Nextdoor Leads the Way in Busy Merger Week

8 Mergers for $17B in EV signed up this week, though activity was lighter on the IPO and SPAC vote front. The slew of votes return next week with at least 10 meetings on tap.
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Khosla Ventures II started the short week off with a bang by announcing a $3.5B SPAC merger with neighborhood social network Nextdoor. Investors ate the deal up as KVSB shares jumped 16% on day-1, but they have come down a bit to close at $10.65. Overall this week saw:

  • 8 mergers for $17B in enterprise value
  • 4 new SPAC IPOs priced for $1B
  • 10 new preliminary S-1s for a potential $1.3B in new SPAC capital

The tone in SPAC-land can best be described as mixed. Announced deals are seeing a bit of pop on announcement day, but then are trending below NAV while Pre-Deal SPACs are very cheap at [$9.80] on average.

That being said, market activity remains robust and most of the negative media coverage has subsided while more traditional methods of bringing companies public are gaining a bit more heat - see the DIDI fiasco. 

Below we rundown the week that was:

Announced SPAC Mergers

8 new definitive agreements signed by SPACs this week for $17B in enterprise value. Targets were ride ranging in sector from fintech, satellites, and pre-product crypto in Bullish. In addition, the all-women led Athena Technology Acquisition Corp. (ATHN) struck its deal with Heliogen. 

CND, KVSB, FPAC, DMYQ, ATHN, CFV, HCCC, HCAQ

CND, KVSB, FPAC, DMYQ, ATHN, CFV, HCCC, HCAQ

Upcoming SPAC Votes

Just one vote this week, as Spartan Acquisition Corp. II (SPRQ) shareholders approved their deal with Sunlight Financial. However, 56% of SPRQ's SPAC's trust redeemed ($192M), which was disclosed in a late Friday filing. Shares closed down 5% today to $9.46.

The voting returns in a big way next week with at least 10 SPACs lined up to vote on their deals:

Jul 12 | $ 22.55 | RSVA - Rodgers Silicon Valley Acquisition Corp --> Enovix Corp
Jul 12 | $ 9.85 | ASPL - Aspirational Consumer Lifestyle Corp --> Wheels Up Partners Holdings LLC
Jul 13 | $ 9.95 | AONE - one --> Markforged
Jul 13 | $ 11.86 | LCY - Landcadia Holdings III Inc --> The Hillman Group, Inc.
Jul 14 | $ 9.77 | SBG - Sandbridge Acquisition Corporation --> OWLET BABY CARE INC.
Jul 14 | $ 10.00 | EMPW - Empower Ltd --> Holley
Jul 14 | $ 10.21 | GXGX - GX Acquisition Corp --> Celularity Inc.
Jul 15 | $ 9.99 | NHIC - NewHold Investment Corporation --> Evolv Technology
Jul 15 | $ 10.00 | DCRB - Decarbonization Plus Acquisition Corp --> Hyzon Motors Inc.
Jul 16 | $ 10.21 | FGNA - FG New America Acquisition Corp --> OppFi

New SPAC IPOs

Just 4 SPAC IPOs this week for $1B in new capital, highlighted by Michael Klein and Sam Altman's $400M tech-focused AltC Acquisition Corp, and Apollo's $300M Acropolis Infrastructure, focused on Infrastructure. 

ipos79

New S-1s

10 new pre-IPO SPACs hit the backlog, bringing the total # of SPACs waiting to price up to 298. This week's 10 new represent ~1.3B in potential new SPAC capital. Serial sponsors Roth & Craig-Hallum filed for their 4th while Centerview's Conyers Park filed for their 3rd SPAC. 

79s1s

Today's Price Action

Biggest Gainers

7.15% ~ $ 11.47 | BLSA - BCLS Acquisition Corp. (Pre-Deal)
2.96% ~ $ 12.87 | CMLF - CM Life Sciences Inc (Announced)
2.88% ~ $ 11.45 | VACQ - Vector Acquisition Corp (Announced)
2.87% ~ $ 15.04 | PSAC - Property Solutions Acquisition Corp (Announced)
2.75% ~ $ 11.97 | FWAA - Fifth Wall Acquisition Corp. I (Announced)
2.36% ~ $ 25.55 | CCIV - Churchill Capital Corp IV (Announced)
2.21% ~ $ 9.95 | SDAC - Sustainable Development Acquisition I Corp. (Pre-Deal)
2.07% ~ $ 10.34 | GSAH - GS Acquisition Holdings Corp II (Announced)
2.01% ~ $ 10.13 | FPAC - Far Peak Acquisition Corp (Announced)
1.77% ~ $ 10.35 | CMLT - CM Life Sciences III Inc. (Pre-Deal)
1.58% ~ $ 11.60 | MUDS - Mudrick Capital Acquisition Corporation II (Announced)
1.52% ~ $ 11.34 | AGC - ALTIMETER GROWTH CORP (Announced)
1.41% ~ $ 10.05 | CHAQ - Chardan Healthcare Acquisition 2 Corp. (Announced)
1.37% ~ $ 11.86 | LCY - Landcadia Holdings III Inc (Announced)
1.32% ~ $ 9.85 | FTCPA - FTAC Parnassus Acquisition Corp. (Pre-Deal)
1.03% ~ $ 9.82 | HLAH - Hamilton Lane Alliance Holdings I, Inc. (Pre-Deal)
1.00% ~ $ 9.93 | GTPA - Gores Technology Partners, Inc (Pre-Deal)
1.00% ~ $ 10.14 | IPOF - Social Capital Hedosophia Holdings Corp VI (Pre-Deal)

Biggest Losers

-6.88% ~ $ 8.80 | ALUS - Alussa Energy Acquisition Corp (Announced)
-5.02% ~ $ 9.46 | SPRQ - Spartan Acquisition Corp II (Announced)
-3.05% ~ $ 12.41 | SRAC - Stable Road Acquisition Corp. (Announced)
-2.01% ~ $ 9.77 | SBG - Sandbridge Acquisition Corporation (Announced)
-1.65% ~ $ 10.92 | BCTG - BCTG Acquisition Corp. (Announced)
-1.61% ~ $ 9.77 | EPWR - Empowerment & Inclusion Capital I Corp (Pre-Deal)
-1.52% ~ $ 9.73 | PTIC - PropTech Investment Corporation II (Pre-Deal)
-1.52% ~ $ 12.33 | TDAC - Trident Acquisitions Corp (Announced)
-1.34% ~ $ 14.69 | GHVI - Gores Holdings VI Inc (Announced)
-1.03% ~ $ 17.36 | RICE - Rice Acquisition Corp. (Announced)
-1.03% ~ $ 9.65 | TWNT - Tailwind Two Acquisition Corp. (Pre-Deal)
-.99% ~ $ 10.00 | DCRB - Decarbonization Plus Acquisition Corp (Announced)
-.92% ~ $ 9.65 | ITHX - ITHAX Acquisition Corp. (Pre-Deal)
-.92% ~ $ 11.82 | PDAC - Peridot Acquisition Corp (Announced)
-.91% ~ $ 10.00 | ORIA - Orion Biotech Opportunities Corp. (Pre-Deal)
-.90% ~ $ 9.76 | LOKM - Live Oak Mobility Acquisition Corp. (Pre-Deal)
-.88% ~ $ 9.66 | MON - Monument Circle Acquisition Corp (Pre-Deal)
-.86% ~ $ 10.36 | LEAP - Ribbit LEAP Ltd (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.)