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SPAC IPOs Send December over $7B, Showing No Signs of Slowing

Plus Steve Ballmer and Oaktree invest big into Aspiration + InterPrivate III (IPVF) via a creative $315M financing as they aim to close their merger next year.

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Another 6 IPOs (see details below) hit the tape today, bringing December's total issuance over $7B and 36 new SPACs hitting the market so far this month. As we continue to mention the rabid pace of IPOs is not being met as fiercely with the amount of definitive agreements announced and completed De-SPACs. 

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Despite that we've 7 new M&A announced this week (none today), there remains 570 SPACs looking for deals. Giddy up.  

InterPrivate / Aspiration Raise $315M in new Financing

Yesterday we mentioned that creative financings are becoming more commonplace, and will likely continue to be so given the state of SPAC redemptions. Low and behold another was announced today as InterPrivate III Financial Partners Inc. (IPVF) and Aspiration secured an additional $315M of committed financing from Oaktree and Steve Ballmer:

  • $250M non-convertible perpetual pref at an 8% dividend and redeemable after 9 years
  • $50M mandatory convert in the pre-merger equity of Aspiration, at a SPAC equivalent price of $11
  • $15M in IPVF common stock at $11, concurrent with the closing of the merger 

Meaning that while the new investors are buying $15M of common at a premium, they are getting an attractive dividend on the pref and upside on the mandatory convert. Assuming no redemptions (let's face it, unlikely) that could provide up to $700M in capital for Aspiration including the previous $200M PIPE and ~$260M in trust. 

It's a big bet on sustainability for Aspiration, and might start to signal a blueprint for other SPACs who need to raise capital to get their deals across the line. IPVF shares barely nudged on the day and remain below NAV.

SPAC IPOs

Not great performance for any of today's IPOs. All were first time sponsors and needed attractive terms to get done: at least $10.10 in trust and 1/2W. Don't see a near term catalyst for better IPO performance until sweeteners continue to rise or a very highly desirable sponsor comes to market vs. unknown rookies. 

Elsewhere in SPACs

Isos Acquisition (ISOS) completed its merger with Bowlero and will begin to trade tomorrow as BOWL. 

Investindustrial Acquisition (IIAC) shareholders approved deal with Zegna. $234M of trust redeemed (~58%), will close Dec-17 and trade as ZGN on Dec-20. IIAC fell ~4% but is making that back up aftermarket. 

SPAC Vote Calendar

Dec 16 | $ 9.57 | CMLT - CM Life Sciences III Inc. --> EQRx, Inc.
Dec 20 | $ 9.64 | CFV - CF Acquisition Corp. V --> Satellogic
Dec 21 | $ 9.96 | MACQ - MCAP Acquisition Corporation --> AdTheorent Inc.
Dec 21 | $ 9.98 | HCAQ - HealthCor Catalio Acquisition Corp. --> Hyperfine, Inc.
Dec 23 | $ 10.15 | DBDR - Roman DBDR Tech Acquisition Corp. --> CompoSecure Holdings, L.L.C.
Dec 23 | $ 11.61 | FSII - FS Development Corp. II --> Pardes Biosciences, Inc
Dec 28 | $ 9.96 | NGCA - NextGen Acquisition Corp. II --> Virgin Orbit
Dec 28 | $ 9.97 | ATHN - Athena Technology Acquisition Corp. --> Heliogen
Jan 04 | $ 9.97 | VPCC - VPC Impact Acquisition Holdings III, Inc. --> DAVE INC.

Today's Price Action

Biggest Gainers

BSN got a nice bump today in anticipation of its SPAC close tomorrow and completion of shareholder vote yesterday, while CFVI jumped on the announcement of the Trump + Rumble partnership. 

19.06% ~ $ 10.68 | BSN - Broadstone Acquisition Corp. (Announced)
12.89% ~ $ 15.24 | ESSC - East Stone Acquisition Corporation (Announced)
11.01% ~ $ 12.50 | CFVI - CF Acquisition Corp. VI (Announced)
7.60% ~ $ 11.61 | FSII - FS Development Corp. II (Announced)
7.32% ~ $ 53.48 | DWAC - Digital World Acquisition Corp. (Announced)
5.75% ~ $ 9.93 | YAC - Yucaipa Acquisition Corporation (Announced)
3.06% ~ $ 10.11 | FWAC - Fifth Wall Acquisition Corp. III (Pre-Deal)
2.48% ~ $ 10.76 | CND - Concord Acquisition Corp (Announced)
2.43% ~ $ 10.95 | XPDI - Power & Digital Infrastructure Acquisition Corp. (Announced)
2.39% ~ $ 11.59 | GGPI - Gores Guggenheim, Inc (Announced)
1.99% ~ $ 10.25 | ATSPT - Archimedes Tech SPAC Partners Co (Announced)
1.61% ~ $ 10.09 | DYNS - Dynamics Special Purpose Corp. (Pre-Deal)
1.33% ~ $ 9.90 | ABGI - ABG Acquisition Corp. I (Pre-Deal)
1.14% ~ $ 9.77 | LCW - Learn CW Investment Corp (Pre-Deal)
.92% ~ $ 9.89 | SGII - Seaport Global Acquisition II Corp. (Pre-Deal)
.92% ~ $ 9.90 | SRSA - Sarissa Capital Acquisition Corp (Pre-Deal)
.91% ~ $ 9.95 | SVFB - SVF Investment Corp. 2 (Pre-Deal)
.88% ~ $ 9.89 | BLSA - BCLS Acquisition Corp. (Pre-Deal)
.83% ~ $ 9.77 | EGGF - EG Acquisition Corp. (Pre-Deal)
.81% ~ $ 10.00 | SVFA - SVF Investment Corp. (Pre-Deal)

Biggest Losers

-5.01% ~ $ 9.66 | LAX - 8i Acquisition 2 Corp. (Pre-Deal)
-3.78% ~ $ 9.67 | IIAC - Investindustrial Acquisition Corp. (Announced)
-2.58% ~ $ 9.64 | CFV - CF Acquisition Corp. V (Announced)
-1.54% ~ $ 9.57 | CMLT - CM Life Sciences III Inc. (Announced)
-1.22% ~ $ 9.68 | NFYS - Enphys Acquisition Corp. (Pre-Deal)
-1.19% ~ $ 9.95 | ENTF - Enterprise 4.0 Technology Acquisition Corp (Pre-Deal)
-.92% ~ $ 9.71 | CPAR - Catalyst Partners Acquisition Corp. (Pre-Deal)
-.89% ~ $ 10.00 | TPGY - TPG Pace Beneficial Finance Corp (Announced)
-.81% ~ $ 9.80 | ALCC - AltC Acquisition Corp. (Pre-Deal)
-.61% ~ $ 9.74 | SAMA - Schultze Special Purpose Acquisition Corp. II (Pre-Deal)
-.58% ~ $ 9.91 | ACAQ - Athena Consumer Acquisition Corp. (Pre-Deal)
-.55% ~ $ 9.87 | AURC - Aurora Acquisition Corp. (Announced)
-.51% ~ $ 9.84 | AGCB - Altimeter Growth Corp. 2 (Pre-Deal)
-.51% ~ $ 9.85 | DNAA - Social Capital Suvretta Holdings Corp. I (Pre-Deal)
-.50% ~ $ 10.02 | BSGA - Blue Safari Group Acquisition Corp (Announced)
-.48% ~ $ 10.30 | ACKIT - ACKRELL SPAC Partners I Co. (Pre-Deal)
-.46% ~ $ 9.73 | PMGM - Priveterra Acquisition Corp. (Pre-Deal)
-.46% ~ $ 11.91 | MEKA - MELI Kaszek Pioneer Corp (Pre-Deal)
-.45% ~ $ 9.91 | GCAC - Growth Capital Acquisition Corp. (Announced)
-.41% ~ $ 9.70 | VELO - Velocity 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.)