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SPACs Drop Along with the Market

The SPAC narrative remains the same and today's market didn't help as everything was hit. Listen back to our conversation with the LATN team which popped 4% today.

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There was little SPAC news today to distract investors from the overall market's big down day. Not surprisingly the average SPAC dropped today with announced deal SPACs dropping around 11 cents to $10.02 (for common). 

While there was one deal announced there was little else happening. Cartesian Growth Corp (GLBL) did see a 1% pop up on the announcement of the $1B deal.  But, that's only 10 cents and GLBL is still down at $9.86, so the narrative remains unchallenged.

Niccolo de Masi on IonQ  (DMYI) and Quantum Computing

The latest podcast dropped today and makes for interesting listening for SPAC investors looking for strong sponsors in innovative spaces. dMY Technology has a strong track record for returns, and beating guidance which is rare, and DMYI goes to vote next week. 

You can see more details on IonQ and the deal here or just dive right in below.

Union Acquisition II / LATN Pops 4%

Today Union Acquisition Corp. II (LATN) popped 4% as shareholders get ready for the vote on September 22. We spoke to Ruben Minski, CEO of LATN target Procaps, and Kyle Bransfield from LATN just the other day. Given LATN is trading above $10 it's worth a listen to learn more about the team there and why they are long-term believers in Procaps.

A little more detail on the deal here or listen below:

Upcoming SPAC Merger Votes

DMYI and IonQ aren't the only ones coming up for vote before September is closed out. Watch for more high redemptions for any SPAC trading below $10 -- and then watch for a potential price spike on the squeeze that will quickly come back down. Investors that want to play the low float game need to be very careful as the timing is quick and sharp.

We talked in a little more detail about it in Friday's update.

September's Remaining SPAC Merger Votes
Sep 21 | $ 9.74 | FUSE - Fusion Acquisition Corp. --> MoneyLion Inc.
Sep 22 | $ 9.98 | CTAC - Cerberus Telecom Acquisition Corp --> Kore
Sep 22 | $ 10.65 | LATN - Union Acquisition Corp. II --> Procaps Group
Sep 28 | $ 9.98 | PTK - PTK Acquisition Corp. --> Valens Semiconductor
Sep 28 | $ 10.08 | GLEO - Galileo Acquisition Corp. --> Shapeways, Inc.
Sep 28 | $ 9.98 | MAAC - Montes Archimedes Acquisition Corp --> Roivant Sciences
Sep 28 | $ 9.98 | SPFR - Jaws Spitfire Acquisition Corporation --> VELO3D
Sep 28 | $ 10.01 | DMYI - dMY Technology Group Inc III --> ionQ, Inc.
Sep 28 | $ 9.97 | CAHC - CA Healthcare Acquisition Corp. --> LumiraDx Ltd
Sep 28 | $ 9.99 | STPC - Star Peak Corp II --> Benson Hill, Inc.

Today's SPAC Stock Movers

Biggest Gainers
4.31% ~ $ 10.65 | LATN - Union Acquisition Corp. II (Announced)
4.23% ~ $ 11.57 | DEH - D8 Holdings Corp. (Announced)
2.06% ~ $ 9.90 | FWAC - Fifth Wall Acquisition Corp. III (Pre-Deal)
1.96% ~ $ 9.89 | JATT - JATT Acquisition Corp (Pre-Deal)
1.55% ~ $ 9.83 | GSQD - G Squared Ascend I Inc. (Pre-Deal)
1.08% ~ $ 9.86 | GLBL - Cartesian Growth Corporation (Announced)
1.02% ~ $ 9.90 | FRSG - First Reserve Sustainable Growth Corp (Announced)
.83% ~ $ 9.75 | GFOR - Graf Acquisition Corp. IV (Pre-Deal)
.82% ~ $ 9.81 | GAPA - G&P Acquisition Corp. (Pre-Deal)
.80% ~ $ 10.08 | ACBA - Ace Global Business Acquisition Limited (Announced)
.71% ~ $ 9.88 | APAC - StoneBridge Acquisition Corp. (Pre-Deal)
.66% ~ $ 9.74 | VII - 7GC & Co. Holdings Inc. (Pre-Deal)
.62% ~ $ 9.74 | SBII - Sandbridge X2 Corp (Pre-Deal)
.62% ~ $ 9.77 | NSTD - Northern Star Investment Corp. IV (Pre-Deal)
.52% ~ $ 9.70 | MSAC - Medicus Sciences Acquisition Corp. (Pre-Deal)
.52% ~ $ 9.72 | IPVI - InterPrivate IV InfraTech Partners Inc. (Pre-Deal)
.52% ~ $ 9.75 | ZT - Zimmer Energy Transition Acquisition Corp. (Pre-Deal)
.51% ~ $ 9.79 | FVAM - 501 ACQ CORP (Pre-Deal)
.51% ~ $ 9.86 | DUNE - Dune Acquisition Corporation (Pre-Deal)
.50% ~ $ 10.05 | TPGS - TPG Pace Solutions Corp. (Announced)

Biggest Losers
-6.36% ~ $ 9.76 | MEAC - Mercury Ecommerce Acquisition Corp (Pre-Deal)
-4.13% ~ $ 10.45 | LEGO - LEGATO MERGER CORP. (Announced)
-2.95% ~ $ 10.20 | LEAP - Ribbit LEAP Ltd (Pre-Deal)
-2.79% ~ $ 9.74 | FUSE - Fusion Acquisition Corp. (Announced)
-2.32% ~ $ 9.67 | ITHX - ITHAX Acquisition Corp. (Pre-Deal)
-2.32% ~ $ 9.69 | MCAF - Mountain Crest Acquisition Corp. IV (Pre-Deal)
-1.82% ~ $ 10.26 | AGC - Altimeter Growth Corp. (Announced)
-1.79% ~ $ 9.87 | SV - Spring Valley Acquisition Corp (Announced)
-1.49% ~ $ 10.59 | TPGY - TPG Pace Beneficial Finance Corp (Announced)
-1.30% ~ $ 12.15 | FST - FAST ACQ CP (Announced)
-.94% ~ $ 24.20 | PCPC - Periphas Capital Partnering Corporation (Pre-Deal)
-.90% ~ $ 9.86 | DYNS - Dynamics Special Purpose Corp. (Pre-Deal)
-.82% ~ $ 9.66 | BRIV - B. Riley Principal 250 Merger Corp. (Pre-Deal)
-.82% ~ $ 9.67 | FSNB - Fusion Acquisition Corp. II (Pre-Deal)
-.82% ~ $ 9.70 | SNII - Supernova Partners Acquisition Company II, Ltd. (Pre-Deal)
-.81% ~ $ 9.77 | DGNU - Dragoneer Growth Opportunities Corp. III (Pre-Deal)
-.79% ~ $ 11.24 | ALAC - Alberton Acquisition Corporation (Announced)
-.78% ~ $ 10.15 | CND - Concord Acquisition Corp (Announced)
-.78% ~ $ 10.19 | FTCV - FinTech Acquisition Corp. V (Announced)
-.75% ~ $ 9.95 | BLSA - BCLS Acquisition Corp. (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.)Daily SPAC Analysis also available at BoardroomAlpha.com