SPAC Weekly Wrap: July 16

Busy week of SPAC votes was met with high redemptions. 10 more SPACs are set to vote next week including CCIV & Lucid Motors.
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It was a week dominated by votes, high redemptions, and a head-scratching mega deal. As for the week's total market activity:

  • 6 SPAC IPOs priced for $840M
  • 7 mergers announced for over $53B in transaction value. 423 SPACs are still searching for targets
  • 10 SPACs held (and passed) their merger votes
  • 8 preliminary S-1s were filed for new SPACs, now 304 SPACs waiting to price

ICYMI: A SPAC Risk Exposed?

New Mergers Announced

Lionheart Acquisition II (LCAP) kicked off the week with its mega merger deal with MSP Recovery. The deal was a popular topic of conversation in SPAC land given its large valuation, $32.6 billion, and relatively small sized SPAC trust at just $230M. With no PIPE and $70M in transaction fees that leaves just $160M in cash consideration going to the balance sheet for such a massively valued company with no current revenue.

LCAP, RTPY, ATMR, PFDR

LCAP, RTPY, ATMR, PFDR

New SPAC IPOs

Light week of IPOs with 6 new SPACs pricing for $840M total, and are predominantly trading sub-NAV.

ipos716

New Preliminary SPAC S-1s

8 new SPACs filed preliminary S-1s this week representing just over $1B in potential new SPAC capital. There are now 304 SPACs in the backlog waiting to price their SPAC IPOs. 

s1s716

Looking Ahead, at Least 10 More SPACs Vote Next Week

While some (GHVI, PSAC) are materially above NAV, the majority of next week's votes also stand to experience material redemption rates. We also get the biggie, as Churchill Capital Corp IV (CCIV) is finally set to vote and ultimately become Lucid Motors

Jul 19 | $ 9.45 | ANDA - Andina Acquisition Corp. III --> Stryve Foods, LLC
Jul 20 | $ 9.13 | ACND - Ascendant Digital Acquisition Corp --> Beacon Street Group
Jul 20 | $ 9.31 | TWND - Tailwind Acquisition Corp --> QOMPLX, Inc.
Jul 20 | $ 13.26 | PSAC - Property Solutions Acquisition Corp --> Faraday Future
Jul 20 | $ 13.44 | GHVI - Gores Holdings VI Inc --> Matterport, Inc.
Jul 20 | $ 9.00 | RAAC - Revolution Acceleration Acquisition Corp --> Berkshire Grey
Jul 21 | $ 11.17 | THCB - Tuscan Holdings Corp. --> Microvast, Inc.
Jul 21 | $ 9.71 | VCVC - 10X Capital Venture Acquisition Corp --> REE Automotive Ltd.
Jul 21 | $ 11.39 | CMLF - CM Life Sciences Inc --> Sema4
Jul 22 | $ 22.79 | CCIV - Churchill Capital Corp IV --> Lucid Motors

Today's Price Action

Biggest Gainers

27.18% ~ $ 10.20 | GXGX - GX Acquisition Corp (Announced)
7.90% ~ $ 11.20 | FGNA - FG New America Acquisition Corp (Announced)
6.94% ~ $ 13.26 | PSAC - Property Solutions Acquisition Corp (Announced)
3.85% ~ $ 10.80 | VACQ - Vector Acquisition Corp (Announced)
3.35% ~ $ 10.18 | IIAC - Investindustrial Acquisition Corp. (Pre-Deal)
1.99% ~ $ 11.55 | TDAC - Trident Acquisitions Corp (Announced)
1.92% ~ $ 9.55 | NHIC - NewHold Investment Corporation (Announced)
1.75% ~ $ 9.91 | PFDR - Pathfinder Acquisition Corporation (Announced)
1.64% ~ $ 9.91 | HIII - Hudson Executive Investment Corp. III (Pre-Deal)
1.56% ~ $ 9.45 | ANDA - Andina Acquisition Corp. III (Announced)
1.52% ~ $ 10.71 | PDAC - Peridot Acquisition Corp (Announced)
1.45% ~ $ 9.81 | DHBC - DHB Capital Corp. (Pre-Deal)
1.13% ~ $ 9.86 | ATMR - Altimar Acquisition Corp. II (Announced)
1.06% ~ $ 10.49 | SRAC - Stable Road Acquisition Corp. (Announced)
1.06% ~ $ 10.51 | CND - Concord Acquisition Corp (Announced)
.91% ~ $ 9.95 | GTPB - GORES TECHNOLOGY PARTNERS II, INC. (Pre-Deal)
.91% ~ $ 10.03 | DKDCA - Data Knights Acquisition Corp. (Pre-Deal)
.88% ~ $ 10.34 | ACKIT - ACKRELL SPAC Partners I Co. (Pre-Deal)
.82% ~ $ 9.86 | RAM - Aries I Acquisition Corp (Pre-Deal)
.73% ~ $ 9.70 | CLAS - Class Acceleration Corp. (Pre-Deal)

Biggest Losers

-5.42% ~ $ 11.17 | THCB - Tuscan Holdings Corp. (Announced)
-4.06% ~ $ 9.69 | CPAR - Catalyst Partners Acquisition Corp. (Pre-Deal)
-3.02% ~ $ 9.31 | TWND - Tailwind Acquisition Corp (Announced)
-2.90% ~ $ 10.70 | MUDS - Mudrick Capital Acquisition Corporation II (Announced)
-2.75% ~ $ 12.36 | FST - FAST ACQ CP (Announced)
-2.71% ~ $ 9.71 | VCVC - 10X Capital Venture Acquisition Corp (Announced)
-2.45% ~ $ 10.73 | AGC - ALTIMETER GROWTH CORP (Announced)
-2.27% ~ $ 12.03 | TPGY - TPG Pace Beneficial Finance Corp (Announced)
-2.24% ~ $ 10.02 | LSAQ - LIFE SCI ACQ II (Announced)
-1.90% ~ $ 17.04 | RICE - Rice Acquisition Corp. (Announced)
-1.83% ~ $ 9.13 | ACND - Ascendant Digital Acquisition Corp (Announced)
-1.81% ~ $ 20.63 | PSTH - Pershing Square Tontine Holdings (Announced)
-1.69% ~ $ 10.47 | FTCV - FinTech Acquisition Corp. V (Announced)
-1.61% ~ $ 9.79 | RXRA - RXR Acquisition Corp (Pre-Deal)
-1.57% ~ $ 10.02 | ZT - Zimmer Energy Transition Acquisition Corp. (Pre-Deal)
-1.33% ~ $ 10.36 | GSAH - GS Acquisition Holdings Corp II (Announced)
-1.32% ~ $ 9.76 | IACC - ION Acquisition Corp 3 Ltd. (Pre-Deal)
-1.27% ~ $ 9.70 | IPVI - InterPrivate IV InfraTech Partners Inc. (Pre-Deal)

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