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DMYQ Drops on Vote Day, CFVI Jumps on Trump News, and the Market Gets Pummeled

SPACs continued to dip along with the broader equity markets. We recap this week's SPAC activity.

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Stocks slumped again on Friday, capping off a down week in the market's and surely ruining some folks' weekends. SPACs were not immune as they also generally fell across the board, and newly announced mergers saw little-to-no deal pop (aside from warrants). It's been nearly impossible (save for a few outliers) to generate a ton of pre-close stock price run-up in recent mergers. 

Average-pre deal SPACs fell another 5c today and now are trading with about a 1.14% discount to trust. Certainly some cheap options out there to play for yield + upside potential. 

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890 5th Avenue Partners (ENFA) had a bit of an early jump today following the reported 94% redemptions following their vote on BuzzFeed, yet the stock closed down ~3% to $9.62. So not a sustained low float / squeeze run but potentially a few investors clipped a bit of a gain. Not a ton of momentum around this one in the market will be interesting how it trades going forward as it puts a stake in the ground for several other media companies that have hinted at going public via SPAC including Vice Media and Group Nine. 

Apollo kicked off the morning announcing a big SPAC merger deal as Apollo Strategic Growth Capital (APSG) struck a $5.3B EV pact with American Express Global Business Travel. The deal includes a $335M PIPE from the likes of Apollo, Ares, HG Vora, Sabre and Zoom.

It's another bet on a rebound in a post-covid world. Just 18 months ago would you have thought that multiple ticketing / live-event centric companies (Vivid, SeatGeek) and travel-related (Vacasa, HotelPlanner) would all be planning public offerings? APSG rose slightly on the day while the warrants had a nice +48% pop, closing at $1.27.

All SPAC votes were approved today:

  • DMYQ / Planet Labs (w 2% redemptions pre-announced) -> PL when it closes
  • ADF / Hagerty approved -> HGTY today
  • FORE / P3 approved (w 88% redemptions) -> PIII on 12/6
  • GIG / BigBear.ai -> BBAI on 12/8 

DMYQ / Planet Labs held up reasonably well given today's overall down market, closing down 5% at $9.45. Many will remember that dMY's previous deSPAC, IONQ, dropped into the $7s before trading over $30 at one point. Many are hoping that DMYQ will skip the drop down and instead just start making its way up.

DMYQ dropped 5% today as shareholders approved the deal, but given the overall market, that's not bad

DMYQ dropped 5% today as shareholders approved the deal, but given the overall market, that's not bad

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Announced Mergers

As we've mentioned, common shares of recently announced SPAC deals aren't exactly running to the moon. What will it take to generate some pre-deal buzz around here? Or is the new norm hovering around NAV, seeing how redemptions shake out and then start to play. 

Dec 03 | $ 9.93 | APSG - Apollo Strategic Growth Capital --> American Express Global Business Travel
Dec 02 | $ 10.04 | ACTD - ArcLight Clean Transition Corp. II --> OPAL Fuels
Dec 02 | $ 9.85 | BOAS - BOA Acquisition Corp. --> Selina
Dec 01 | $ 11.90 | CFVI - CF Acquisition Corp. VI --> Rumble
Dec 01 | $ 9.85 | SCLE - Broadscale Acquisition Corp --> Voltus, Inc.
Dec 01 | $ 9.88 | ACAH - Atlantic Coastal Acquisition Corp. --> Essentium, Inc.
Nov 30 | $ 9.93 | ADEX - ADIT EDTECH ACQUISITION CORP. --> Griid

Recent IPOs 

Overfunded trusts and high warrant coverage are now table stakes in the SPAC IPO game. Another 12 priced this week, keeping the IPO train running yet the performance has been less than spectacular. 

Dec 02 | $ 10.01 | BOCN - Blue Ocean Acquisition Corp
Dec 02 | $ 10.01 | BIOS - BioPlus Acquisition Corp.
Dec 02 | $ 10.03 | BPAC - Bullpen Parlay Acquisition Co
Dec 02 | $ 10.01 | STET - ST Energy Transition I Ltd.
Dec 02 | $ 10.10 | GEEX - Games & Esports Experience Acquisition Corp.
Dec 01 | $ 10.04 | ROC - ROC Energy Acquisition Corp.
Dec 01 | $ 10.05 | PACI - PROOF Acquisition Corp I
Dec 01 | $ 10.01 | UTAA - UTA Acquisition Corporation
Nov 30 | $ 10.09 | TLGY - TLGY Acquisition Corp
Nov 30 | $ 10.08 | CMCA - Capitalworks Emerging Markets Acquisition Corp
Nov 30 | $ 10.04 | ROCL - Roth CH Acquisition V Co.
Nov 29 | $ 10.15 | CNGL - Canna-Global Acquisition Corp

Today's Price Action

Top Gainers

CFVI was the big winner of the day when news of a potential distribution deal with Trump's media company hit the tape. CFVI announced a SPAC deal with video company (and right favorite) Rumble earlier in the week. 

12.48% ~ $ 11.90 | CFVI - CF Acquisition Corp. VI (Announced)
4.90% ~ $ 11.35 | ESSC - East Stone Acquisition Corporation (Announced)
4.63% ~ $ 9.50 | DGNS - DRAGONEER GR OP (Announced)
1.23% ~ $ 9.90 | GIAC - Gesher I Acquisition Corp. (Pre-Deal)
1.14% ~ $ 9.74 | TPGS - TPG Pace Solutions Corp. (Announced)
1.12% ~ $ 9.91 | VPCB - VPC Impact Acquisition Holdings II (Announced)
1.01% ~ $ 10.00 | SPK - SPK Acquisition Corp. (Pre-Deal)
.91% ~ $ 9.93 | APSG - Apollo Strategic Growth Capital (Announced)
.72% ~ $ 9.75 | GIG - GigCapital4, Inc. (Announced)
.58% ~ $ 10.33 | IPOF - Social Capital Hedosophia Holdings Corp VI (Pre-Deal)
.56% ~ $ 9.76 | LITT - Logistics Innovation Technologies Corp. (Pre-Deal)
.52% ~ $ 9.91 | OACB - Oaktree Acquisition Corp II (Pre-Deal)
.51% ~ $ 9.83 | SAMA - Schultze Special Purpose Acquisition Corp. II (Pre-Deal)
.51% ~ $ 9.85 | TPBA - TPB Acquisition Corporation I (Pre-Deal)
.51% ~ $ 9.85 | HCNE - Jaws Hurricane Acquisition Corporation (Pre-Deal)
.51% ~ $ 9.93 | PBAX - Phoenix Biotech Acquisition Corp. (Pre-Deal)
.51% ~ $ 9.95 | SANB - Sanaby Health Acquisition Corp. I (Pre-Deal)
.50% ~ $ 9.90 | FACA - Figure Acquisition Corp. I (Pre-Deal)
.50% ~ $ 10.15 | FST - FAST ACQ CP (Announced)
.49% ~ $ 10.20 | PAIC - Petra Acquisition Inc (Announced)

Biggest Losers

-10.44% ~ $ 11.93 | XPDI - Power & Digital Infrastructure Acquisition Corp. (Announced)
-9.58% ~ $ 12.84 | FSII - FS Development Corp. II (Announced)
-8.35% ~ $ 8.78 | SVOK - Seven Oaks Acquisition Corp. (Announced)
-5.41% ~ $ 9.45 | DMYQ - dMY Technology Group, Inc. IV (Announced)
-4.55% ~ $ 11.95 | GGPI - Gores Guggenheim, Inc (Announced)
-4.54% ~ $ 44.97 | DWAC - Digital World Acquisition Corp. (Announced)
-3.59% ~ $ 12.10 | MEKA - MELI Kaszek Pioneer Corp (Pre-Deal)
-3.02% ~ $ 10.91 | DCRC - Decarbonization Plus Acquisition Corporation III (Announced)
-2.27% ~ $ 9.91 | SGII - Seaport Global Acquisition II Corp. (Pre-Deal)
-1.40% ~ $ 9.86 | HLXA - HELIX ACQUISITION CORP (Announced)
-1.22% ~ $ 10.49 | CND - Concord Acquisition Corp (Announced)
-1.19% ~ $ 9.98 | RONI - Rice Acquisition Corp. II (Pre-Deal)
-1.10% ~ $ 9.89 | GTPA - Gores Technology Partners, Inc (Pre-Deal)
-1.09% ~ $ 9.96 | AGCB - Altimeter Growth Corp. 2 (Pre-Deal)
-1.02% ~ $ 9.70 | GFOR - Graf Acquisition Corp. IV (Pre-Deal)
-.98% ~ $ 10.10 | SBEA - SilverBox Engaged Merger Corp I (Announced)
-.91% ~ $ 9.82 | ORIA - Orion Biotech Opportunities Corp. (Pre-Deal)
-.91% ~ $ 9.83 | DMYS - dMY Technology Group, Inc. VI (Pre-Deal)
-.89% ~ $ 10.05 | NGCA - NextGen Acquisition Corp. II (Announced)
-.81% ~ $ 9.76 | PFDR - Pathfinder Acquisition Corporation (Announced)

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(Disclaimers: this is not investment advice. The author may be long one or more stocks mentioned in this report.)