SPACs Edge Higher, CCIV Shareholder Vote Tomorrow

CCIV / Lucid votes tomorrow. MDH strikes an afternoon deal with Olive.com, while the average pre-deal SPAC ticked back up to $9.78.
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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. 

Source: MDH / Olive Investor Deck

Source: MDH / Olive Investor Deck

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

Biggest Gainers

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)

Biggest Losers

-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)

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(Disclaimers: this is not investment advice. The author may be long one or more stocks mentioned in this report.)