It was an up and down week for SPACs, on the one hand things look healthier and the market is clearing out and trading more rationally. On the other hand, negative stories (see RIDE and DKNG) continue to pop up, calling into question the integrity of some SPAC deals -- and the people behind them.
That being said, market activity is picking up on all stages of the SPAC lifecycle positive sentiment has definitely returned. All of this week's new IPOs are trading at or above NAV... and there were 6 for > $1B total new capital.
Merger votes continue to come at a fast clip, however, redemption rates appear to be rising, though De-SPACs are still performing relatively well (see 23andMe).
A rundown of this week's activity:
New SPAC Mergers
Goldman Sachs Highlights the week with GSAH's $2.6B pact to take Mirion Technologies public. It's not a flashy deal however, and the market didn't exactly gush with excitement and GSAH closed the week just above NAV at $10.02.
Today's LIII deal with Agro company Local Bounti closed up +1% on the announcement.
Barry Sternlicht strikes again, upsizing his Jaws Juggernaut deal from $200M to $240M - an upsized SPAC IPO would've been unheard of for the balance of the last 6-8 weeks. JUGGU closed up 5c today to $10.05.
New SPAC S-1s
23andMe (ME) has absolutely soared since its official De-SPAC, up over +13% over the last 5 days.
Today's Biggest Gainers
6.56% ~ $ 14.29 | LACQ - Leisure Acquisition Corp. (Announced)
6.34% ~ $ 11.58 | HOL - Holicity Inc (Announced)
5.73% ~ $ 13.84 | CMLF - CM Life Sciences Inc (Announced)
5.47% ~ $ 10.58 | DGNU - Dragoneer Growth Opportunities Corp. III (Pre-Deal)
3.94% ~ $ 12.67 | THCB - Tuscan Holdings Corp. (Announced)
2.79% ~ $ 9.95 | IBER - Ibere Pharmaceuticals (Pre-Deal)
2.06% ~ $ 12.40 | TPGY - TPG Pace Beneficial Finance Corp (Announced)
2.05% ~ $ 9.95 | LCAAU - L Catterton Asia Acquisition Corp (Pre-Deal)
1.72% ~ $ 10.60 | ANDA - Andina Acquisition Corp. III (Announced)
1.54% ~ $ 9.90 | FLAC - Frazier Lifesciences Acquisition Corporation (Pre-Deal)
1.46% ~ $ 10.40 | BLSA - BCLS Acquisition Corp. (Pre-Deal)
1.46% ~ $ 10.40 | HLXA - HELIX ACQUISITION CORP (Pre-Deal)
1.43% ~ $ 9.93 | NGC - Northern Genesis Acquisition Corp. III (Pre-Deal)
1.36% ~ $ 13.05 | CMII - CM Life Sciences II Inc. (Announced)
1.35% ~ $ 11.25 | MUDS - Mudrick Capital Acquisition Corporation II (Announced)
1.32% ~ $ 9.95 | LVRA - Levere Holdings Corp (Pre-Deal)
1.32% ~ $ 9.95 | REVH - Revolution Healthcare Acquisition Corp. (Pre-Deal)
1.22% ~ $ 9.99 | EUCR - Eucrates Biomedical Acquisition Corp (Pre-Deal)
1.21% ~ $ 10.00 | FORE - Foresight Acquisition Corp. (Announced)
Today's Biggest Losers
-9.56% ~ $ 8.14 | HEC - Hudson Executive Investment Corp (Announced)
-6.06% ~ $ 8.22 | ACAC - Acies Acquisition Corp (Announced)
-4.77% ~ $ 19.97 | SSPK - Silver Spike Acquisition Corp. (Announced)
-3.29% ~ $ 9.40 | ARYA - Arya Sciences Acquisition Corp III (Announced)
-3.05% ~ $ 11.12 | BCTG - BCTG Acquisition Corp. (Announced)
-2.69% ~ $ 11.21 | PDAC - Peridot Acquisition Corp (Announced)
-2.32% ~ $ 11.35 | BOWX - BowX Acquisition Corp (Announced)
-2.23% ~ $ 11.38 | APXT - Apex Technology Acquisition Corporation (Announced)
-2.01% ~ $ 9.77 | FVIV - Fortress Value Acquisition Corp. IV (Pre-Deal)
-1.77% ~ $ 11.63 | FTCV - FinTech Acquisition Corp. V (Announced)
-1.58% ~ $ 9.99 | RACA - Therapeutics Acquisition Corp (Announced)
-1.52% ~ $ 19.45 | RSVA - Rodgers Silicon Valley Acquisition Corp (Announced)
-1.42% ~ $ 9.74 | PTOC - Pine Technology Acquisition Corp. (Pre-Deal)
-1.38% ~ $ 10.02 | GSAH - GS Acquisition Holdings Corp II (Announced)
-1.36% ~ $ 10.13 | VIH - VPC Impact Acquisition Holdings (Announced)
-1.36% ~ $ 10.18 | AGCB - Altimeter Growth Corp. 2 (Pre-Deal)
-1.22% ~ $ 9.70 | SPKB - Silver Spike Acquisition Corp II (Pre-Deal)
-1.22% ~ $ 9.70 | ANZU - Anzu Special Acquisition Corp I (Pre-Deal)
More from Boardroom Alpha
More from Boardroom Alpha For ongoing tracking, analytics, and data on SPACs checkout Boardroom Alpha's SPAC Data and Analytics service.
- CEO, CFO, and Director Moves
- DraftKings, Lordstown Reignite SPAC Criticisms
- Decarbonization Plus (DCRC) + Solid Power in $1.24B SPAC Deal
- RIDE Continues its Fall, Fortress II (FAII) Votes Tomorrow
- Lordstown (RIDE) CEO Steve Burns Resigns; Boxed + SVOK
- Gamestop's Big Moves; Director/Officer Moves w/o June 11
- De-SPACs Are Popping, Another eVTOL Merger
- Amid Positive SPAC Momentum, IPOs Returned Too
- The SPAC Tide is Turning Positive
- Less Angst in SPAC Land + Wallbox in a $1.5B SPAC Deal
- SPACs Rise, RIDE Plunges on Going Concern
- SPAC Narrative Changing: CLOV Surges in Pre-Market, CCIV Surged Monday
- VPC Impact Drops on Dave Deal, More SPAC Votes Ahead
- A Big Week for SPACs. Will the Narrative Continue to Improve?
- Ackman Rewrites the SPAC "Merger", De-SPACs are Heating Up
- 2 SPACs Vote Tomorrow amid June Merger Frenzy
- SPAC Narrative Changing with De-SPAC Success and New Chamath SPACs?
- Hot Start for SoFi, while MUDS Takes a Hit on AMC and Candy Digital News
- SPAC Activity Picks Up into Memorial Day, Remain Heavily Discounted
- IPOE Passes Vote as Chamath Pens Op-Ed, PACX Rises on Acorns Deal
- Chamath's IPOE Shareholders Vote Today on SoFi Merger; Acorns and eFFECTOR Deals
(Disclaimers: this is not investment advice. The author may be long one or more stocks mentioned in this report.)