 29 | $ 10.05 | AEAE - AltEnergy Acquisition Corp
Oct 29 | $ 9.90 | SEDA - SDCL EDGE Acquisition Corp
Oct 28 | $ 10.08 | ARCK - Arbor Rapha Capital Bioholdings Corp. I
Oct 28 | $ 10.04 | CCTS - Cactus Acquisition Corp. 1 Ltd
Oct 28 | $ 9.95 | PEGR - Project Energy Reimagined Acquisition Corp.
Oct 27 | $ 10.07 | USCT - TKB Critical Technologies 1
Oct 27 | $ 10.06 | FIAC - Focus Impact Acquisition Corp.
Oct 27 | $ 10.05 | ADAL - Anthemis Digital Acquisitions I Corp
Oct 27 | $ 10.01 | SCMA - Seaport Calibre Materials Acquisition Corp.
Oct 27 | $ 10.06 | PCCT - Perception Capital Corp. II
Oct 26 | $ 9.98 | OHAA - Opy Acquisition Corp. I
Oct 26 | $ 10.11 | PHYT - Pyrophyte Acquisition Corp.
Oct 26 | $ 10.11 | LVAC - LAVA Medtech Acquisition Corp.
Oct 26 | $ 10.07 | IOAC - Innovative International Acquisition Corp.
Oct 26 | $ 10.06 | DMAQ - Deep Medicine Acquisition Corp.

SPAC Mergers

A light week of merger announcements with just two deals struck this week, highlighted by FaZe Clan striking a deal with B Riley Principal 150 Merger Corp. After getting a nice initial pop (hugely popular on social media) BRPM ebbed a bit to end the week at $10.61.

SPAC Calendar

4 votes are set up for next week and things start heating up later in November as well. 

Our latest SPAC podcast features DDMX + Codere Online, whose registration just went effective and cemented 11/18 as their shareholder vote date. 

Nov 02 | $ 10.23 | KVSB - Khosla Ventures Acquisition Co. II --> Nextdoor, Inc.
Nov 02 | $ 10.03 | SWBK - Switchback II Corporation --> Bird Rides, Inc.
Nov 02 | $ 10.05 | RTPY - Reinvent Technology Partners Y --> Aurora Innovation, Inc.
Nov 02 | $ 10.09 | MOTN - Motion Acquisition Corp --> Ambulnz, Inc.
Nov 09 | $ 9.99 | NGAB - Northern Genesis Acquisition Corp. II --> Embark Trucks
Nov 12 | $ 10.00 | DFPH - DFP HEALTHC ACQ --> The Oncology Institute
Nov 16 | $ 10.00 | VOSO - Virtuoso Acquisition Corp. --> Wejo
Nov 16 | $ 9.98 | LIII - Leo Holdings III Corp --> Local Bounti Corp
Nov 16 | $ 9.99 | KVSA - Khosla Ventures Acquisition Co --> Valo Health
Nov 18 | $ 9.98 | FORE - Foresight Acquisition Corp. --> P3 Health Partners
Nov 18 | $ 9.98 | DDMX - DD3 Acquisition Corp. II --> Codere Online

Today's Price Action

Biggest Gainers

11.20% ~ $ 12.21 | DCRC - Decarbonization Plus Acquisition Corporation III (Announced)
6.07% ~ $ 11.35 | FTCV - FinTech Acquisition Corp. V (Announced)
5.49% ~ $ 12.50 | XPDI - Power & Digital Infrastructure Acquisition Corp. (Announced)
4.88% ~ $ 10.96 | FPAC - Far Peak Acquisition Corp (Announced)
4.15% ~ $ 10.80 | MCMJ - Merida Merger Corp. I (Announced)
3.91% ~ $ 11.69 | TPGY - TPG Pace Beneficial Finance Corp (Announced)
3.09% ~ $ 10.16 | ALCC - AltC Acquisition Corp. (Pre-Deal)
2.20% ~ $ 10.23 | KVSB - Khosla Ventures Acquisition Co. II (Announced)
2.14% ~ $ 10.52 | SNII - Supernova Partners Acquisition Company II, Ltd. (Announced)
2.04% ~ $ 13.03 | FST - FAST ACQ CP (Announced)
1.98% ~ $ 10.32 | IVAN - Ivanhoe Capital Acquisition Corp (Announced)
1.68% ~ $ 10.29 | CBAH - CBRE Acquisition Holdings, Inc. (Announced)
1.29% ~ $ 12.59 | AGC - Altimeter Growth Corp. (Announced)
1.10% ~ $ 10.98 | CND - Concord Acquisition Corp (Announced)
1.02% ~ $ 9.95 | SVFA - SVF Investment Corp. (Pre-Deal)
1.00% ~ $ 10.10 | HCIC - Hennessy Capital Investment Corp. V (Announced)
.94% ~ $ 10.09 | MOTN - Motion Acquisition Corp (Announced)
.90% ~ $ 10.11 | AGCB - Altimeter Growth Corp. 2 (Pre-Deal)

Biggest Losers

-6.89% ~ $ 67.75 | DWAC - Digital World Acquisition Corp. (Announced)
-4.73% ~ $ 10.07 | MPAC - Model Performance Acquisition Corp (Announced)
-3.61% ~ $ 12.55 | MEKA - MELI Kaszek Pioneer Corp (Pre-Deal)
-3.28% ~ $ 10.61 | BRPM - B. Riley Principal 150 Merger Corp. (Announced)
-2.78% ~ $ 9.80 | BNIX - Bannix Acquisition Corp. (Pre-Deal)
-2.32% ~ $ 10.52 | BENE - Benessere Capital Acquisition Corp. (Pre-Deal)
-1.52% ~ $ 9.73 | TRON - CORNER GROWTH ACQUISITION CORP. 2 (Pre-Deal)
-1.32% ~ $ 9.72 | ZT - Zimmer Energy Transition Acquisition Corp. (Pre-Deal)
-.82% ~ $ 9.70 | MTAL - Metals Acquisition Corp (Pre-Deal)
-.78% ~ $ 10.12 | FSII - FS Development Corp. II (Announced)
-.69% ~ $ 10.01 | NLIT - Northern Lights Acquisition Corp. (Pre-Deal)
-.68% ~ $ 10.24 | IPOF - Social Capital Hedosophia Holdings Corp VI (Pre-Deal)
-.61% ~ $ 9.75 | LCA - Landcadia Holdings IV, Inc. (Pre-Deal)
-.60% ~ $ 9.96 | CNTQ - Chardan NexTech Acquisition 2 Corp. (Pre-Deal)
-.60% ~ $ 9.96 | MACU - Mallard Acquisition Corp (Pre-Deal)
-.51% ~ $ 9.66 | AMCI - AMCI Acquisition Corp. II (Pre-Deal)
-.51% ~ $ 9.66 | ALPA - ALPHA HEALTHCARE ACQUISITION CORP III (Pre-Deal)
-.50% ~ $ 10.03 | MAQC - Maquia Capital Acquisition Corporation (Pre-Deal)
-.49% ~ $ 10.07 | BTWN - Bridgetown Holdings Ltd (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.)