SPAC Wrap: July 30th

A lighter week of new mergers with just 4 announcing. SPAC IPOs are continuing to price despite a mostly weaker SPAC market. RTPZ discloses huge redemptions.
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It was a SPAC week dominated by more questions than answers. There were indictments, high redemptions, deal re-pricings, and adjournments - yet SPAC IPOs keep flying off the shelves. SPAC prices remain well below NAV and sponsors have got to be worried about redemptions and merger deals closing smoothly. 

Tailwind Adjourns Meeting...again

Today, for the second time in as many weeks Tailwind Acquisition Co (TWND) adjourned its shareholder meeting on its merger with QOMPLX. The company hasn't given a reason for either adjournment - which has FinTwit wondering as to the reason here. Their press releases haven't been met with the, now ubiquitous, "remember to vote" reminders. Thus, the rumors are circulating around whether the company is trying to mitigate high redemptions. 

TWND has been trading sub-NAV, so perhaps that is the culprit. However, we wait again until August 17 and maybe the 3rd time will be a charm for that merger.  

Friday Afternoon Redemptions

Reinvent Technology Partners Z (RTPZ) disclosed post-close Friday that 19.2M shares, or $192M, elected redemptions at its vote for Hippo. The vote passed, of course, but that represents 83% of the SPAC's trust now gone. That deal has a $550M PIPE. RTPZ closed at $9.75 today. 

New Mergers This Week

A much lighter week on the merger front this week. Perhaps the M&A bankers decided to finally take some vacation, as just 4 new definitive agreements were announced for a total transaction value of ~$8B. 

TPGS, SPAQ, GMBT, MCAQ

TPGS, SPAQ, GMBT, MCAQ

TPG Pace Solutions announced the largest deal, a $3.7B pact for Vacation Rental platform Vacasa

New SPAC IPOs

We've been a little surprised that the cadence of SPAC IPOs has been as robust as it's been (although significantly down since Peak-SPAC) given all the negative sentiment that has surrounded SPACs lately. Add to that almost all new SPAC issues are trading down, and pre-SPAC deals can be scooped up real cheap doesn't necessarily make it a great fundraising environment. 

Nonetheless 8 new SPAC IPOs priced for over $1.6B in new capital. We're seeing more Rights being offered as part of Units and even saw a warrant for 3/4 share (IMAQ/U). 

Upcoming SPAC Votes

Aug 03 | $ 9.99 | GRSV - GORES HOLDINGS V, INC. --> Ardagh Metal Packaging
Aug 05 | $ 9.98 | RTP - Reinvent Technology Partners --> Joby Aviation
Aug 05 | $ 9.98 | PDAC - Peridot Acquisition Corp --> Li-Cycle Corp
Aug 06 | $ 10.09 | SCPE - SC Health Corporation --> Rockley Photonics
Aug 09 | $ 10.02 | BCTG - BCTG Acquisition Corp. --> Tango Therapeutics
Aug 10 | $ 9.97 | CHFW - Consonance-HFW Acquisition Corp --> Surrozen, Inc.
Aug 11 | $ 10.14 | GRNV - GreenVision Acquisition Corp. --> Helbiz, Inc.
Aug 11 | $ 10.00 | SRAC - Stable Road Acquisition Corp. --> Momentus, Inc.
Aug 11 | $ 10.06 | NBA - New Beginnings Acquisition Corp --> Airspan Networks Inc
Aug 12 | $ 10.07 | CFAC - CF Finance Acquisition Corp. III --> AEye, Inc.
Aug 12 | $ 9.96 | SAII - SOFTWARE ACQ GP --> Otonomo Technologies, Ltd
Aug 13 | $ 9.96 | NSH - NavSight Holdings, Inc --> Spire Global
Aug 16 | $ 9.97 | RMGB - RMG Acquisition Corporation II --> ReNew Power Private Limited

Today's Price Action

Biggest Gainers

True Wind's NEBC surged a day after approving its merger vote. They are set to trade as ROVR on Monday

10.23% ~ $ 10.99 | NEBC - Nebula Caravel Acquisition Corporation (Announced)
3.74% ~ $ 10.53 | LEAP - Ribbit LEAP Ltd (Pre-Deal)
2.89% ~ $ 9.96 | IPVA - InterPrivate II Acquisition Corp. (Pre-Deal)
1.84% ~ $ 9.96 | OHPA - Orion Acquisition Corp. (Pre-Deal)
1.66% ~ $ 9.79 | MACA - Moringa Acquisition Corp (Pre-Deal)
1.65% ~ $ 9.84 | EVOJ - Evo Acquisition Corp. (Pre-Deal)
1.63% ~ $ 10.00 | TWND - Tailwind Acquisition Corp (Announced)
1.42% ~ $ 9.99 | GRSV - GORES HOLDINGS V, INC. (Announced)
1.34% ~ $ 9.83 | CSTA - Constellation Acquisition Corp I (Pre-Deal)
1.10% ~ $ 10.09 | ZT - Zimmer Energy Transition Acquisition Corp. (Pre-Deal)
1.09% ~ $ 9.26 | DGNR - Dragoneer Growth Opportunities Corp (Announced)
1.08% ~ $ 9.86 | LDHA - LDH Growth Corp I (Pre-Deal)
1.03% ~ $ 9.80 | QFTA - Quantum FinTech Acquisition Corp (Pre-Deal)
.93% ~ $ 9.72 | COVA - Crescent Cove Acquisition Corp. (Pre-Deal)
.93% ~ $ 9.72 | SWET - Athlon Acquisition Corp. (Pre-Deal)
.93% ~ $ 9.74 | IGNY - Ignyte Acquisition Corp. (Pre-Deal)
.93% ~ $ 9.74 | FRON - Frontier Acquisition Corp. (Pre-Deal)
.83% ~ $ 9.77 | ITHX - ITHAX Acquisition Corp. (Pre-Deal)
.82% ~ $ 9.79 | HLAH - Hamilton Lane Alliance Holdings I, Inc. (Pre-Deal)
.81% ~ $ 9.92 | KVSC - Khosla Ventures Acquisition Co. III (Pre-Deal)

Biggest Losers

-2.71% ~ $ 9.68 | GLBL - Cartesian Growth Corporation (Pre-Deal)
-2.41% ~ $ 9.71 | RXRA - RXR Acquisition Corp (Pre-Deal)
-2.30% ~ $ 11.87 | TPGY - TPG Pace Beneficial Finance Corp (Announced)
-1.53% ~ $ 9.63 | EJFA - EJF Acquisition Corp (Pre-Deal)
-1.47% ~ $ 10.05 | FTCV - FinTech Acquisition Corp. V (Announced)
-1.36% ~ $ 10.17 | VACQ - Vector Acquisition Corp (Announced)
-1.12% ~ $ 9.68 | LCAAU - L Catterton Asia Acquisition Corp (Pre-Deal)
-1.12% ~ $ 9.70 | TIOA - Tio Tech A (Pre-Deal)
-1.02% ~ $ 9.70 | FACT - Freedom Acquisition I Corp (Pre-Deal)
-1.02% ~ $ 9.72 | SRSA - Sarissa Capital Acquisition Corp (Pre-Deal)
-.97% ~ $ 9.70 | FRWA - PWP Forward Acquisition Corp. I (Pre-Deal)
-.92% ~ $ 9.69 | KAII - Kismet Acquisition Two Corp. (Pre-Deal)
-.88% ~ $ 10.14 | CND - Concord Acquisition Corp (Announced)
-.83% ~ $ 9.61 | EGGF - EG Acquisition Corp. (Pre-Deal)
-.82% ~ $ 9.67 | IPVF - InterPrivate III Financial Partners Inc. (Pre-Deal)
-.82% ~ $ 9.67 | NGC - Northern Genesis Acquisition Corp. III (Pre-Deal)
-.82% ~ $ 9.70 | LCA - Landcadia Holdings IV, Inc. (Pre-Deal)
-.82% ~ $ 9.73 | VAQC - Vector Acquisition Corporation II (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.)