SPAC Wrap: Down Again, but That's Good News

Another tough day for SPACs with fresh IPOs trading down and the broader SPAC market trading down alongside. But, this is creating increasingly good opportunity for the traditional SPAC yield play. NPA, TPGY, CLII, CMLF, and SRAC led the declines.
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Today's Wrap

The popular narrative surrounding SPACs continued today, oversaturation and lackluster trading performance. 

Most newly priced IPOs traded down, including from repeat issuer Decarbonization 3 (DCRC) who priced a $350M offering. In addition, no new mergers were announced today. This could be a reflection of teams choosing to wait for a more favorable equity market backdrop, or, teams effecting a more stringent due diligence process (longer deal times).

That being said an interesting rumor has been reported post-close as a Bill Gates backed medical robotics company, Vicarious Surgical, is in talks to merge with D8 Holdings SPAC (DEH) in a $1B+ deal. D8 IPO'd for $345M back in July and is led by CEO David Chu, who was a founder of the consumer brand Nautica. Based in Hong Kong, D8 originally was targeting a company in consumer brands.

Overall 75% of SPAC units traded down today. Here were the biggest SPAC unit declines for the day:

-14.5% | NPA | New Providence Acquisition Corp
-12.0% | TPGY | TPG Pace Beneficial Finance Corp
-11.7% | CLII | Climate Change Crisis Real Impact I Acquisition Corp
-10.4% | CMLF | CM Life Sciences Inc
-10.3% | SRAC | Stable Road Acquisition Corp.

SPACthletes

Don't miss our our update on SPACthletes - some opportunities under $10. Among the newly filed S-1s today also included an offering from auto racing legend Michael Andretti who, along with his father Mario, are looking to raise $250M for Andretti Acquisition Co., focused on motor sport and the broader automotive industry.

Vote Watch

Tomorrow brings shareholder votes for Foley Trasimene 2 (BFT) / Paysafe and Replay Acquisition (RPLA) / Finance of America mergers. BFT, trading > $16 would appear to pass easily. Could be more interesting for RPLA, a 2 year old SPAC, whose common is trading sub $10.

Take Away

For many, the selloff makes the SPAC space more exciting. It gives investors the opportunity to construct baskets of SPACs at 3-4% discounts that will have limited downside, good yield, and a decent opportunity for a home run or two. 

To help you out, here are SPAC units that closed today at the biggest discounts. Note that even when trading at a discount investors should still do their diligence on the team and sponsor.

SPAC Units Trading at Discounts Over 1%

-2.7% | AAQC | Accelerate Acquisition Corp.

-2.6% | TWNI | Tailwind International Acquisition Corp.

-2.2% | GPAC | Global Partner Acquisition Corp II

-2.2% | PSAG | Property Solutions Acquisition Corp. II

-2.1% | ATSP | Archimedes Tech SPAC Partners Co

-2.1% | AAC | Ares Acquisition Corporation

-2.1% | GXII | GX Acquisition Corp. II

-2.0% | AFAQ | AF Acquisition Corp.

-2.0% | CHAA | Catcha Investment Corp

-1.9% | CPTK | Crown PropTech Acquisitions

-1.9% | EBAC | European Biotech Acquisition Corp.

-1.9% | HCCC | Healthcare Capital Corp.

-1.9% | LCAAU | L Catterton Asia Acquisition Corp

-1.8% | GNAC | GROUP NINE ACQUISITION CORP.

-1.8% | KAII | Kismet Acquisition Two Corp.

-1.8% | NSTC | Northern Star Investment Corp. III

-1.8% | TBCP | Thunder Bridge Capital Partners III Inc.

-1.8% | VELO | Velocity Acquisition Corp

-1.7% | CFVI | CF Acquisition Corp. VI

-1.7% | CLRM | Clarim Acquisition Corp.

-1.7% | DHCA | DHC Acquisition Corp

-1.7% | DHHC | DiamondHead Holdings Corp.

-1.7% | EAC | Edify Acquisition Corp.

-1.7% | KIII | Kismet Acquisition Three Corp.

-1.7% | LIII | Leo Holdings III Corp

-1.7% | MBAC | M3-Brigade Acquisition II Corp

-1.7% | MDH | MDH Acquisition Corp.

-1.7% | PTOC | Pine Technology Acquisition Corp.

-1.7% | TLGA | TLG Acquisition One Corp.

-1.7% | TWLV | Twelve Seas Investment Company II

-1.6% | SBII | Sandbridge X2 Corp

-1.6% | AGGR | Agile Growth Corp.

-1.6% | KURI | Alkuri Global Acquisition Corp.

-1.6% | EVOJ | Evo Acquisition Corp.

-1.6% | FTEV | FinTech Evolution Acquisition Group

-1.6% | GHAC | Gaming & Hospitality Acquisition Corp.

-1.6% | MIT | Mason Industrial Technology, Inc.

-1.6% | NSTD | Northern Star Investment Corp. IV

-1.6% | ROSS | Ross Acquisition Corp II

-1.6% | SBEA | SilverBox Engaged Merger Corp I

-1.6% | SLAM | Slam Corp

-1.5% | RCLF | Rosecliff Acquisition Corp I

-1.5% | ATHN | Athena Technology Acquisition Corp.

-1.5% | SCLE | Broadscale Acquisition Corp

-1.5% | BGSX | Build Acquisition Corp.

-1.5% | COVA | Crescent Cove Acquisition Corp.

-1.5% | GCAC | Growth Capital Acquisition Corp.

-1.5% | LWAC | Locust Walk Acquisition Corp.

-1.5% | FINM | Marlin Technology Corp

-1.5% | MACC | Mission Advancement Corp.

-1.5% | NRAC | Noble Rock Acquisition Corporation

-1.5% | OEPW | One Equity Partners Open Water I Corp.

-1.5% | PDOT | Peridot Acquisition Corp. II

-1.5% | RXRA | RXR Acquisition Corp

-1.5% | SHAC | SCP & CO Healthcare Acquisition Company

-1.5% | SPKB | Silver Spike Acquisition Corp II

-1.5% | TMAC | The Music Acquisition Corporation

-1.5% | TCAC | Tuatara Capital Acquisition Corporation

-1.5% | ACAH | Atlantic Coastal Acquisition Corp.

-1.5% | CLAA | Colonnade Acquisition Corp. II

-1.5% | OSTR | Oyster Enterprises Acquisition Corp.

-1.4% | HYAC | Haymaker Acquisition Corp. III

-1.4% | ESM | ESM Acquisition Corporation

-1.4% | FTCPA | FTAC Parnassus Acquisition Corp.

-1.4% | GAPA | G&P Acquisition Corp.

-1.4% | ISLE | Isleworth Healthcare Acquisition Corp.

-1.4% | MACQ | MCAP Acquisition Corporation

-1.4% | MSAC | Medicus Sciences Acquisition Corp.

-1.4% | FRWA | PWP Forward Acquisition Corp. I

-1.3% | CENH | Centricus Acquisition Corp.

-1.3% | CSTA | Constellation Acquisition Corp I

-1.3% | DTOC | Digital Transformation Opportunities Corp.

-1.3% | FORE | Foresight Acquisition Corp.

-1.3% | IBER | Ibere Pharmaceuticals

-1.3% | KLAQ | KL Acquisition Corp

-1.3% | LJAQ | LIGHTJUMP ACQUISITION CORPORATION

-1.3% | PMGM | Priveterra Acquisition Corp.

-1.3% | PGRW | Progress Acquisition Corp.

-1.2% | ENFA | 890 5th Avenue Partners, Inc.

-1.2% | ADRA | Adara Acquisition Corp.

-1.2% | ADEX | ADIT EDTECH ACQUISITION CORP.

-1.2% | AGAC | African Gold Acquisition Corporation

-1.2% | DHBC | DHB Capital Corp.

-1.2% | FLME | Flame Acquisition Corp.

-1.2% | FLAC | Frazier Lifesciences Acquisition Corporation

-1.2% | FSNB | Fusion Acquisition Corp. II

-1.2% | IPVI | InterPrivate IV InfraTech Partners Inc.

-1.2% | LGAC | LAZARD GROWTH ACQUISITION CORP. I

-1.2% | PNTM | Pontem Corp

-1.2% | QFTA | Quantum FinTech Acquisition Corp

-1.2% | SPTK | SportsTek Acquisition Corp.

-1.2% | TZPS | TZP Strategies Acquisition Corp.

-1.2% | NVSA | New Vista Acquisition Corp

-1.2% | GIIX | GORES HOLDINGS VIII, INC.

-1.2% | KSIC | Kadem Sustainable Impact Corporation

-1.2% | PFDR | Pathfinder Acquisition Corporation

-1.1% | ARRW | Arrowroot Acquisition Corp.

-1.1% | EPWR | Empowerment & Inclusion Capital I Corp

-1.1% | IPVA | InterPrivate II Acquisition Corp.

-1.1% | JOFF | JOFF Fintech Acquisition Corp

-1.1% | KRNL | Kernel Group Holdings, Inc.

-1.1% | MON | Monument Circle Acquisition Corp

-1.1% | SPAQ | Spartan Acquisition Corp. III

-1.1% | AKIC | Sports Ventures Acquisition Corp.

-1.0% | ASPC | Alpha Capital Acquisition Company

-1.0% | AMAO | American Acquisition Opportunity Inc

-1.0% | ASAX | Astrea Acquisition Corp.

-1.0% | BOAS | BOA Acquisition Corp.

-1.0% | GLBL | Cartesian Growth Corporation

-1.0% | CHFW | Consonance-HFW Acquisition Corp

-1.0% | EJFA | EJF Acquisition Corp

-1.0% | EPHY | Epiphany Technology Acquisition Corp

-1.0% | EQHA | EQ Health Acquisition Corp

-1.0% | FZT | FAST Acquisition Corp. II

-1.0% | GGMC | Glenfarne Merger Corp.

-1.0% | GAMC | Golden Arrow Merger Corp.

-1.0% | GSEV | Gores Holdings VII

-1.0% | HLAH | Hamilton Lane Alliance Holdings I, Inc.

-1.0% | HIII | Hudson Executive Investment Corp. III

-1.0% | IPVF | InterPrivate III Financial Partners Inc.

-1.0% | ITQ | Itiquira Acquisition Corp.

-1.0% | LHC | Leo Holdings Corp. II

-1.0% | PLMI | Plum Acquisition Corp. I

-1.0% | SSAA | Science Strategic Acquisition Corp. Alpha

-1.0% | TSPQ | TCW Special Purpose Acquisition Corp

-1.0% | POW | Powered Brands

-1.0% | THMA | Thimble Point Acquisition Corp.