Free Investor Resources from Boardroom Alpha
** Podcast: Know Who Drives Return
** Daily SPAC Newsletter
** Full SPAC Listing
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.
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.
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
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)
-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)
More from Boardroom Alpha
For ongoing tracking, analytics, and data on SPACs checkout Boardroom Alpha's SPAC Data and Analytics service.
Know Who Drives Return Podcast
- SPAC Sponsor Spotlight: Live Oak Merchant Partners
- Will SeatGeek's (RBAC) Primary Strategy Propel them to Ticketing Victory?
- Navitas Semiconductor (NVTS) is the Next Big Thing in Chips
- Chad Rigetti on why Superconducting and Rigetti is the Best Bet on Quantum Computing
- DMYQ & Planet: Is Planet Ready for Primetime?
- CUBI: New Customers Bank CEO Sam Sidhu on Digital Assets, Crypto Banking, and Leadership
- Super Group / SEAH Aim for Global Online Gaming & Betting Wins, with CEOs Neal Menashe and John Collins
- Wejo CEO Richard Barlow on why Connected Vehicle Data is the Future (SPAC: VOSO)
- Podcast: Codere Online (SPAC:DDMX) and the Gaming / Betting Landscape in LatAm
- Podcast: CompoSecure / DBDR Going Beyond Metal Cards into Crypto with CEOs Jon Wilk & Don Basile
- Podcast: DWAC and Trump / TMTG Make SPACs Great Again
- See the full Know Who Drivers Return podcast library
Latest SPAC Analysis
- SPAC Merger Monday sees 5 New Deals Announced, YAC gets 92% Redemptions
- DWAC Swings Again, CFVI Follows it Down, and Planet (PL) Drops on Day 2
- Branson SPAC Strikes Deal with Grove, Planet (PL f/k/a DMYQ) Surges on First Day
- 3 SPACs Announce Mergers as DMYQ Set to Trade as Planet (PL) Tomorrow
- Trump's TMTG Names Rep. Devin Nunes CEO as DWAC is Being Probed by SEC
- DMYQ Drops on Vote Day, CFVI Jumps on Trump News, and the Market Gets Pummeled
- Did You Get Your SPAC Deals on Black Friday?
- Patrick Orlando of DWAC Strikes again With Benessere Capital Acquisition (BENE) Deal
- MANSCAPED Strikes $1B Deal with Bright Lights Acquisition Corp (BLTS)
- DWAC Drops 12.4% and Patrick Orlando's ZGYH Leaves Warrant Holders Holding the Bag
- IONQ Continues to Run, ASPC Strikes LatAm Software Deal with Semantix
- Khosla Ventures and Valo Health Terminate SPAC Deal
- SPAC Resurgence Continues and DeSPACs are Hot
- TradeStation Group Strikes SPAC Deal with Quantum FinTech (QFTA)
- SPAC IPO Pace Picking Up; Liquidation Rate to Follow?
- SilverBox Engaged (SBEA) rises 15% on Black Rifle Coffee Pact, Are SPAC Deal Pops Back?
- 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.)