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SPACs Sink with Stocks as Market Heads Towards Correction

SOND closes down on day-1, ACEV secures additional financing, and the rest of the day in SPACs

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With the Nasdaq falling near a correction territory, SPACs took a ride down today as well. Pre-Deal SPAC common shares fell to an average price of $9.81, while many recent De-SPACs also took sizable hits. 

SPACs approaching their votes are also steadily falling with TREB (ex-redemption) dropping nearly 5% to $8.20 and CFV almost 6% to $9.12. The volatile DWAC was the biggest loser on the day, dropping over 10% to close at $77.45 - still by leaps and bounds the SPAC trading at the highest premium. 

The pain in the broader equity market will not help the performance of SPACs (generally) as there has already been a ton of pressure on the asset class all over the sector. 

Elsewhere, not a ton to report on in the broader market today as new issuance was low (1 $75M IPO from AIB), and today saw another goose egg for M&A announcements. Deal volume will have to start picking up or the market is likely to see a massive wave of SPAC liquidations not seen before. 

ICYMI, our latest podcast with SPAC investor Chris DeMuth of Rangeley Capital

De-SPACs Continue to be Under Pressure

Save for a few of the largest market caps (LCID, GRAB, WE, AMBP), the majority of recent De-SPACs took another hit in the market today. Not surprising given where the tech-heavy Nasdaq finished the day's trading session. 

despacs

Elsewhere in SPACs

Sonder Holdings (SOND) closed down 1.8% on its first day of trading following De-SPAC from Gores Metropolous II. Shares closed at $8.22.

Two SPACs were set to hold their votes today (XPDI and VMAC), still waiting for official votes and redemptions on both.

SPAC Calendar

Jan 20 | $ 8.20 | TREB - Trebia Acquisition Corp --> System1
Jan 25 | $ 9.88 | YSAC - Yellowstone Acquisition Co --> Sky Harbour LLC
Jan 26 | $ 9.97 | SEAH - Sports Entertainment Acquisition Corp --> Super Group
Jan 31 | $ 9.95 | ENNV - ECP Environmental Growth Opportunities Corp. --> Fast Radius, Inc.
Jan 31 | $ 10.04 | CCAC - CITIC Capital Acquisition Corp --> Quanergy Systems
Feb 01 | $ 9.95 | OCA - Omnichannel Acquisition Corp --> Kin
Feb 01 | $ 9.96 | ENVI - Environmental Impact Acquisition Corp. --> Greenlight Biosciences Inc.
Feb 01 | $ 9.98 | MCMJ - Merida Merger Corp. I --> Leafly Holdings, Inc.
Feb 01 | $ 9.95 | IVAN - Ivanhoe Capital Acquisition Corp --> SES Holdings
Feb 03 | $ 9.97 | SBEA - SilverBox Engaged Merger Corp I --> Black Rifle Coffee Company
Feb 08 | $ 10.14 | TVAC - Thayer Ventures Acquisition Corporation --> Inspirato LLC
Feb 09 | $ 9.94 | MBAC - M3-Brigade Acquisition II Corp --> Syniverse Corp
Feb 15 | $ 9.92 | HCCC - Healthcare Capital Corp. --> Alpha Tau Medical Ltd.

Today's Price Action

Biggest Gainers

4.63% ~ $ 10.40 | DTRT - DTRT Health Acquisition Corp. (Pre-Deal)
1.94% ~ $ 10.00 | LCW - Learn CW Investment Corp (Pre-Deal)
1.60% ~ $ 10.13 | MEOA - Minority Equality Opportunities Acquisition Inc. (Pre-Deal)
1.03% ~ $ 9.82 | RACB - Research Alliance Corp. II (Pre-Deal)
.83% ~ $ 9.77 | AAQC - Accelerate Acquisition Corp. (Pre-Deal)
.82% ~ $ 9.85 | SAMA - Schultze Special Purpose Acquisition Corp. II (Pre-Deal)
.77% ~ $ 9.87 | BLSA - BCLS Acquisition Corp. (Pre-Deal)
.74% ~ $ 8.80 | VMAC - Vistas Media Acquisition Company Inc. (Announced)
.70% ~ $ 10.02 | BRPM - B. Riley Principal 150 Merger Corp. (Announced)
.63% ~ $ 11.23 | ESSC - East Stone Acquisition Corporation (Announced)
.62% ~ $ 9.75 | PFTA - Portage Fintech Acquisition Corp. (Pre-Deal)
.62% ~ $ 9.81 | PGRW - Progress Acquisition Corp. (Pre-Deal)
.60% ~ $ 10.08 | MBTC - Nocturne Acquisition Corporation (Pre-Deal)
.52% ~ $ 9.75 | NHIC - NewHold Investment Corp. II (Pre-Deal)
.51% ~ $ 9.77 | INTE - Integral Acquisition Corp 1 (Pre-Deal)
.42% ~ $ 9.67 | SLVR - SILVERspac Inc (Pre-Deal)
.41% ~ $ 9.73 | APTM - Alpha Partners Technology Merger Corp. (Pre-Deal)
.41% ~ $ 9.74 | OHPA - Orion Acquisition Corp. (Pre-Deal)
.41% ~ $ 9.74 | KVSA - Khosla Ventures Acquisition Co (Pre-Deal)
.41% ~ $ 9.77 | AKIC - Sports Ventures Acquisition Corp. (Pre-Deal)

Biggest Losers

-10.27% ~ $ 77.45 | DWAC - Digital World Acquisition Corp. (Announced)
-5.88% ~ $ 9.12 | CFV - CF Acquisition Corp. V (Announced)
-4.65% ~ $ 8.20 | TREB - Trebia Acquisition Corp (Announced)
-3.73% ~ $ 9.82 | VMGA - VMG Consumer Acquisition Corp. (Pre-Deal)
-3.04% ~ $ 9.88 | YSAC - Yellowstone Acquisition Co (Announced)
-2.17% ~ $ 12.62 | CFVI - CF Acquisition Corp. VI (Announced)
-1.99% ~ $ 9.87 | WEL - Integrated Wellness Acquisition Corp (Pre-Deal)
-1.63% ~ $ 9.66 | GOBI - Gobi Acquisition Corp. (Pre-Deal)
-1.44% ~ $ 9.60 | XPDI - Power & Digital Infrastructure Acquisition Corp. (Announced)
-1.25% ~ $ 11.04 | GGPI - Gores Guggenheim, Inc (Announced)
-.82% ~ $ 9.71 | SKYA - Skydeck Acquisition Corp. (Pre-Deal)
-.71% ~ $ 9.83 | VGII - Virgin Group Acquisition Corp. II (Announced)
-.70% ~ $ 9.86 | MBSC - M3-Brigade Acquisition III Corp. (Pre-Deal)
-.70% ~ $ 9.88 | OACB - Oaktree Acquisition Corp II (Announced)
-.61% ~ $ 9.81 | ALCC - AltC Acquisition Corp. (Pre-Deal)
-.60% ~ $ 9.90 | LVAC - LAVA Medtech Acquisition Corp. (Pre-Deal)
-.58% ~ $ 10.20 | BENE - Benessere Capital Acquisition Corp. (Announced)
-.58% ~ $ 10.24 | LMACA - Liberty Media Acquisition Corporation (Pre-Deal)
-.51% ~ $ 9.71 | POND - Angel Pond Holdings Corp (Pre-Deal)
-.51% ~ $ 9.75 | CSTA - Constellation Acquisition Corp I (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.)