Generally positive day for SPAC stocks overall in congruence with the broader equity market that largely brushed off this morning's news of a JNJ vaccine pause. On the positive side, the biggest SPAC merger ever was announced. However the new issue market remains very light, no IPOs and no new S-1s. Of which a possible catalyst could be the backlog of paperwork the SECs new guidance is imposing (i.e. changing the accounting for warrants).
It's the largest SPAC merger of all time, with Altimeter Growth Corp (AGC) finally striking deal with Singapore's Grab at nearly a $40B equity value. AGC gained nearly 10% on the day, despite that it's traded up for nearly a month on the deal rumors.
While Grab has ambitious revenue projections, they are growing extremely fast (96% CAGR last 3 years) and Altimeter, the SPAC sponsor, has agreed to a 3-year share lockup to match the length of financial projections that they've provided to investors.
With Grab/AGC out of the way there are several other rumored deals that could come soon:
- Soaring Eagle (SRNG) is exploring a $20bn+ deal with Ginkgo Bioworks
- Bridgetown (BTWN) and Traveloka, the Indonesian travel co.
- Yucaipa Acquisition Corp (YAC) and Signa Sports
- Israel-based automotive chip company Valens Semiconductor Ltd. is rumored but no details on which SPAC is involved.
Biggest SPAC Gainers
9.89% ~ $ 15.33 | AGC - ALTIMETER GROWTH CORP (Announced)
6.97% ~ $ 13.36 | MUDS - Mudrick Capital Acquisition Corporation II (Announced)
3.66% ~ $ 18.98 | SSPK - Silver Spike Acquisition Corp. (Announced)
2.35% ~ $ 10.90 | HOL - Holicity Inc (Announced)
2.10% ~ $ 11.18 | AHAC - Alpha Healthcare Acquisition Corp (Announced)
1.97% ~ $ 12.96 | TDAC - Trident Acquisitions Corp (Announced)
1.94% ~ $ 10.50 | HSAQ - Health Sciences Acquisitions Corporation 2 (Pre-Deal)
1.90% ~ $ 11.28 | LEAP - Ribbit LEAP Ltd (Pre-Deal)
1.83% ~ $ 10.03 | KURI - Alkuri Global Acquisition Corp. (Pre-Deal)
1.82% ~ $ 11.21 | BCTG - BCTG Acquisition Corp. (Pre-Deal)
Biggest SPAC Losers
-10.23% ~ $ 27.04 | STPK - Star Peak Energy Transition Corp (Announced)
-6.42% ~ $ 33.09 | BRPA - Big Rock Partners Acquisition Corp (Announced)
-4.69% ~ $ 12.20 | CLII - Climate Change Crisis Real Impact I Acquisition Corp (Announced)
-4.46% ~ $ 9.87 | LGAC - LAZARD GROWTH ACQUISITION CORP. I (Pre-Deal)
-3.75% ~ $ 12.58 | PSAC - Property Solutions Acquisition Corp (Announced)
-3.70% ~ $ 13.02 | GHVI - Gores Holdings VI Inc (Announced)
-3.57% ~ $ 13.50 | DFHT - Deerfield Healthcare Technology Acquisitions Corp. (Announced)
-3.55% ~ $ 11.15 | APXT - Apex Technology Acquisition Corporation (Announced)
-3.08% ~ $ 11.97 | THCB - Tuscan Holdings Corp. (Announced)
-2.37% ~ $ 9.90 | CHFW - Consonance-HFW Acquisition Corp (Pre-Deal)
More from Boardroom Alpha
- What SPAC Investors need to Know for Tuesday
- SPAC Wrap: Investors Should be Happy with a Merger-less Monday; Announced Deals Take a Hit
- SPAC Opportunities for Monday
- SPAC Weekly Wrap: Signs of Life in SPAC Land
- Friday SPAC Opportunities
- SPAC Wrap: RICE stock takes off, TWCT is muted on Deal Announcements. IPOs Take a Rest Day
- Do Chamath's SPACs Make Money? All About the Entry Point
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