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CFV Postpones Vote Again and DeSPACs Have Rebound Day

Plus 4 PIPEs to unlock, FTCV slashes eToro valuation, huge redemptions for FATH and more late SEC filings.

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2021 is drawing to a close and what a year it was for SPACs. In our December market update we take a look at the last month of the year and give our latest thoughts on the market, including:

  • Record IPO issuance and SPAC supply
  • Aging SPACs and outlook for terminations
  • Merger market + financing evolution

** Read the full report at Boardroom Alpha **

Yesterday was a bit of a clunker for recent De-SPAC'ed companies, with a lot of red on the tape. However that tide was reversed today with a much better day for these newly public companies. With just one more day left in 2021, will 2022 fair more kindly to the De-SPAC contingent overall? 

Daily performance for recent de-spacs. 

Daily performance for recent de-spacs. 

It's long thought that SEC filings that hit on Friday afternoons oftentimes contain news that the companies don't necessarily want a lot of eyeballs on. Today (the SEC is closed tomorrow in observance of New Year) several SPACs hopped on that trend. We saw several file for PIPE registration, a slashed valuation for FTCV / eToro, and 93% redemptions in the Fathom Digital (FATH) deal. We give a rundown of everything we saw. 

PIPE Unlocks + Other SPAC News

The SEC is closing up shop for the year, but not before 4 different SPACs are set to have their PIPE shares registered and unlocked once declared effective. 

3 of the 4 closed today above $10, so there is the potential for downward pressure on some of the names as PIPE investors look to potentially take some gains going into the end of the year. 

  • Vivid Seats (SEAT), $11.00 up +1.3%, 3.51M PIPE shares
  • Boxed (BOXD), $13.88 down -5%, 3.25M PIPE shares
  • Hagerty (HGTY), $15.12 up +1.3$, 70.385M PIPE shares
  • Vacasa (VCSA), $8.35 up +1.6%, 8.16M PIPE shares (sold at $9.50)

FinTech Acquisition V (FTCV) extended the outside date for their merger with eToro out to June 30, 2022 and lowered the pre-money valuation from $9.3B to $7.9B. The FTCV / eToro deal is currently one of the oldest pending SPAC combinations having announced the pact all the way back in March. The warrants are trading up >20% after hours given the deadline extension and lower valuation. 

Fathom Holdings (FATH) disclosed that 32.14M shares were redeemed in connection with its Altimar Acquisition Corp II merger, that equates to over 90% and leaves a tiny public float of just over 2M shares. FATH is up after-hours following the news. 

CF Acquisition Corp V (CFV) postponed its Satellogic vote again, this time seemingly to continue negotiations on a PIPE financing. New vote date is 1/24. 

Heliogen and Athena Technology Acquisition Corp (ATHN) announced the completion of their merger, shares will trade as HLGN beginning tomorrow. 

SPAC Calendar 

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Today's Price Action

Biggest Gainers

10.43% ~ $ 11.86 | ESSC - East Stone Acquisition Corporation (Announced)
4.94% ~ $ 10.20 | INTE - Integral Acquisition Corp 1 (Pre-Deal)
4.90% ~ $ 10.49 | ATSPT - Archimedes Tech SPAC Partners Co (Announced)
2.53% ~ $ 11.34 | GGPI - Gores Guggenheim, Inc (Announced)
2.47% ~ $ 51.91 | DWAC - Digital World Acquisition Corp. (Announced)
1.96% ~ $ 9.89 | NHIC - NewHold Investment Corp. II (Pre-Deal)
1.80% ~ $ 10.72 | XPDI - Power & Digital Infrastructure Acquisition Corp. (Announced)
1.76% ~ $ 12.16 | MEKA - MELI Kaszek Pioneer Corp (Pre-Deal)
1.65% ~ $ 9.85 | CFV - CF Acquisition Corp. V (Announced)
1.63% ~ $ 9.99 | LCW - Learn CW Investment Corp (Pre-Deal)
1.55% ~ $ 9.85 | JOFF - JOFF Fintech Acquisition Corp (Pre-Deal)
1.44% ~ $ 9.87 | FIAC - Focus Impact Acquisition Corp. (Pre-Deal)
1.21% ~ $ 10.86 | CFVI - CF Acquisition Corp. VI (Announced)
1.13% ~ $ 9.82 | FRON - Frontier Acquisition Corp. (Pre-Deal)
.83% ~ $ 9.73 | COLI - Colicity Inc (Pre-Deal)
.82% ~ $ 9.80 | LHAA - Lerer Hippeau Acquisition Corp (Pre-Deal)
.82% ~ $ 9.82 | APMI - AxonPrime Infrastructure Acquisition Corp (Pre-Deal)
.82% ~ $ 9.83 | MBSC - M3-Brigade Acquisition III Corp. (Pre-Deal)
.71% ~ $ 9.96 | TEKK - Tekkorp Digital Acquisition Corp (Pre-Deal)
.71% ~ $ 9.97 | DNAA - Social Capital Suvretta Holdings Corp. I (Pre-Deal)

Biggest Losers

-5.91% ~ $ 9.55 | SHCA - Spindletop Health Acquisition Corp. (Pre-Deal)
-3.46% ~ $ 9.78 | ADAL - Anthemis Digital Acquisitions I Corp (Pre-Deal)
-2.77% ~ $ 9.82 | ROC - ROC Energy Acquisition Corp. (Pre-Deal)
-2.35% ~ $ 9.98 | MCAA - Mountain Co. I Acquisition Corp. (Pre-Deal)
-2.31% ~ $ 9.74 | VPCC - VPC Impact Acquisition Holdings III, Inc. (Announced)
-2.29% ~ $ 9.80 | MPRA - Mercato Partners Acquisition Corp (Pre-Deal)
-1.49% ~ $ 9.95 | WALD - Waldencast Acquisition Corp. (Announced)
-1.31% ~ $ 9.67 | ORIA - Orion Biotech Opportunities Corp. (Pre-Deal)
-1.30% ~ $ 9.84 | SVFB - SVF Investment Corp. 2 (Pre-Deal)
-1.25% ~ $ 10.27 | LMACA - Liberty Media Acquisition Corporation (Pre-Deal)
-1.01% ~ $ 9.85 | LVAC - LAVA Medtech Acquisition Corp. (Pre-Deal)
-1.00% ~ $ 9.88 | NCAC - Newcourt Acquisition Corp (Pre-Deal)
-.94% ~ $ 9.93 | ISAA - Iron Spark I Inc. (Pre-Deal)
-.85% ~ $ 10.34 | ACKIT - Ackrell SPAC Partners I Co. (Announced)
-.80% ~ $ 9.90 | DSAC - Duddell Street Acquisition Corp (Announced)
-.72% ~ $ 9.62 | ALPA - ALPHA HEALTHCARE ACQUISITION CORP III (Pre-Deal)
-.71% ~ $ 9.75 | PGRW - Progress Acquisition Corp. (Pre-Deal)
-.71% ~ $ 9.85 | PAFO - Pacifico Acquisition Corp. (Pre-Deal)
-.71% ~ $ 9.85 | CCV - Churchill Capital Corp V (Pre-Deal)
-.70% ~ $ 9.90 | NOVV - Nova Vision Acquisition Corp (Pre-Deal)

More from Boardroom Alpha

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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.)