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SPAC Wrap: SPAC Mergers Return, Mudrick "Topps" the daily M&A Pop

The SPAC market finally got two new deals announced today following a bit of a lull. Sports Card (and confectioner) Topps deal with MUDS was a hit and ROT / Sarcos had a small pop but remains at a discount.

While Pre-IPO SPACs still largely appear to be reluctant to jump back in, we at least got a couple new mergers announced. Both SPACs traded up despite a mostly weaker equity market elsewhere. We take a look at those and today's biggest movers:

Today's New M&A Deals

See our take this morning for full deal overviews.

Rotor Acquisition (ROT) closed up 1.6% on the day following its announcement to take Sarcos public, though it still trading at a discount to NAV @ $9.93... Perhaps the financial projections were a little too lofty to garner a more enthusiastic response from the market. 

Mudrick Capital Acquisition II (MUDS) fared much better cruising 16% higher to close at $11.50 today. Their deal to buy Topps is less flashy than, say, flying taxis or spaceships, but also comes with business that currently generate EBITDA for a company that has been around over 80 years. Will be interesting to see if SPACs pursue more traditional PE style deals vs. VC-style high flying tech valuations. 

Source: Topps, Mudrick Investor Deck. 

Source: Topps, Mudrick Investor Deck. 

Chamath Update

ICYMI we posted a review of where things stand for Chamath Palihapitiya's SPACs. 

TLDR? Investors' views on Chamath and his SPACs will most likely be informed by when they decided to invest. For those that invested at "peak SPAC", when prices were inflated, there will certainly be disappointment, but for others that got in at reasonable prices (e.g. SPCE and OPEN) they will be more content. The situation with CLOV and his selling of SPCE will rightly serve as a caution flag for investors as the various Chamath SPACs and PIPEs move forward.

Red Flag?

And, speaking of flying taxis and caution flags, Bloomberg reported today that Wisk Aero (a joint venture of Boeing and Larry Page's Kitty Hawk Corp) is claiming that Archer Aviation, whom Moelis's Archer Crest SPAC (ACIC) is taking public, stole their IP. This will be one to watch as the SPAC market is in a delicate state right now. Issues with target companies either simply not passing governance muster or engaged in outright badness, will have big repercussions.

Biggest SPAC Gainers
16.16% ~ $ 11.50 | MUDS - Mudrick Capital Acquisition Corporation II (Announced)
10.01% ~ $ 13.63 | PSAC - Property Solutions Acquisition Corp (Announced)
6.35% ~ $ 24.46 | CCIV - Churchill Capital Corp IV (Announced)
5.19% ~ $ 12.97 | THCB - Tuscan Holdings Corp. (Announced)
4.86% ~ $ 40.98 | BRPA - Big Rock Partners Acquisition Corp (Announced)
4.43% ~ $ 13.68 | CLII - Climate Change Crisis Real Impact I Acquisition Corp (Announced)
4.35% ~ $ 12.70 | AGC - ALTIMETER GROWTH CORP (Pre-Deal)
4.10% ~ $ 13.95 | GHVI - Gores Holdings VI Inc (Announced)
3.73% ~ $ 11.40 | BCTG - BCTG Acquisition Corp. (Pre-Deal)
3.65% ~ $ 9.95 | CENH - Centricus Acquisition Corp. (Pre-Deal)

Biggest SPAC Decliners
-3.96% ~ $ 19.14 | SSPK - Silver Spike Acquisition Corp. (Announced)
-3.74% ~ $ 10.56 | TSIA - TS Innovation Acquisitions Corp (Announced)
-3.72% ~ $ 13.20 | BOWX - BowX Acquisition Corp (Announced)
-3.65% ~ $ 13.45 | CMII - CM Life Sciences II Inc. (Announced)
-3.57% ~ $ 12.68 | TDAC - Trident Acquisitions Corp (Announced)
-3.25% ~ $ 18.76 | TPGY - TPG Pace Beneficial Finance Corp (Announced)
-3.22% ~ $ 12.04 | CAPA - HighCape Capital Acquisition Corp (Announced)
-2.81% ~ $ 12.46 | FSRV - FinServ Acquisition Corp (Announced)
-2.61% ~ $ 9.71 | GSQD - G Squared Ascend I Inc. (Pre-Deal)
-2.40% ~ $ 9.76 | JOFF - JOFF Fintech Acquisition Corp (Pre-Deal)
-2.28% ~ $ 10.70 | THBR - Thunder Bridge Acquisition II, Ltd (Announced)
-2.07% ~ $ 10.41 | DCRB - Decarbonization Plus Acquisition Corp (Announced) 

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