Skip to main content

SPACs Sit Out Again on Down Market Day

Still no new deals in 2022, Orlando's Benesserre (BENE) adjourns extension meeting, TVAC loses some of its PIPE, DAVE set to trade tomorrow, and more.

----------------------------------------------------
Free Investor Resources from Boardroom Alpha
----------------------------------------------------
** Podcast: Know Who Drives Return
** Daily SPAC Newsletter
** Full SPAC Listing
** SPAC Market Review - December 2021

We're now 3 full market days now into 2022 and the SPAC market has yet to see a new definitive agreement for a merger. It's a bit shocking given the pace of deal activity we saw to end the year with 31 new deals announced in December alone. 

As we've spoken about before (and in our December market review) the pace of new SPAC deals will have to significantly pick up in order to have an orderly clearing of the 570+ SPACs that are currently searching for deals. 

That being said, there remains a lot of uncertainty and a little volatility in the market so participants could be taking a wait and see, and "who jumps first" approach. Either way, would have to expect activity to pick up at some point. Too many SPACs and sponsors who are highly incentivized to get deals signed. 

Orlando's Benesserre Adjourns Extension Meeting

Benesserre Capital Acquisition Corp. (BENE), after putting a press release out to remind shareholders to vote on its extension vote today, ultimately adjourned the meeting to Jan-7, which is precisely their current deadline date to complete a business combination. They have a pending deal with eCombustible.

Seemingly not having the current shareholder support for an extension definitely puts BENE at risk of a liquidation. It would be the first SPAC liquidation since Yunhong International (ZGYH) liquidated in November. The common theme here is both SPACs count Patrick Orlando as its CEO. 

As a reminder, Orlando is also the CEO of Digital World Acquisition (DWAC) co. AKA the "Trump SPAC" who is taking (we think) Trump Media and Telecom Group public. 

BENE shares rose a cent today holding steady ~$10.18, as there is currently $10.15 in trust and a commitment from the sponsor and eCombustible (their target) to add $0.20 per share to the SPAC's trust in the event that they do extend the SPAC's deadline. The warrants (BENEW) fared far worse, dropping over 16% to just $0.65

Elsewhere in SPACs

VPC Impact Acquisition Holdings III (VPCC) and Dave closed their acquisition and shares will trade as DAVE tomorrow. 

The IPO market reopened! Sort of, the first SPAC IPO of 2022 priced with Cartica Acquisition Corp. (CITE) raising $200M in an IPO, bringing the grand 2022 total to 1 SPAC.

Thayer Ventures Acquisition (TVAC) lost over $13M in PIPE commitments ahead of its pending merger with Inspirato, but extended its merger outside date to 3/31 and still expects to close the deal in Q1 '22.

De-SPAC Wejo Limited (WEJO) announced a new partnership with Microsoft (MSFT) on Neural Edge. WEJO shares jumped nearly 5% to $6.61.

Power & Digital Acquisition Corp (XPDI) and Core Scientific provided an EOY business update. Shareholder vote is scheduled for 1/19 on their business combination.

De-SPAC Pain

Recent De-SPACs got absolutely hammered today with Gingko (DNA), Matterport (MTTR), and Enovix (ENVX) among the biggest losers. Lucid Motors (LCID) also dropped nearly 7% on a day where Ford (F) released positive news about its electric F-150. 

WeWork was among the few gainers rising 1.41% to close at $9.35. 

1522depsac

Upcoming Merger Votes

Jan 06 | $ 9.65 | PAIC - Petra Acquisition Inc --> Revelation Biosciences, Inc
Jan 11 | $ 9.98 | CPSR - Capstar Special Purpose Acquisition Corp. --> Gelesis Inc
Jan 12 | $ 9.96 | DCRN - Decarbonization Plus Acquisition Corporation II --> Tritium
Jan 14 | $ 10.02 | MCMJ - Merida Merger Corp. I --> Leafly Holdings, Inc.
Jan 14 | $ 9.96 | GMII - Gores Metropoulos II, Inc. --> Sonder Holdings Inc.
Jan 19 | $ 10.18 | VMAC - Vistas Media Acquisition Company Inc. --> Anghami
Jan 19 | $ 10.10 | XPDI - Power & Digital Infrastructure Acquisition Corp. --> Core Scientific, Inc.
Jan 20 | $ 9.96 | TREB - Trebia Acquisition Corp --> System1

Today's Price Action

Biggest Gainers

3.83% ~ $ 11.92 | CFVI - CF Acquisition Corp. VI (Announced)
2.37% ~ $ 8.21 | VPCC - VPC Impact Acquisition Holdings III, Inc. (Announced)
1.24% ~ $ 9.80 | ZT - Zimmer Energy Transition Acquisition Corp. (Pre-Deal)
1.22% ~ $ 9.99 | AEAE - AltEnergy Acquisition Corp (Pre-Deal)
1.02% ~ $ 9.91 | TPGY - TPG Pace Beneficial Finance Corp (Pre-Deal)
.91% ~ $ 9.93 | ROCG - Roth CH Acquisition IV Co. (Pre-Deal)
.81% ~ $ 9.75 | ORIA - Orion Biotech Opportunities Corp. (Pre-Deal)
.72% ~ $ 9.77 | FRW - PWP Forward Acquisition Corp. I (Pre-Deal)
.72% ~ $ 9.79 | CPAR - Catalyst Partners Acquisition Corp. (Pre-Deal)
.71% ~ $ 9.96 | LVAC - LAVA Medtech Acquisition Corp. (Pre-Deal)
.70% ~ $ 9.99 | SPK - SPK Acquisition Corp. (Pre-Deal)
.68% ~ $ 10.18 | FLYA - SOAR Technology Acquisition Corp. (Pre-Deal)
.62% ~ $ 9.70 | MTAL - Metals Acquisition Corp (Pre-Deal)
.62% ~ $ 9.76 | CRZN - Corazon Capital V838 Monoceros Corp (Pre-Deal)
.62% ~ $ 9.79 | HCIC - Hennessy Capital Investment Corp. V (Pre-Deal)
.61% ~ $ 9.86 | IRRX - Integrated Rail and Resources Acquisition Corp. (Pre-Deal)
.61% ~ $ 9.88 | GTAC - Global Technology Acquisition Corp. I (Pre-Deal)
.61% ~ $ 9.91 | DHAC - Digital Health Acquisition Corp. (Pre-Deal)
.52% ~ $ 9.66 | GOBI - Gobi Acquisition Corp. (Pre-Deal)
.52% ~ $ 9.69 | IPAX - Inflection Point Acquisition Corp. (Pre-Deal)

Biggest Losers

-8.53% ~ $ 9.65 | PAIC - Petra Acquisition Inc (Announced)
-4.80% ~ $ 9.71 | BRIV - B. Riley Principal 250 Merger Corp. (Pre-Deal)
-4.09% ~ $ 11.25 | GGPI - Gores Guggenheim, Inc (Announced)
-3.56% ~ $ 50.37 | DWAC - Digital World Acquisition Corp. (Announced)
-2.95% ~ $ 11.20 | MEKA - MELI Kaszek Pioneer Corp (Pre-Deal)
-2.61% ~ $ 13.05 | ESSC - East Stone Acquisition Corporation (Announced)
-2.38% ~ $ 9.83 | CBRG - Chain Bridge I (Pre-Deal)
-2.17% ~ $ 9.93 | UPTD - TradeUP Acquisition Corp (Pre-Deal)
-1.98% ~ $ 9.90 | IOAC - Innovative International Acquisition Corp. (Pre-Deal)
-1.77% ~ $ 9.98 | TOAC - Talon 1 Acquisition Corp (Pre-Deal)
-1.41% ~ $ 9.80 | WQGA - World Quantum Growth Acquisition Corp (Pre-Deal)
-1.39% ~ $ 9.92 | AFAC - Arena Fortify Acquisition Corp. (Pre-Deal)
-1.37% ~ $ 10.10 | XPDI - Power & Digital Infrastructure Acquisition Corp. (Announced)
-1.06% ~ $ 9.89 | XFIN - ExcelFin Acquisition Corp. (Pre-Deal)
-1.02% ~ $ 9.74 | RACB - Research Alliance Corp. II (Pre-Deal)
-.98% ~ $ 10.07 | CND - Concord Acquisition Corp (Announced)
-.91% ~ $ 9.84 | DPCS - DP Cap Acquisition Corp I (Pre-Deal)
-.82% ~ $ 9.73 | DALS - DA32 Life Science Tech Acquisition Corp. (Pre-Deal)
-.81% ~ $ 9.80 | LGV - Longview Acquisition Corp. II (Announced)
-.79% ~ $ 9.99 | BTNB - Bridgetown 2 Holdings Limited (Announced)

More from Boardroom Alpha

For ongoing tracking, analytics, and data on SPACs checkout Boardroom Alpha's SPAC Data and Analytics service.

Monthly SPAC Market Review

Exec Moves (all issues)

The Know Who Drives Return Podcast (all episodes)

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