SPACs edged a little higher, with the average pre-deal SPAC now back trading at $9.78, albeit still a very healthy discount to SPAC NAV. Tomorrow brings the much anticipated CCIV / Lucid Motors shareholder vote, setting up a closing and ticker change next week.
ICYMI: A SPAC Risk Exposed?
Wednesday Merger Activity
Two oddly-timed M&A announcements today. First, late this morning, Power & Digital Infrastructure Acquisition Corp (XPDI) announced a deal with Core Scientific. XPDI shares rose +1.33% to close at $9.93.
Then, in the even rarer afternoon post-close announcement, MDH Acquisition Corp (MDH) announced a business combination with Olive.com an online vehicle payment and protection platform. The deal values Olive.com at $959M enterprise value and includes a $15M PIPE and ~$276M currently in MDH's trust account.
MDH common shares closed today at $9.66 and are trading slightly up after market on the news, +1.45% as of this writing.
Votes & Redemptions
Ascendant Digital Acquisition Corp. (ACND) approved its business combination with MarketWise, yesterday but disclosed this morning a whopping 94% of its trust redeemed along with the vote - leaving just ~$25M from a $414M SPAC. ACND actually rose +8.55% today to $9.55.
Tuscan Holdings Corp. (THCB) approved Business Combination with Microvast, today. Expect redemptions to be low on this one.
10X Capital Venture Acquisition Corp (VCVC) approved its merger with REE Automotive, waiting on redemptions which should be low.
Today's Price Action
11.16% ~ $ 12.35 | FWAA - Fifth Wall Acquisition Corp. I (Announced)
3.66% ~ $ 11.34 | MUDS - Mudrick Capital Acquisition Corporation II (Announced)
3.53% ~ $ 10.26 | VCVC - 10X Capital Venture Acquisition Corp (Announced)
2.56% ~ $ 10.00 | WPCB - Warburg Pincus Capital Corporation I—B (Pre-Deal)
2.31% ~ $ 13.72 | GHVI - Gores Holdings VI Inc (Announced)
2.06% ~ $ 9.89 | FRON - Frontier Acquisition Corp. (Pre-Deal)
1.98% ~ $ 17.49 | RICE - Rice Acquisition Corp. (Announced)
1.89% ~ $ 10.77 | PDAC - Peridot Acquisition Corp (Announced)
1.64% ~ $ 9.91 | NGC - Northern Genesis Acquisition Corp. III (Pre-Deal)
1.55% ~ $ 12.48 | CMLF - CM Life Sciences Inc (Announced)
1.42% ~ $ 9.99 | EUCR - Eucrates Biomedical Acquisition Corp (Pre-Deal)
1.42% ~ $ 10.75 | VACQ - Vector Acquisition Corp (Announced)
1.33% ~ $ 9.93 | XPDI - Power & Digital Infrastructure Acquisition Corp. (Announced)
1.24% ~ $ 9.82 | IPVI - InterPrivate IV InfraTech Partners Inc. (Pre-Deal)
1.21% ~ $ 10.02 | NGCA - NextGen Acquisition Corp. II (Pre-Deal)
1.15% ~ $ 10.09 | DCRC - Decarbonization Plus Acquisition Corporation III (Announced)
1.11% ~ $ 11.80 | FST - FAST ACQ CP (Announced)
.98% ~ $ 10.33 | ACKIT - ACKRELL SPAC Partners I Co. (Pre-Deal)
.94% ~ $ 9.70 | ARTA - Artisan Acquisition Corp. (Pre-Deal)
.93% ~ $ 9.79 | GHAC - Gaming & Hospitality Acquisition Corp. (Pre-Deal)
-3.86% ~ $ 10.95 | THCB - Tuscan Holdings Corp. (Announced)
-3.50% ~ $ 23.43 | CCIV - Churchill Capital Corp IV (Announced)
-2.71% ~ $ 9.71 | FTCPA - FTAC Parnassus Acquisition Corp. (Pre-Deal)
-1.50% ~ $ 9.84 | GSEV - Gores Holdings VII (Pre-Deal)
-1.48% ~ $ 10.00 | HLXA - HELIX ACQUISITION CORP (Pre-Deal)
-1.31% ~ $ 9.78 | HIII - Hudson Executive Investment Corp. III (Pre-Deal)
-1.16% ~ $ 10.19 | CND - Concord Acquisition Corp (Announced)
-1.11% ~ $ 9.84 | FORE - Foresight Acquisition Corp. (Announced)
-1.10% ~ $ 9.87 | LSAQ - LIFE SCI ACQ II (Announced)
-.96% ~ $ 10.33 | SRAC - Stable Road Acquisition Corp. (Announced)
-.92% ~ $ 9.74 | NAAC - North Atlantic Acquisition Corporation (Pre-Deal)
-.90% ~ $ 9.86 | EDTX - EdtechX Holdings Acquisition Corp II (Pre-Deal)
-.89% ~ $ 9.75 | PSPC - Post Holdings Partnering Corporation (Pre-Deal)
-.87% ~ $ 10.26 | GSAH - GS Acquisition Holdings Corp II (Announced)
-.82% ~ $ 9.62 | MIT - Mason Industrial Technology, Inc. (Pre-Deal)
-.72% ~ $ 9.70 | AEAC - Authentic Equity Acquisition Corp. (Pre-Deal)
-.71% ~ $ 9.78 | LHAA - Lerer Hippeau Acquisition Corp (Pre-Deal)
-.71% ~ $ 9.79 | TSIB - Tishman Speyer Innovation Corp. II (Pre-Deal)
-.71% ~ $ 9.81 | NOAC - Natural Order Acquisition Corp (Pre-Deal)
-.71% ~ $ 9.85 | DGNS - DRAGONEER GR OP (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.
- SPACs Fall with Stocks in Down Day
- A SPAC Risk Exposed?
- Ackman / PSTH Deal Falls Apart, and Merger Monday is Back
- RTPY Rises on Deal with Aurora, PFDR Strikes $1.4B Deal with Service Max
- Will Large Redemptions Force a Change in Sponsor Economics?
- SEC, Gensler Lay the Hammer on Stable Road (SRAC) & Momentus
- LCAP Rises on MSP Deal, ASPL Sees Huge Redemptions in Wheels Up Vote
- Lionheart Acquisition (LCAP) Announces $32.6B SPAC Deal with MSP Recovery
- Nextdoor Leads the Way in Busy Merger Week
- Despite Higher Activity Level SPACs Showing Some Weakness
- SPAC Deal Announcement Pops and Warrants Surge
- Hyperfine, Circle, and Alpha Tau Healthcare Get SPAC Deals
- Pre-Deal SPACs are Cheap
- Two New SPAC Deals (DMYQ, ATHN)
- Khosla Ventures Acquisition II Soars on Nextdoor Deal
- Khosla taking Nextdoor Public in $4.3B Deal and CF Acquisition Announced Satellogic $850M Deal
- Weekly SPAC Wrap - July 2
- Bowlero Gets a $2.6B SPAC Deal
- Chamath's Bio SPACs Rise, WPF has Large Redemptions
- Stable Road (SRAC) Cuts Deal Valuation in Half -- Market Loves It
- SPACs Flat, LACQ and IACA Votes Pass
- 10 SPAC Deal Votes Close Out June
- De-SPACs Get Set to Join the Russell 3000
- Weekly Director/CEO/CFO Moves: Matthew Furlong Takes the Helm at GameStop & EBAY Gets a New CFO
- Churchill (CCIV) & Lucid Sets its Vote Date
(Disclaimers: this is not investment advice. The author may be long one or more stocks mentioned in this report.)