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Blackstone Products, the super popular outdoor griddle maker, struck a SPAC deal to go public with Ackrell SPAC Partners I valuing the company at a $900M EV. The $142M financing includes $31M in common equity and $111M in converts. Convertible financing is becoming increasingly common in SPAC deal financings.
Grill IPOs are hot this year as Weber (WEBR) and Traeger (COOK) have gone public in IPOs. BBQGuys was set to go public thru SPAC Velocity Acquisition Corp, but was terminated in December.
The market is closed tomorrow in observance of Christmas, so that's it for this week's action. It was definitely a healthy week of new deal announcements with 7 new deals agreed upon. No drastic moves in equities today, the average pre-deal SPAC remains heavily discounted at just $9.82, keeping alive the free-arb / yield play that's popular amongst investors.
Heading into next week, the last of the year, there are 3 SPACs gearing up to vote.
FS Development Corp II (FSII) & Pardes Biosciences approved and closed with just ~1% redemptions or $2.4M total. Expect ticker change to take place Monday. FSII closed down 2% to $9.80.
Roman DBDR Tech Acquisition (DBDR) and CompoSecure was approved. Closing is expected on 12/27 with trading as CMPO on Tuesday 12/28. No word on redemptions, DBDR closed at $10.08.
Virgin Orbit, which is going public thru NextGen Acquisition Corp. II (NGCA) announced it had secured up to additional $100M in the form of a PIPE in order to satisfy minimum cash requirements in the event of redemptions. It will be funded by Virgin Group with assistance from the SPAC sponsor. The incremental investment, plus original $100M PIPE, should help the companies achieve the right financing. NGCA is trading well below NAV, meaning high redemptions are likely on this one. Vote is 12-28.
Yellowstone secures $45M incremental funding for its Sky Harbour deal as well:
A few SPACs are gunning to get their deals closed and dusted before year end, with 3 trying to vote and push things along next week. This includes CF Acquisition V (CFV) who have already postponed their vote twice.
ATHN fell big today as it went ex-redemption ahead of its 12/28 vote on Heliogen, that would signal a large level of redemptions on this one. The other two votes next week, NGCA and CFV, also trading below NAV.
Dec 28 | $ 9.70 | NGCA - NextGen Acquisition Corp. II --> Virgin Orbit
Dec 28 | $ 8.93 | ATHN - Athena Technology Acquisition Corp. --> Heliogen
Dec 30 | $ 9.95 | CFV - CF Acquisition Corp. V --> Satellogic
Jan 04 | $ 9.96 | VPCC - VPC Impact Acquisition Holdings III, Inc. --> DAVE INC.
Jan 06 | $ 10.18 | PAIC - Petra Acquisition Inc --> Revelation Biosciences, Inc
Jan 12 | $ 9.96 | DCRN - Decarbonization Plus Acquisition Corporation II --> Tritium
Jan 14 | $ 9.97 | MCMJ - Merida Merger Corp. I --> Leafly Holdings, Inc.
Jan 14 | $ 9.95 | GMII - Gores Metropoulos II, Inc. --> Sonder Holdings Inc.
Jan 19 | $ 10.16 | VMAC - Vistas Media Acquisition Company Inc. --> Anghami
Today's Price Action
10.73% ~ $ 10.53 | ATMR - Altimar Acquisition Corp. II (Announced)
7.49% ~ $ 11.34 | XPDI - Power & Digital Infrastructure Acquisition Corp. (Announced)
4.43% ~ $ 10.60 | ATSPT - Archimedes Tech SPAC Partners Co (Announced)
3.03% ~ $ 10.19 | ESAC - ESGEN Acquisition Corp (Pre-Deal)
2.79% ~ $ 10.68 | CND - Concord Acquisition Corp (Announced)
2.77% ~ $ 10.03 | MBSC - M3-Brigade Acquisition III Corp. (Pre-Deal)
2.63% ~ $ 10.15 | AEAE - AltEnergy Acquisition Corp (Pre-Deal)
2.02% ~ $ 53.10 | DWAC - Digital World Acquisition Corp. (Announced)
1.43% ~ $ 9.91 | ROSE - Rose Hill Acquisition Corp (Pre-Deal)
1.41% ~ $ 10.04 | ICNC - Iconic Sports Acquisition Corp. (Pre-Deal)
1.33% ~ $ 9.94 | VCXA - 10X Capital Venture Acquisition Corp. II (Pre-Deal)
1.27% ~ $ 10.33 | IPOD - Social Capital Hedosophia Holdings Corp IV (Pre-Deal)
1.24% ~ $ 9.80 | ORIA - Orion Biotech Opportunities Corp. (Pre-Deal)
1.02% ~ $ 9.95 | GMII - Gores Metropoulos II, Inc. (Announced)
1.01% ~ $ 9.98 | NCAC - Newcourt Acquisition Corp (Pre-Deal)
.98% ~ $ 10.29 | IPOF - Social Capital Hedosophia Holdings Corp VI (Pre-Deal)
.92% ~ $ 9.83 | TMPM - Turmeric Acquisition Corp (Pre-Deal)
.90% ~ $ 9.97 | MTAC - MedTech Acquisition Corporation (Announced)
.86% ~ $ 11.70 | CFVI - CF Acquisition Corp. VI (Announced)
.83% ~ $ 9.77 | ZT - Zimmer Energy Transition Acquisition Corp. (Pre-Deal)
-9.98% ~ $ 8.93 | ATHN - Athena Technology Acquisition Corp. (Announced)
-2.81% ~ $ 9.70 | NGCA - NextGen Acquisition Corp. II (Announced)
-1.58% ~ $ 9.98 | GTAC - Global Technology Acquisition Corp. I (Pre-Deal)
-1.28% ~ $ 10.04 | FLYA - SOAR Technology Acquisition Corp. (Pre-Deal)
-1.01% ~ $ 9.80 | SWSS - Springwater Special Situations Corp. (Pre-Deal)
-.91% ~ $ 9.76 | EDNC - Endurance Acquisition Corp. (Pre-Deal)
-.86% ~ $ 11.48 | MEKA - MELI Kaszek Pioneer Corp (Pre-Deal)
-.80% ~ $ 9.92 | SVFA - SVF Investment Corp. (Pre-Deal)
-.74% ~ $ 10.66 | ESSC - East Stone Acquisition Corporation (Announced)
-.72% ~ $ 9.65 | GAMC - Golden Arrow Merger Corp. (Pre-Deal)
-.72% ~ $ 9.66 | GFOR - Graf Acquisition Corp. IV (Pre-Deal)
-.70% ~ $ 9.90 | OCAX - OCA Acquisition Corp (Pre-Deal)
-.61% ~ $ 9.71 | LHAA - Lerer Hippeau Acquisition Corp (Pre-Deal)
-.61% ~ $ 9.80 | FWAC - Fifth Wall Acquisition Corp. III (Pre-Deal)
-.61% ~ $ 9.81 | GSAQ - Global Synergy Acquisition Corp (Pre-Deal)
-.60% ~ $ 9.90 | ACAQ - Athena Consumer Acquisition Corp. (Pre-Deal)
-.60% ~ $ 9.99 | LMAO - LMF Acquisition Opportunities, Inc. (Pre-Deal)
-.51% ~ $ 9.72 | EGGF - EG Acquisition Corp. (Pre-Deal)
-.51% ~ $ 9.74 | FLAC - Frazier Lifesciences Acquisition Corporation (Pre-Deal)
-.51% ~ $ 9.79 | LUXA - Lux Health Tech Acquisition Corp (Pre-Deal)
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