SPAC Activity Returns, Met with Lukewarm Response

The SPAC IPO market re-opened and there were several M&A announcements, but the trading performance was underwhelming
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SPAC Weekly Rundown

We've been talking about how the SPAC market could use some good news amid the SEC's crackdown, the media's negativity, and the general negative sentiment in recent weeks following peak SPAC euphoria.  

Given that there are over 420 SPACs seeking deals, it's no surprise that mergers began to heat up a bit as they will ultimately start to feel the pressure. Overall we saw 5 deals get announced for $9B in EV. Positive, yes, that deals are getting announced, yet aside from Sports Entertainment Acquisition (SEAH) -- merger pops were nothing to write home about. In one instance, GLEO, the shares actually fell on the news.

SEAH, GMII, MRAC, GLEO, BLUW

SEAH, GMII, MRAC, GLEO, BLUW

GLEO would ultimately recover, a bit, partly helped by Cathie Wood buying into an ARK ETF. 

"Welcome" Back SPAC IPOs

After a two week break (unheard of in recent times) of no new SPAC IPOS, we actually saw 3 fresh SPACs come to market this week for just $560M. However, their performance sends a more dour signal for SPACs that are hoping to price new deals, as all 3 fell on day-1. With SPACs that dip below NAV on day-1, you need to find patient money willing to bide their time hoping for a good deal.

BSKY, IACC, TUGC

BSKY, IACC, TUGC

New SPAC S-1s

Mountain Crest filed for their 3rd SPAC. The Mountain Crest team is behind PLYBY, a recent De-SPAC winner and Better Therapeutics. 

ShiftPixy Investments, a subsidiary and investment arm of  (PIXY) - Get Report, filed for 4 congruent SPACS ($1B in total) -- in somewhat of an unprecedented and surprise move. 

s1s430

What's coming next week?

Monday Warrant Separations: CFFE, FTPA, FRON, MBTC, PTOC
Wednesday: Experience Investment Corp (EXPC) merger vote w/ Blade Urban Mobility
Thursday: Stable Road Acquisition (SRAC) deadline extension vote

Biggest SPAC Gainers

3.60% ~ $ 10.93 | TBA - Thoma Bravo Advantage (Announced)
3.57% ~ $ 10.45 | NOAC - Natural Order Acquisition Corp (Pre-Deal)
3.45% ~ $ 13.81 | RSVA - Rodgers Silicon Valley Acquisition Corp (Announced)
2.87% ~ $ 13.24 | JIH - Juniper Industrial Holdings, Inc. (Announced)
2.57% ~ $ 11.57 | VSPR - Vesper Healthcare Acquisition Corp (Announced)
2.46% ~ $ 13.31 | AGC - ALTIMETER GROWTH CORP (Announced)
2.16% ~ $ 12.77 | DFHT - Deerfield Healthcare Technology Acquisitions Corp. (Announced)
1.90% ~ $ 11.28 | LEAP - Ribbit LEAP Ltd (Pre-Deal)
1.84% ~ $ 10.49 | SVFC - SVF Investment Corp. 3 (Pre-Deal)

Biggest SPAC Losers

-5.61% ~ $ 15.30 | RICE - Rice Acquisition Corp. (Announced)
-4.44% ~ $ 21.09 | CCIV - Churchill Capital Corp IV (Announced)
-3.47% ~ $ 16.13 | MUDS - Mudrick Capital Acquisition Corporation II (Announced)
-3.43% ~ $ 12.67 | GHVI - Gores Holdings VI Inc (Announced)
-3.15% ~ $ 10.77 | ROCC - Roth CH Acquisition II Co. (Announced)
-2.94% ~ $ 16.18 | ACTC - ArcLight Clean Transition Corp (Announced)
-2.90% ~ $ 9.70 | RXRA - RXR Acquisition Corp (Pre-Deal)
-2.80% ~ $ 13.55 | CMLF - CM Life Sciences Inc (Announced)
-2.54% ~ $ 38.70 | BRPA - Big Rock Partners Acquisition Corp (Announced)
-2.47% ~ $ 17.00 | IPOE - Social Capital Hedosophia Holdings Corp V (Announced)

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