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It's a long term game. That's what Planet Labs (PL) shareholders need to be thinking today after shares dropped more than 22% following their first earnings report as a public company, sending shares < $7. We've seen similar situations in recent months, even with dMY's own IONQ which dipped into the $7s before subsequently ripping back.
Deal Completion Getting Tougher
Deal execution is seemingly getting a lot tougher as we approach year end, whether that is due to companies struggling to get shareholders onboard or delays in the registration process.
We've seen meeting adjournments, delayed votes, cancelled deals, and increasingly creative financings being put in place to get deals done (see CCAC below). Not to mention increasingly higher redemption rates, equipping companies with FAR less capital than they originally envisioned.
With that, over 10 companies are still aiming to get their votes in before the end of the year after Sports Entertainment Acquisition (SEAH) decided today to delay their vote until the new year. Will be interesting to see who makes it to the finish line.
Elsewhere in SPACs
Creative financings are becoming ever more common. Today CITIC Capital Acquisition Corp. (CCAC) announced an additional $125M capital commitment from Global Emerging Markets Group in support of their merger with Quanergy. GEM will provide the company with a "Share Subscription Facility" terms including a 36-month term and an option to purchase warrants for 2.5% of the company at an exercise price of $10.00. The deal is expected in Q1 2022.
As for today's votes, Isos Acquisition Corp (ISOS) delayed their morning vote w/ Bowlero until the afternoon, and while the vote is passed, we're waiting on any redemptions or waivers to closing conditions.
Broadstone Acquisition Corp (BSN) approved its merger with Vertical Aerospace and expects to close 12/16 with ticker change to EVTL on the same day. No word on redemptions, shares tumbled -3.44% to $8.97, low float opportunity?
With that, just one vote is left up for this week before a slew aim to get in before Christmas.
Dec 16 | $ 9.72 | CMLT - CM Life Sciences III Inc. --> EQRx, Inc.
Dec 20 | $ 9.89 | CFV - CF Acquisition Corp. V --> Satellogic
Dec 21 | $ 9.98 | MACQ - MCAP Acquisition Corporation --> AdTheorent Inc.
Dec 21 | $ 9.98 | HCAQ - HealthCor Catalio Acquisition Corp. --> Hyperfine, Inc.
Dec 23 | $ 10.79 | FSII - FS Development Corp. II --> Pardes Biosciences, Inc
Dec 23 | $ 10.15 | DBDR - Roman DBDR Tech Acquisition Corp. --> CompoSecure Holdings, L.L.C.
Spring Valley (SV) announced a $1.9B deal with NuScale Power just about two months after calling off its deal with AeroFarms. SV, who many may have left for dead following the AeroFarms termination, saw their warrants rocket in value +94% to almost $1.00.
SPAC leaders Gores got back in the mix as well with Gores Holdings VIII (GIIX) announcing a deal with FOOTPRINT. GIIX shares had a modest 1.9% pop with the warrants finishing a healthy +18% to $1.55.
Dec 14 | $ 9.99 | SV - Spring Valley Acquisition Corp --> NuScale Power
Dec 14 | $ 10.05 | GIIX - Gores Holdings VIII, INC. --> Footprint International Holdco, Inc.
Dec 13 | $ 9.81 | HYAC - Haymaker Acquisition Corp. III --> Biote
Dec 13 | $ 9.91 | GACQ - Global Consumer Acquisition Corp. --> GP Global and Luminex
Dec 13 | $ 10.09 | IMPX - AEA-Bridges Impact Corp --> LiveWire
Dec 13 | $ 10.04 | SVFC - SVF Investment Corp. 3 --> Symbotic
Dec 13 | $ 10.02 | RAM - Aries I Acquisition Corp --> InfiniteWorld
Today's Price Action
5.75% ~ $ 9.93 | YAC - Yucaipa Acquisition Corporation (Announced)
4.76% ~ $ 10.79 | FSII - FS Development Corp. II (Announced)
1.72% ~ $ 10.05 | GIIX - GORES HOLDINGS VIII, INC. (Announced)
1.66% ~ $ 9.80 | NFYS - Enphys Acquisition Corp. (Pre-Deal)
1.14% ~ $ 10.69 | XPDI - Power & Digital Infrastructure Acquisition Corp. (Announced)
1.12% ~ $ 9.95 | TEKK - Tekkorp Digital Acquisition Corp (Pre-Deal)
.97% ~ $ 10.46 | SNII - Supernova Partners Acquisition Company II, Ltd. (Announced)
.92% ~ $ 9.90 | SRSA - Sarissa Capital Acquisition Corp (Pre-Deal)
.72% ~ $ 9.78 | DTOC - Digital Transformation Opportunities Corp. (Pre-Deal)
.71% ~ $ 9.97 | OCAX - OCA Acquisition Corp (Pre-Deal)
.70% ~ $ 10.07 | NLIT - Northern Lights Acquisition Corp. (Pre-Deal)
.68% ~ $ 10.40 | IPOF - Social Capital Hedosophia Holdings Corp VI (Pre-Deal)
.61% ~ $ 9.85 | FNVT - Finnovate Acquisition Corp. (Pre-Deal)
.51% ~ $ 9.80 | GFOR - Graf Acquisition Corp. IV (Pre-Deal)
.51% ~ $ 9.87 | LAAA - Lakeshore Acquisition I Corp. (Pre-Deal)
.50% ~ $ 10.00 | NCAC - Newcourt Acquisition Corp (Pre-Deal)
.50% ~ $ 10.04 | SVFC - SVF Investment Corp. 3 (Announced)
.41% ~ $ 9.80 | VII - 7GC & Co. Holdings Inc. (Pre-Deal)
.41% ~ $ 9.90 | GTPA - Gores Technology Partners, Inc (Pre-Deal)
.40% ~ $ 9.99 | SV - Spring Valley Acquisition Corp (Announced)
-26.63% ~ $ 13.50 | ESSC - East Stone Acquisition Corporation (Announced)
-3.76% ~ $ 11.26 | CFVI - CF Acquisition Corp. VI (Announced)
-3.44% ~ $ 8.97 | BSN - Broadstone Acquisition Corp. (Announced)
-2.83% ~ $ 11.32 | GGPI - Gores Guggenheim, Inc (Announced)
-2.67% ~ $ 9.83 | ICNC - Iconic Sports Acquisition Corp. (Pre-Deal)
-2.29% ~ $ 9.82 | AEAE - AltEnergy Acquisition Corp (Pre-Deal)
-2.21% ~ $ 9.73 | SHQA - Shelter Acquisition Corporation I (Pre-Deal)
-1.99% ~ $ 9.85 | PGSS - Pegasus Digital Mobility Acquisition Corp. (Pre-Deal)
-1.85% ~ $ 11.97 | MEKA - MELI Kaszek Pioneer Corp (Pre-Deal)
-1.61% ~ $ 9.80 | ISOS - Isos Acquisition Corp. (Announced)
-1.50% ~ $ 9.97 | ACAQ - Athena Consumer Acquisition Corp. (Pre-Deal)
-1.31% ~ $ 49.83 | DWAC - Digital World Acquisition Corp. (Announced)
-1.21% ~ $ 9.78 | FHLT - Future Health ESG Corp. (Pre-Deal)
-1.20% ~ $ 9.85 | LION - Lionheart III CORP (Pre-Deal)
-1.13% ~ $ 9.66 | LCW - Learn CW Investment Corp (Pre-Deal)
-1.08% ~ $ 10.09 | IMPX - AEA-Bridges Impact Corp (Announced)
-1.02% ~ $ 9.67 | ARYE - ARYA Sciences Acquisition Corp V (Pre-Deal)
-.94% ~ $ 10.50 | CND - Concord Acquisition Corp (Announced)
-.92% ~ $ 9.70 | STRE - Supernova Partners Acquisition Company III, Ltd (Pre-Deal)
-.89% ~ $ 10.07 | SBEA - SilverBox Engaged Merger Corp I (Announced)
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(Disclaimers: this is not investment advice. The author may be long one or more stocks mentioned in this report.)