SPAC Wrap: Mixed Feelings

Dueling narratives fueled the week in SPACs, though market activity was robust across all phases of the SPAC lifecycle.
Author:
Publish date:

** Get the Daily SPAC Newsletter **

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. 

GSAH, DCRC, ROCR, LIII, SVOK

GSAH, DCRC, ROCR, LIII, SVOK

SPAC IPOs

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. 

ZTAQ, RONI, JUGG, TRON, GSQB, DILA

ZTAQ, RONI, JUGG, TRON, GSQB, DILA

New SPAC S-1s

s1s618

De-SPACs

23andMe (ME) has absolutely soared since its official De-SPAC, up over +13% over the last 5 days. 

SKIL, PTRA, ATIP, ME

SKIL, PTRA, ATIP, ME

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.

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