The SPAC IPOs keep coming, but many serious SPAC questions remain. A slew of issues are facing the more than 420 SPACs still searching for a target and the 150 SPACs that have found a target, but are waiting to close.
Among the most important is deal financing. As we've spoken about before, redemptions are skyrocketing, leaving just a tiny portion of many SPAC trusts. And while many target companies seem to be (perhaps irresponsibly) waiving minimum cash requirements, these companies still need cash to operate and grow their businesses - isn't that part of the very point of going public via SPAC, the capital raise?
ICYMI: More SPAC Questions
This dynamic has resorted to some creative post deal announcement financings, most recently:
- A new PIPE for Decarbonization Plus Acquisition Corporation II (DCRN), backed by Palantir
- Up to $120M in a convert to cover redemptions from Cerberus Telecom Acquisition Corp. (CTAC)
Look out for more of the same as SPACs continue to trade sub NAV, and deal sources and uses will be a lot lighter on the "sources" column than originally anticipated.
On the Rumor Front
GigInternational1 (GIW) closed down ~3% today to $9.80.
While it might seem surprising that deals are still getting priced in this environment, they are still coming and trading rather poorly.
Today's 3: Alpha Partners Technology Merger (APTU), Mercury Ecommerce Acquisition Corp (MEACU), and DA32 Life Science Tech Acquisition Corp (DALSU) dropped 1.2%, 0.9%, and 1.6% respectively.
Queens Gambit Growth Capital (GMBT), the 100% female-led SPAC, rose modestly +1.86% on news of its announced deal with Swvl.
Apollo-backed Spartan Acquisition Corp. III (SPAQ) similarly rose 1.86% to $9.88 on news of its deal to take Allego public.
Jul 29 | $ 9.83 | RTPZ - Reinvent Technology Partners Z --> Hippo Enterprises Inc.
Jul 29 | $ 9.36 | DGNR - Dragoneer Growth Opportunities Corp --> CCC Information Services Inc.
Jul 30 | $ 9.24 | TWND - Tailwind Acquisition Corp --> QOMPLX, Inc.
Aug 05 | $ 9.97 | RTP - Reinvent Technology Partners --> Joby Aviation
Aug 05 | $ 10.00 | PDAC - Peridot Acquisition Corp --> Li-Cycle Corp
Aug 09 | $ 9.95 | BCTG - BCTG Acquisition Corp. --> Tango Therapeutics
Today's Price Action
4.21% ~ $ 9.91 | NEBC - Nebula Caravel Acquisition Corporation (Announced)
2.86% ~ $ 9.36 | DGNR - Dragoneer Growth Opportunities Corp (Announced)
2.81% ~ $ 12.42 | TPGY - TPG Pace Beneficial Finance Corp (Announced)
2.25% ~ $ 10.23 | LAAA - Lakeshore Acquisition I Corp. (Pre-Deal)
1.92% ~ $ 10.10 | CHAQ - Chardan Healthcare Acquisition 2 Corp. (Announced)
1.86% ~ $ 9.88 | SPAQ - Spartan Acquisition Corp. III (Announced)
1.65% ~ $ 9.84 | GMBT - Queen’s Gambit Growth Capital (Announced)
1.55% ~ $ 9.83 | RTPZ - Reinvent Technology Partners Z (Announced)
1.34% ~ $ 9.80 | PMGM - Priveterra Acquisition Corp. (Pre-Deal)
1.28% ~ $ 10.25 | BTNB - Bridgetown 2 Holdings Limited (Announced)
1.14% ~ $ 9.75 | TWNI - Tailwind International Acquisition Corp. (Pre-Deal)
1.08% ~ $ 10.27 | GLSPU - Global SPAC Partners Co. (Pre-Deal)
1.04% ~ $ 9.75 | AMPI - Advanced Merger Partners, Inc. (Pre-Deal)
1.03% ~ $ 9.79 | CSTA - Constellation Acquisition Corp I (Pre-Deal)
1.03% ~ $ 9.80 | ORIA - Orion Biotech Opportunities Corp. (Pre-Deal)
.93% ~ $ 9.79 | LGAC - LAZARD GROWTH ACQUISITION CORP. I (Pre-Deal)
.85% ~ $ 10.74 | AGC - ALTIMETER GROWTH CORP (Announced)
.81% ~ $ 9.95 | RXRA - RXR Acquisition Corp (Pre-Deal)
.78% ~ $ 9.78 | LCA - Landcadia Holdings IV, Inc. (Pre-Deal)
.77% ~ $ 9.83 | FVIV - Fortress Value Acquisition Corp. IV (Pre-Deal)
-2.97% ~ $ 9.80 | GIW - GigInternational1, Inc. (Pre-Deal)
-2.13% ~ $ 9.66 | GGMC - Glenfarne Merger Corp. (Pre-Deal)
-2.12% ~ $ 9.69 | TLGA - TLG Acquisition One Corp. (Pre-Deal)
-2.06% ~ $ 10.00 | PDAC - Peridot Acquisition Corp (Announced)
-1.93% ~ $ 9.66 | RCLF - Rosecliff Acquisition Corp I (Pre-Deal)
-1.72% ~ $ 10.28 | VACQ - Vector Acquisition Corp (Announced)
-1.62% ~ $ 9.69 | TSPQ - TCW Special Purpose Acquisition Corp (Pre-Deal)
-1.51% ~ $ 9.80 | CCV - Churchill Capital Corp V (Pre-Deal)
-1.41% ~ $ 9.78 | OHPA - Orion Acquisition Corp. (Pre-Deal)
-1.41% ~ $ 9.80 | GOBI - Gobi Acquisition Corp. (Pre-Deal)
-1.28% ~ $ 10.80 | TDAC - Trident Acquisitions Corp (Announced)
-1.23% ~ $ 9.63 | DHBC - DHB Capital Corp. (Pre-Deal)
-1.12% ~ $ 9.67 | TETC - Tech and Energy Transition Corporation (Pre-Deal)
-1.12% ~ $ 9.73 | FVAM - 501 ACQ CORP (Pre-Deal)
-1.01% ~ $ 9.85 | MAQC - Maquia Capital Acquisition Corporation (Pre-Deal)
-.97% ~ $ 10.25 | BLSA - BCLS Acquisition Corp. (Pre-Deal)
-.94% ~ $ 9.83 | IPVI - InterPrivate IV InfraTech Partners Inc. (Pre-Deal)
-.92% ~ $ 9.65 | ANZU - Anzu Special Acquisition Corp I (Pre-Deal)
More from Boardroom Alpha
More from Boardroom Alpha For ongoing tracking, analytics, and data on SPACs checkout Boardroom Alpha's SPAC Data and Analytics service.
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- Despite Higher Activity Level SPACs Showing Some Weakness
- SPAC Deal Announcement Pops and Warrants Surge
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- Khosla Ventures Acquisition II Soars on Nextdoor Deal
- Khosla taking Nextdoor Public in $4.3B Deal and CF Acquisition Announced Satellogic $850M Deal
- Weekly SPAC Wrap - July 2
- Bowlero Gets a $2.6B SPAC Deal
- Chamath's Bio SPACs Rise, WPF has Large Redemptions
- Stable Road (SRAC) Cuts Deal Valuation in Half -- Market Loves It
- SPACs Flat, LACQ and IACA Votes Pass
- 10 SPAC Deal Votes Close Out June
- De-SPACs Get Set to Join the Russell 3000
- Weekly Director/CEO/CFO Moves: Matthew Furlong Takes the Helm at GameStop & EBAY Gets a New CFO
- Churchill (CCIV) & Lucid Sets its Vote Date
(Disclaimers: this is not investment advice. The author may be long one or more stocks mentioned in this report.)