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SPAC Market Remains Saturated, Deal Pace Needs to Pick Up to Clear

With over 450 SPACs searching for deals, 4-5 new M&A a week will not come close to clearing the market.

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Just 4 new SPAC M&A deals were announced this week, which follows just 3 and 2 for the previous two weeks respectively. At this pace the market will not come close to clearing out the over 450+ SPACs that are looking for deals. So, who will ultimately win and who might be eventually forced to liquidate (and actually lose at-risk capital)? Signs would likely point to the most inexperienced sponsors. 

As Bloomberg's Crystal Kim reports, the peak SPAC boom has seen a huge number of SPACs be formed by many individuals with little to no relevant experience. Including some shockingly young individuals. As we've been saying, the market will inevitably thin out, most likely in favor of those that have the relevant experience. 

In fact Betsy Cohen, one of the original and most successful serial SPAC sponsors, predicts that up to 30% of SPACs will liquidate. While it's impossible to know how precise that is, we share the view that the market will ultimately transition to a place where there are fewer sponsors. 

Other SPAC News

Billy Beane's Redball Acquisition Corp (RBAC) confirmed it was in talks with SeatGeek after an apparent leak from its corporate website. Last year RBAC was rumored to be in talks to buy Fenway Sports Group before talks fell apart. RBAC closed slightly up at $9.87. 

Recent SPAC IPOs

MEKA continues to be the unicorn in a universe of SPAC IPOs that are mostly pretty mediocre. 

Oct 08 | $ 9.86 | HWKZ - Hawks Acquisition Corp
Oct 07 | $ 9.88 | IXAQ - IX Acquisition Corp.
Oct 07 | $ 9.92 | SAMA - Schultze Special Purpose Acquisition Corp. II
Oct 05 | $ 10.12 | PBAX - Phoenix Biotech Acquisition Corp.
Oct 05 | $ 9.97 | BHAC - Crixus BH3 Acquisition Corp.
Oct 05 | $ 9.83 | NFYS - Enphys Acquisition Corp.
Oct 05 | $ 10.04 | AVAC - Avalon Acquisition Inc.
Oct 04 | $ 10.08 | RNER - Mount Rainier Acquisition Corp.
Sep 30 | $ 10.14 | DMYS - dMY Technology Group, Inc. VI
Sep 30 | $ 10.17 | MTRY - Monterey Bio Acquisition Corp
Sep 30 | $ 9.94 | GATE - Marblegate Acquisition Corp.
Sep 29 | $ 10.03 | ARTE - Artemis Strategic Investment Corporation
Sep 29 | $ 12.37 | MEKA - MELI Kaszek Pioneer Corp

Announced M&A

Oct 07 | $ 9.88 | FMAC - FirstMark Horizon Acquisition Corp --> Starry, Inc.
Oct 05 | $ 9.85 | SNII - Supernova Partners Acquisition Company II, Ltd. --> Rigetti Co, Inc.
Oct 04 | $ 10.00 | HLXA - HELIX ACQUISITION CORP --> MoonLake Immunotherapeutics AG
Oct 04 | $ 9.89 | GBRG - Goldenbridge Acquisition Limited --> AgiiPlus
Sep 29 | $ 10.01 | ARYD - ARYA Sciences Acquisition Corp IV --> Amicus Therapeutics Inc
Sep 28 | $ 9.82 | TUGC - TradeUP Global Corp --> SAITECH
Sep 27 | $ 10.15 | GGPI - Gores Guggenheim, Inc --> Polestar
Sep 21 | $ 9.86 | GSQD - G Squared Ascend I Inc. --> Transfix
Sep 20 | $ 9.88 | GLBL - Cartesian Growth Corporation --> The Tiedemann and Alvarium Groups

SPAC Calendar

Oct 12 | $ 9.98 | LOKB - Live Oak Acquisition Corp. II --> Navitas Semiconductor
Oct 13 | $ 9.49 | MRAC - Marquee Raine Acquisition Corp. --> Enjoy Technology, Inc.
Oct 14 | $ 9.57 | VIH - VPC Impact Acquisition Holdings --> BAKKT Holdings, LLC
Oct 14 | $ 9.97 | HZAC - HORIZON ACQ CP --> Vivid Seats Inc.
Oct 14 | $ 10.63 | LEGO - LEGATO MERGER CORP. --> Algoma Steel
Oct 19 | $ 9.99 | GSAH - GS Acquisition Holdings Corp II --> Mirion Technologies
Oct 19 | $ 9.98 | BOWX - BowX Acquisition Corp --> WeWork
Oct 20 | $ 9.98 | KURI - Alkuri Global Acquisition Corp. --> Babylon
Oct 20 | $ 10.08 | BCYP - Big Cypress Acquisition Corp. --> SAB Biotherapeutics
Oct 20 | $ 10.08 | SGAM - Seaport Global Acquisition Corp --> Redbox

Today's Price Action

Biggest Gainers

7.46% ~ $ 8.21 | STWO - ACON S2 Acquisition Corp (Announced)
1.95% ~ $ 9.92 | MCAF - Mountain Crest Acquisition Corp. IV (Pre-Deal)
1.14% ~ $ 10.63 | LEGO - LEGATO MERGER CORP. (Announced)
1.13% ~ $ 9.81 | OSI - Osiris Acquisition Corp. (Pre-Deal)
1.13% ~ $ 9.82 | EBAC - European Biotech Acquisition Corp. (Pre-Deal)
1.13% ~ $ 9.83 | BYTS - BYTE Acquisition Corp. (Pre-Deal)
1.02% ~ $ 9.90 | WINV - WinVest Acquisition Corp. (Pre-Deal)
.92% ~ $ 9.85 | ESM - ESM Acquisition Corporation (Pre-Deal)
.82% ~ $ 9.80 | SDAC - Sustainable Development Acquisition I Corp. (Pre-Deal)
.70% ~ $ 10.00 | HLXA - HELIX ACQUISITION CORP (Announced)
.69% ~ $ 10.17 | ACBA - Ace Global Business Acquisition Limited (Announced)
.62% ~ $ 9.75 | HWEL - Healthwell Acquisition Corp. I (Pre-Deal)
.62% ~ $ 9.75 | GFOR - Graf Acquisition Corp. IV (Pre-Deal)
.62% ~ $ 9.77 | TETC - Tech and Energy Transition Corporation (Pre-Deal)
.62% ~ $ 11.42 | ALAC - Alberton Acquisition Corporation (Announced)
.62% ~ $ 9.80 | AAQC - Accelerate Acquisition Corp. (Pre-Deal)
.62% ~ $ 9.80 | BSAQ - Black Spade Acquisition Co (Pre-Deal)
.57% ~ $ 9.75 | GLHA - Glass Houses Acquisition Corp. (Pre-Deal)
.52% ~ $ 9.75 | EVOJ - Evo Acquisition Corp. (Pre-Deal)

Biggest Losers

-4.90% ~ $ 9.50 | KCAC - Kensington Capital Acquisition Corp. II (Announced)
-4.62% ~ $ 9.49 | MRAC - Marquee Raine Acquisition Corp. (Announced)
-4.30% ~ $ 9.57 | VIH - VPC Impact Acquisition Holdings (Announced)
-2.83% ~ $ 9.96 | AMAO - American Acquisition Opportunity Inc (Pre-Deal)
-2.83% ~ $ 9.62 | APMI - AxonPrime Infrastructure Acquisition Corp (Pre-Deal)
-2.03% ~ $ 8.20 | ITAC - Industrial Tech Acquisitions Inc (Announced)
-1.86% ~ $ 10.02 | DCRC - Decarbonization Plus Acquisition Corporation III (Announced)
-1.81% ~ $ 9.78 | FTVI - FinTech Acquisition Corp. VI (Pre-Deal)
-1.51% ~ $ 12.37 | MEKA - MELI Kaszek Pioneer Corp (Pre-Deal)
-1.12% ~ $ 9.69 | JUGG - Jaws Juggernaut Acquisition Corporation (Pre-Deal)
-.90% ~ $ 9.91 | VPCC - VPC Impact Acquisition Holdings III, Inc. (Announced)
-.85% ~ $ 10.54 | TPGY - TPG Pace Beneficial Finance Corp (Announced)
-.82% ~ $ 9.67 | TWLV - Twelve Seas Investment Company II (Pre-Deal)
-.80% ~ $ 9.92 | GLEE - Gladstone Acquisition Corporation (Pre-Deal)
-.75% ~ $ 10.23 | ACKIT - ACKRELL SPAC Partners I Co. (Pre-Deal)
-.72% ~ $ 9.70 | DISA - Disruptive Acquisition Corp I (Pre-Deal)
-.71% ~ $ 9.81 | GIIX - GORES HOLDINGS VIII, INC. (Pre-Deal)
-.67% ~ $ 9.67 | TBSA - TB SA Acquisition Corp (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.)

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