The current state of SPACs isn't exhibiting any signs of reversing to a more positive tone. De-SPAC companies are slashing guidance, investors are redeeming very high portions of SPAC trusts, and pre-deal SPACs are near their lowest levels ever (~$9.75 on average).
Yet, the train goes on for the SPACs that are in the market and have deals announced. 8 SPACs are voting this week and don't be surprised to see a handful of IPOs hit the tape.
GRNV / Helbiz demonstrates de-SPAC Volatility
While shorting De-SPACs might be the play, GreenVision Acquisition Corp (GRNV) exhibited wild volatility on Friday as it closed its merger with Italian e-scooter company Helbiz. GRNV shares jumped over 200% at its peak before ultimately settling in at nearly $13, much higher than the ~$8 it was trading at prior to Friday. Much of the volatility can be attributed to its, now tiny, float.
It's not the sort of price action you'd expect from a SPAC who experienced 95% in redemptions from its SPAC trust and was issued an automatic de-listing notice from NASDAQ. GRNV will began trading as HLBZ today - and subsequently dropped over 15% to close at $10.92.
Silver Crest Strikes deal with Tim Hortons China
Silver Crest Acquisition (SLCR) struck a $1.79B deal to take the China arm of the popular Canadian coffee shop Tim Hortons public. The deal does not include a PIPE and is expected to close in Q4 2021, and was largely panned in fintwit for its valuation.
SLCR barely nudged up to close at $9.80, signaling another likely high redemption situation unless the story changes drastically.
SPAC Votes + Redemptions
Another 8 SPACs are set to vote this week following 8 SPACs that had their day last week. Tailwind Acquisition (TWND) is hoping the 3rd time is a charm having previously adjourned their shareholder meeting twice - that is set for tomorrow 8/17.
CF Finance Acquisition Corp III (CFAC) announced that it has closed its merger with AEye and will trade as LIDR beginning 8/18. They also finally reported redemption figures as a total of $193M was redeemed from the trust or ~84% of its total. CFAC fell again today and is trading as $8.58.
RMG Acquisition Corporation II (RMGB) announces stockholder approval combination with ReNew Power, and along with that reported over $230M in redemptions, representing 68% of the SPAC trust. It will trade as RNW on 8/24.
Aug 16 | $ 9.49 | RMGB - RMG Acquisition Corporation II --> ReNew Power Private Limited
Aug 18 | $ 9.37 | NGAC - NextGen Acquisition Corp --> Xos, Inc.
Aug 18 | $ 9.84 | LIVK - LIV Capital Acquisition Corp. --> AgileThought
Aug 18 | $ 9.82 | KSMT - KISMET ACQ ONE --> Nexters Global Limited
Aug 18 | $ 9.57 | AJAX - Ajax I --> Cazoo
Aug 20 | $ 10.21 | VACQ - Vector Acquisition Corp --> Rocket Lab
Aug 20 | $ 10.04 | SV - Spring Valley Acquisition Corp --> AeroFarms
Friday's Price Action
2.08% ~ $ 9.83 | LITT - Logistics Innovation Technologies Corp. (Pre-Deal)
1.87% ~ $ 9.82 | KSMT - KISMET ACQ ONE (Announced)
1.86% ~ $ 9.88 | ROSS - Ross Acquisition Corp II (Pre-Deal)
1.01% ~ $ 11.95 | FST - FAST ACQ CP (Announced)
1.00% ~ $ 10.15 | ZT - Zimmer Energy Transition Acquisition Corp. (Pre-Deal)
.93% ~ $ 9.80 | TCAC - Tuatara Capital Acquisition Corporation (Pre-Deal)
.92% ~ $ 9.89 | CFFE - CF Acquisition Corp. VIII (Pre-Deal)
.82% ~ $ 9.87 | SRSA - Sarissa Capital Acquisition Corp (Pre-Deal)
.79% ~ $ 9.71 | SBEA - SilverBox Engaged Merger Corp I (Pre-Deal)
.75% ~ $ 9.76 | ATVC - Tribe Capital Growth Corp I (Pre-Deal)
.73% ~ $ 9.70 | TRON - CORNER GROWTH ACQUISITION CORP. 2 (Pre-Deal)
.62% ~ $ 9.69 | SKYA - Skydeck Acquisition Corp. (Pre-Deal)
.62% ~ $ 9.75 | POW - Powered Brands (Pre-Deal)
.62% ~ $ 9.79 | HPX - HPX Corp (Pre-Deal)
.52% ~ $ 9.70 | AEAC - Authentic Equity Acquisition Corp. (Pre-Deal)
.52% ~ $ 9.73 | HHLA - HH&L Acquisition Co. (Pre-Deal)
.51% ~ $ 9.90 | MACU - Mallard Acquisition Corp (Pre-Deal)
.47% ~ $ 9.69 | LOKM - Live Oak Mobility Acquisition Corp. (Pre-Deal)
.43% ~ $ 9.80 | SVFC - SVF Investment Corp. 3 (Pre-Deal)
.41% ~ $ 9.69 | DNZ - D and Z Media Acquisition Corp. (Pre-Deal)
-4.87% ~ $ 9.37 | NGAC - NextGen Acquisition Corp (Announced)
-4.00% ~ $ 9.60 | CLAY - Chavant Capital Acquisition Corp. (Pre-Deal)
-3.86% ~ $ 10.21 | VACQ - Vector Acquisition Corp (Announced)
-3.75% ~ $ 10.28 | MUDS - Mudrick Capital Acquisition Corporation II (Announced)
-3.69% ~ $ 9.40 | TWND - Tailwind Acquisition Corp (Announced)
-3.05% ~ $ 8.58 | CFAC - CF Finance Acquisition Corp. III (Announced)
-2.92% ~ $ 10.32 | FTCV - FinTech Acquisition Corp. V (Announced)
-2.79% ~ $ 9.75 | NBA - New Beginnings Acquisition Corp (Announced)
-2.66% ~ $ 9.65 | ORIA - Orion Biotech Opportunities Corp. (Pre-Deal)
-2.55% ~ $ 9.57 | AJAX - Ajax I (Announced)
-2.39% ~ $ 10.23 | CND - Concord Acquisition Corp (Announced)
-2.32% ~ $ 9.67 | OHPA - Orion Acquisition Corp. (Pre-Deal)
-1.61% ~ $ 9.75 | LHAA - Lerer Hippeau Acquisition Corp (Pre-Deal)
-1.43% ~ $ 9.67 | SPK - SPK Acquisition Corp. (Pre-Deal)
-1.41% ~ $ 9.82 | TCVA - TCV Acquisition Corp. (Pre-Deal)
-1.33% ~ $ 9.65 | VII - 7GC & Co. Holdings Inc. (Pre-Deal)
-1.25% ~ $ 10.29 | TPGY - TPG Pace Beneficial Finance Corp (Announced)
-1.24% ~ $ 9.58 | STRE - Supernova Partners Acquisition Company III, Ltd (Pre-Deal)
-1.24% ~ $ 10.38 | AGC - Altimeter Growth Corp. (Announced)
-1.22% ~ $ 9.70 | ITHX - ITHAX Acquisition Corp. (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.
- Guidance Slashing is Killing De-SPACs
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- DKNG Steals Spotlight, ASAX to Take HotelPlanner Public
- SPACs Eating Their Own: DKNG to Acquire GNOG
- SPAC IPOs are Getting Done at a High Price
- 2 SPAC Votes Today. Expect more Redemptions?
- FTAC Athena and Betsy Cohen Taking Pico Public + SPACs Stuck Below NAV
- All SPAC Analysis from Boardroom Alpha
(Disclaimers: this is not investment advice. The author may be long one or more stocks mentioned in this report.)