SPACs Close Down Again on a Sleepy Friday

SPACs closed down on the day again, with the average pre-deal SPAC trading at $9.80. No new deals today, with just 4 announced on the week.
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It's definitely been a sad May for SPACS with little good news to get investors excited. That being said, we continue to reiterate our view that the slowdown is positive for the longterm health of the broader SPAC market. 

Little activity today with no new mergers getting announced, and just one new IPO traded with Graf Acquisition Corp. closing down 0.7%. SPACs slid lower, once again, and the average pre-deal SPAC is now trading at $9.80 -- a steep discount to NAV. 

Below we rundown the week that was in SPACs. 

This week in SPACs

SPAC Mergers

SCVX Corporation (XPOA) started off the week announcing their $1.1B deal to take Bright Machines public. 2 of the 4 new deals this week actually traded up on deal announcement day, a rarity in today's SPAC world, with Seaport Global (SGAM)/Redbox rising the most 0.8% on day 1. Little action since and SGAM closed the week at $9.95.  

XPOA, SCVX, SGAM, ZGYH

XPOA, SCVX, SGAM, ZGYH

SPAC IPOs

SPAC IPOs continue to trade below NAV - even Catalyst Partners Acquisition, using a very shareholder friendly structure, couldn't trade up and is trading at a discount to NAV at $9.94. 

CPAR, POND, GIW, SKYA, GFOR, RAMMU, MCAE

CPAR, POND, GIW, SKYA, GFOR, RAMMU, MCAE

SPAC S-1s

Unsurprisingly a slow week for new S-1s as just 3 were filed for ~$500M. Reminder there remains over 270 filed SPAC S-1s that are waiting to price. With underperforming IPOs, the glut of SPACs out there, and the difficulty of building an order book - don't expect the backlog of waiting to price SPACs grow. 

521s1s

Next Week

A couple big votes, and likely de-SPACs to come next week, the first bunch out of an expected 17 merger votes over the next 30 days. 

  • Big Rock Partners Acqusition (BRPA) & NeuroRx vote on Ma7 24th
  • Social Capital Hedosophia V (IPOE) & SoFi vote on May 27th
  • Northern Star Acquisition (STIC) & Barkbox vote on May 28th

Recent SPAC IPOs

May 20 | $9.93 | GFOR - Graf Acquisition Corp. IV
May 18 | $ 9.96 | GIW - GigInternational1, Inc.
May 18 | $ 10.00 | SKYA - Skydeck Acquisition Corp.
May 18 | $ 9.93 | RAM - Aries I Acquisition Corp
May 17 | $ 9.94 | CPAR - Catalyst Partners Acquisition Corp.
May 17 | $ 9.85 | POND - Angel Pond Holdings Corp
May 17 | $ 10.00 | MCAE - Mountain Crest Acquisition Corp. III
May 14 | $ 10.00 | ARTA - Artisan Acquisition Corp.
May 14 | $ 9.98 | OSI - Osiris Acquisition Corp.
May 12 | $ 10.02 | ORIA - Orion Biotech Opportunities Corp.
May 07 | $ 10.09 | DKDCA - Data Knights Acquisition Corp.
May 04 | $ 10.00 | MAQC - Maquia Capital Acquisition Corporation
May 03 | $ 9.96 | VLAT - Valor Latitude Acquisition Corp.

Todays Biggest SPAC Gainers

5.72% ~ $ 13.86 | GHVI - Gores Holdings VI Inc (Announced)
3.09% ~ $ 11.02 | BCTG - BCTG Acquisition Corp. (Announced)
2.79% ~ $ 9.95 | AGGR - Agile Growth Corp. (Pre-Deal)
2.48% ~ $ 12.40 | RSVA - Rodgers Silicon Valley Acquisition Corp (Announced)
2.07% ~ $ 18.78 | IPOE - Social Capital Hedosophia Holdings Corp V (Announced)
1.78% ~ $ 11.63 | CMII - CM Life Sciences II Inc. (Announced)
1.62% ~ $ 11.95 | FTIV - FinTech Acquisition Corp. IV (Announced)
1.50% ~ $ 10.80 | FWAA - Fifth Wall Acquisition Corp. I (Announced)
1.50% ~ $ 10.85 | FTCV - FinTech Acquisition Corp. V (Announced)
1.49% ~ $ 12.30 | TPGY - TPG Pace Beneficial Finance Corp (Announced)
1.44% ~ $ 9.86 | NSTD - Northern Star Investment Corp. IV (Pre-Deal)
1.32% ~ $ 10.00 | PRPC - CC Neuberger Principal Holdings III (Pre-Deal)
1.25% ~ $ 9.75 | EUSG - European Sustainable Growth Acquisition Corp. (Pre-Deal)
1.12% ~ $ 9.76 | PMVC - PMV Consumer Acquisition Corp (Pre-Deal)
1.10% ~ $ 10.12 | YTPG - TPG Pace Beneficial II Corp. (Pre-Deal)
1.03% ~ $ 12.70 | TDAC - Trident Acquisitions Corp (Announced)

Todays Biggest SPAC Losers

BRPA reversed some of its massive 88% jump yesterday and fell 23% to close the week out. 

-23.73% ~ $ 27.52 | BRPA - Big Rock Partners Acquisition Corp (Announced)
-4.72% ~ $ 9.69 | EBAC - European Biotech Acquisition Corp. (Pre-Deal)
-2.96% ~ $ 12.77 | BOWX - BowX Acquisition Corp (Announced)
-2.81% ~ $ 9.70 | RXRA - RXR Acquisition Corp (Pre-Deal)
-2.41% ~ $ 9.71 | HIII - Hudson Executive Investment Corp. III (Pre-Deal)
-2.27% ~ $ 11.21 | CLII - Climate Change Crisis Real Impact I Acquisition Corp (Announced)
-2.24% ~ $ 13.09 | JWS - Jaws Acquisition Corp (Announced)
-2.18% ~ $ 9.88 | CFFE - CF Acquisition Corp. VIII (Pre-Deal)
-2.02% ~ $ 10.19 | VIH - VPC Impact Acquisition Holdings (Announced)
-2.01% ~ $ 12.17 | FSRV - FinServ Acquisition Corp (Announced)
-1.48% ~ $ 10.00 | HSAQ - Health Sciences Acquisitions Corporation 2 (Pre-Deal)
-1.45% ~ $ 10.20 | ARYD - ARYA Sciences Acquisition Corp IV (Pre-Deal)
-1.42% ~ $ 9.71 | TMAC - The Music Acquisition Corporation (Pre-Deal)
-1.41% ~ $ 10.48 | THCB - Tuscan Holdings Corp. (Announced)
-1.38% ~ $ 12.85 | MUDS - Mudrick Capital Acquisition Corporation II (Announced)
-1.37% ~ $ 10.11 | GSAH - GS Acquisition Holdings Corp II (Pre-Deal)
-1.24% ~ $ 9.70 | ROCR - ROTH CH ACQUISITION III CO (Pre-Deal)

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