SPAC Deals and IPOE/SoFi Momentum

3 deals on Friday to close out the week, and IPOE surged into the weekend.

Author:
David Drapkin
Publish date:
May 7, 2021

A little bolt of lightning came late Friday afternoon as Social Capital Hedosophia V (IPOE) & SoFi set their merger vote date for May 27. IPOE jumped nearly 10% to close on the news. It may be the positive endorsement (or short squeeze?) that could spark the market needed for SPAC M&A confidence. Especially since the market didn't exactly eat up the IPOF/Equinox rumor earlier this week. IPOE closed at $16.50.

IPOE, backed by Chamath Palihapitiya, is one of the more high profile SPAC mergers out there. The other media favorite, CCIV, climbed 2% today. Look out for a Lucid Motors appearance on SNL this weekend when Elon Musk is a guest host.

Friday Merger Flurry brings Week to 5 Deals

A surprising 3 deal announcement Friday racked the week's total merger count up to 5 announcements, tying last week's tally. A bit of a mixed back when it comes to performance.. the winner of the group was LifeSci Acquisition II Corp (LSAQ) who jumped 6.6% on their announced deal with Science 37.

Just 3 IPOs for $460M of new SPAC Capital

In a reversal of the recent trend, these new IPOs are actually trading at or above NAV. Not necessarily the huge pops we were used to seeing at peak SPAC - but investor friendly terms have supported the new issue prices.

5 New SPAC S-1s File for $860M

The S-1s are highlighted by Reinvent Technology Partners X (RTPX). The 4th SPAC from the team of Mark Pincus, Reid Hoffman, and Michael Thompson. The proposed $220M offering is shares only (no warrants) and is targeting tech companies.

No doubt that Pincus, Hoffman, and Thompson are well respected, however RTP and RTPZ are both underperforming following their respective merger announcements down 30% and 13% respectively.

Biggest SPAC Gainers

10.07% ~ $ 16.51 | IPOE - Social Capital Hedosophia Holdings Corp V (Announced)
7.57% ~ $ 33.27 | BRPA - Big Rock Partners Acquisition Corp (Announced)
6.84% ~ $ 10.78 | LSAQ - LIFE SCI ACQ II (Announced)
3.64% ~ $ 10.24 | FRON - Frontier Acquisition Corp. (Pre-Deal)
3.34% ~ $ 12.07 | CMLF - CM Life Sciences Inc (Announced)
3.07% ~ $ 15.46 | TPGY - TPG Pace Beneficial Finance Corp (Announced)
3.00% ~ $ 10.99 | VIH - VPC Impact Acquisition Holdings (Announced)
2.97% ~ $ 12.12 | THCB - Tuscan Holdings Corp. (Announced)
1.92% ~ $ 11.65 | CLII - Climate Change Crisis Real Impact I Acquisition Corp (Announced)
1.90% ~ $ 15.58 | ACTC - ArcLight Clean Transition Corp (Announced)

Biggest SPAC Decliners

-6.00% ~ $ 10.81 | BCTG - BCTG Acquisition Corp. (Announced)
-3.60% ~ $ 12.05 | FSRV - FinServ Acquisition Corp (Announced)
-3.44% ~ $ 8.70 | EXPC - Experience Investment Corp (Announced)
-2.98% ~ $ 10.74 | SRAC - Stable Road Acquisition Corp. (Announced)
-2.60% ~ $ 10.85 | LEAP - Ribbit LEAP Ltd (Pre-Deal)
-2.24% ~ $ 10.06 | PDAC - Peridot Acquisition Corp (Announced)
-1.92% ~ $ 12.75 | DFHT - Deerfield Healthcare Technology Acquisitions Corp. (Announced)
-1.92% ~ $ 11.25 | PSAC - Property Solutions Acquisition Corp (Announced)
-1.80% ~ $ 10.90 | FWAA - Fifth Wall Acquisition Corp. I (Announced)
-1.72% ~ $ 9.72 | SDAC - Sustainable Development Acquisition I Corp. (Pre-Deal)
-1.70% ~ $ 9.81 | FZT - FAST Acquisition Corp. II (Pre-Deal)
-1.60% ~ $ 9.85 | LCAAU - L Catterton Asia Acquisition Corp (Pre-Deal)