What do you get with 90%+ redemptions, low float, and reddit memes? A wild ride for SPAC stocks. Several stocks this week including IRNT, OPAD, and SPIR have been on a gamma squeeze of sorts. It's a trade/phenomenon that we've seen before, but feels like this time around has gotten a bit more play as several stocks have seen some rocket rises.
Good little read from Real Money here.
But, buyer beware if you are playing this trade as it's extremely volatile, and these stocks in all likelihood will fall back to earth (as per below). After all, should a stock that 90%+ of shareholders chose to redeem signal a good buy? Welcome to the wild west of SPACs.
Recent De-SPACs and redemption #s
Offerpad (OPAD) de-spac'ed in early September with 91% redemptions. OPAD is up nearly 42% in the past 5 days, but fell (32)% today alone.
IronNet (IRNT) de-spac'ed at the end of August with 93% redemptions. IRNT, up +46% in the past 5 days fell 27% today.
As we wrote about newly announced SPAC M&A has been real quiet in large part due to underperforming deals, large redemptions, and inability to secure PIPE financing. That said, there are still 440+ SPACs out there that will try their hardest to bring a deal to market.
Sep 16 | $ 9.87 | PPGH - Poema Global Holdings Corp. --> Gogoro
Sep 15 | $ 9.88 | ARTA - Artisan Acquisition Corp. --> Prentics
Sep 15 | $ 9.89 | EJFA - EJF Acquisition Corp --> Pagaya
Sep 13 | $ 9.89 | MOTV - Motive Capital Corp --> Forge Global, Inc.
Newly Priced IPOs
A hot start to the IPO week cooled off towards the end. Notably the majority of new issues this week came from first time sponsors, and are still requiring overfunded trusts and anchor investors to get deals done.
Sep 15 | $ 10.20 | FLYA - SOAR Technology Acquisition Corp.
Sep 14 | $ 10.14 | WINV - WinVest Acquisition Corp.
Sep 14 | $ 10.10 | CIIG - CIIG Capital Partners II, Inc.
Sep 14 | $ 10.09 | AEHAU - Aesther Healthcare Acquisition Corp.
Sep 14 | $ 9.88 | EDNC - Endurance Acquisition Corp.
Sep 14 | $ 9.83 | SLVR - SILVERspac Inc
Sep 14 | $ 9.93 | SIER - Sierra Lake Acquisition Corp.
Sep 13 | $ 10.05 | PAFO - Pacifico Acquisition Corp.
Sep 21 | $ 10.02 | FUSE - Fusion Acquisition Corp. --> MoneyLion Inc.
Sep 22 | $ 10.02 | CTAC - Cerberus Telecom Acquisition Corp --> Kore
Sep 22 | $ 10.21 | LATN - Union Acquisition Corp. II --> Procaps Group
Sep 28 | $ 10.00 | CAHC - CA Healthcare Acquisition Corp. --> LumiraDx Ltd
Sep 28 | $ 9.98 | PTK - PTK Acquisition Corp. --> Valens Semiconductor
Sep 28 | $ 10.08 | GLEO - Galileo Acquisition Corp. --> Shapeways, Inc.
Sep 28 | $ 9.98 | STPC - Star Peak Corp II --> Benson Hill, Inc.
Sep 28 | $ 9.96 | MAAC - Montes Archimedes Acquisition Corp --> Roivant Sciences
Sep 28 | $ 10.06 | DMYI - dMY Technology Group Inc III --> ionQ, Inc.
Sep 28 | $ 9.98 | SPFR - Jaws Spitfire Acquisition Corporation --> VELO3D
Today's Price Action
10.93% ~ $ 11.16 | PACE - TPG Pace Tech Opportunities Corp (Announced)
4.23% ~ $ 11.57 | DEH - D8 Holdings Corp. (Announced)
3.29% ~ $ 10.05 | SV - Spring Valley Acquisition Corp (Announced)
2.09% ~ $ 10.28 | KVSB - Khosla Ventures Acquisition Co. II (Announced)
2.06% ~ $ 9.90 | ITHX - ITHAX Acquisition Corp. (Pre-Deal)
1.96% ~ $ 9.89 | JATT - JATT Acquisition Corp (Pre-Deal)
1.64% ~ $ 9.92 | MCAF - Mountain Crest Acquisition Corp. IV (Pre-Deal)
1.35% ~ $ 10.51 | LEAP - Ribbit LEAP Ltd (Pre-Deal)
1.04% ~ $ 9.76 | ROSS - Ross Acquisition Corp II (Pre-Deal)
1.03% ~ $ 9.85 | ORIA - Orion Biotech Opportunities Corp. (Pre-Deal)
.99% ~ $ 9.72 | HCNE - Jaws Hurricane Acquisition Corporation (Pre-Deal)
.95% ~ $ 24.43 | PCPC - Periphas Capital Partnering Corporation (Pre-Deal)
.93% ~ $ 9.81 | ASPA - Abri SPAC I, Inc. (Pre-Deal)
.83% ~ $ 9.75 | ABGI - ABG Acquisition Corp. I (Pre-Deal)
.82% ~ $ 9.81 | FLAC - Frazier Lifesciences Acquisition Corporation (Pre-Deal)
.81% ~ $ 9.99 | LSAQ - LIFE SCI ACQ II (Announced)
.74% ~ $ 9.73 | TWCB - Bilander Acquisition Corp. (Pre-Deal)
-9.44% ~ $ 10.07 | ROT - Rotor Acquisition Corp (Announced)
-4.21% ~ $ 10.02 | FUSE - Fusion Acquisition Corp. (Announced)
-3.00% ~ $ 9.70 | FWAC - Fifth Wall Acquisition Corp. III (Pre-Deal)
-2.48% ~ $ 9.83 | WRAC - Williams Rowland Acquisition Corp. (Pre-Deal)
-1.89% ~ $ 10.90 | LEGO - LEGATO MERGER CORP. (Announced)
-1.69% ~ $ 10.45 | AGC - Altimeter Growth Corp. (Announced)
-1.62% ~ $ 9.70 | AMPI - Advanced Merger Partners, Inc. (Pre-Deal)
-1.33% ~ $ 9.66 | GOBI - Gobi Acquisition Corp. (Pre-Deal)
-1.23% ~ $ 9.65 | FZT - FAST Acquisition Corp. II (Pre-Deal)
-1.12% ~ $ 9.68 | GSQD - G Squared Ascend I Inc. (Pre-Deal)
-1.02% ~ $ 9.73 | GAPA - G&P Acquisition Corp. (Pre-Deal)
-.98% ~ $ 10.08 | VIH - VPC Impact Acquisition Holdings (Announced)
-.92% ~ $ 9.67 | GFOR - Graf Acquisition Corp. IV (Pre-Deal)
-.89% ~ $ 12.31 | FST - FAST ACQ CP (Announced)
-.88% ~ $ 10.14 | GLSPT - Global SPAC Partners Co. (Pre-Deal)
-.87% ~ $ 9.64 | ASPC - Alpha Capital Acquisition Company (Pre-Deal)
-.76% ~ $ 9.80 | TRON - CORNER GROWTH ACQUISITION CORP. 2 (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.
- Procaps and Union Acquisition II (LATN) Discuss $1.1B SPAC Deal
- Are Niccolo de Masi and dMY the Real SPAC Kings?
- Sarcos Robotics CEO Ben Wolff on Robots and SPACs
- Motive Capital (MOTV) in $1.6b SPAC Deal with Forge Global
- LUCID to Redeem Warrants
- SOAC's PIPE Holders Aren't Paying Up
- Lucid Falls on $2.5B PIPE Lock-up Expiry
- VICE Abandons its SPAC Plans
- Spring Valley / AeroFarms Need More Capital
- Big SPAC Redemptions and Price Jumps Continue
- LWAC Runs Wild Post 97% Redemptions
- Apollo is Raising $500M for SPACs, LWAC sees 97% Redemptions
- SPAC Friday Morning Bloodbath
- SPAC Fire Sale
- Tim Hortons China Going Public, AEye and ReNew See High Redemptions
- Guidance Slashing is Killing De-SPACs
- ESG SPAC Deal with ADS-TEC Energy Picked by EUSG
- DKNG Steals Spotlight, ASAX to Take HotelPlanner Public
- 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.)