The day started off feeling like a more traditional happy day in SPAC-land, as we discussed this morning. M&A deals were announced, and new issues began to trade. Both SPACs traded mildly higher on their deals (CAHC +3.1%, and MCAD +0.5%) and 1 of the 2 new issues knocked it out of the park.
Importantly, none of the new activity traded down. This could be the catalyst the market has been looking for if deals have been waiting on the sideline for better conditions. Remember, there are over 250 SPACs who have filed an S-1 and yet to price with another ~430 SPACS seeking out a target.
CM Life Sciences 3 (CMLT/U) priced an upsized $480M with 1/5 warrant coverage. It surged on day-1 up almost 12%. A stark difference from the IPO drops we have seen for those enough to brave the market.
This is the 3rd SPAC for the CM team, who is sponsored by Casdin Capital and Corvex Management (Keith Meister).
Both of CM's other SPACs have deals that are announced, with very solid market performance.
CM 1 (CMLF) --> Sema4. Closed @ $15.23
CM 2 (CMII) --> SomaLogic. Closed @ $13.31
Panacea Acquisition 2 (PANA) priced a warrantless $150M offering, marking the second SPAC for the EcoR1 team. PANA closed today flat @10.
Panacea 1 merged with Nuvation Bio (NUVB) in a $1B deal that closed in Feb. Shares are up ~5% since de-spac.
Biggest SPAC Gainers
10.26% ~ $ 13.00 | FTCV - FinTech Acquisition Corp. V (Announced)
5.02% ~ $ 11.09 | TSIA - TS Innovation Acquisitions Corp (Announced)
4.72% ~ $ 13.30 | DFHT - Deerfield Healthcare Technology Acquisitions Corp. (Announced)
3.64% ~ $ 10.83 | HLXA - HELIX ACQUISITION CORP (Pre-Deal)
3.59% ~ $ 10.68 | FTOC - FTAC Olympus Acquisition Corp (Announced)
3.39% ~ $ 13.13 | AGC - ALTIMETER GROWTH CORP (Pre-Deal)
3.09% ~ $ 10.00 | CAHC - CA Healthcare Acquisition Corp. (Announced)
2.93% ~ $ 14.03 | PSAC - Property Solutions Acquisition Corp (Announced)
2.92% ~ $ 9.96 | FORE - Foresight Acquisition Corp. (Pre-Deal)
2.80% ~ $ 10.27 | NBA - New Beginnings Acquisition Corp (Announced)
Biggest SPAC Decliners
MUDS loses some luster following yesterday's pop on the Topps deal
-11.52% ~ $ 36.26 | BRPA - Big Rock Partners Acquisition Corp (Announced)
-8.16% ~ $ 11.60 | NPA - New Providence Acquisition Corp (Announced)
-6.70% ~ $ 22.82 | CCIV - Churchill Capital Corp IV (Announced)
-5.98% ~ $ 13.21 | ARYA - Arya Sciences Acquisition Corp III (Announced)
-5.86% ~ $ 9.79 | SCLE - Broadscale Acquisition Corp (Pre-Deal)
-5.48% ~ $ 10.87 | MUDS - Mudrick Capital Acquisition Corporation II (Announced)
-5.38% ~ $ 12.49 | BOWX - BowX Acquisition Corp (Announced)
-3.93% ~ $ 21.28 | DMYD - dMY Technology Group, Inc. II (Announced)
-3.71% ~ $ 10.64 | AONE - one (Announced)
-3.61% ~ $ 12.01 | FSRV - FinServ Acquisition Corp (Announced)
-3.32% ~ $ 12.54 | THCB - Tuscan Holdings Corp. (Announced)
More from Boardroom Alpha
- CA Healthcare Acquistion to acquire LumiraDX
- SPAC Wrap: SPAC Mergers Return, Mudrick "Topps" the daily M&A Pop
- Do Chamath's SPACs Make Money? All About the Entry Point
- Biggest SPAC Discounts for Tuesday & Two Morning SPAC Deals (ROT and MUDS)
- SPAC Wrap: Not Another Merger Monday. Vice Media May be Getting SPAC'ed
- Is Shane Smith's Vice Media Getting SPAC'ed?
- SPAC Weekly Wrap: Stock Issuance Grinds to a Halt. Time for Deals