Spinning Eagle Returns
Creativity continues to abound. Perhaps re-energized by Ackman's Pershing complexity, SPAC veterans of the Eagle Equity line (Jeff Sagansky, Harry Sloan, and Eli Baker) have filed an S-1 for Spinning Eagle Acquisition Co. The SPAC is looking to raise $2B, a huge number. It is structured such that the SPAC can buy a target and "rightsize" the trust, and subsequently spin the remaining trust value into a new SPAC, to go after another company.
The advantage here is to allow easier access for serial SPAC sponsors to go after multiple targets via one SPAC, versus the current methodology of filing multiple separate SPAC vehicles.
They had originally contemplated this structure at the end of last year, but abandoned it, and ultimately priced as Soaring Eagle (SRNG), which is pending a business combination with Ginkgo.
BuzzFeed going Public Via SPAC
890 5th Avenue Partners (ENFA) struck a $1.5B EV deal to take online media company BuzzFeed public. BuzzFeed will be buying Complex Networks as part of the proposed transaction. ENFA rose slightly on the day to close at $9.87.
Other SPAC News:
- FTIV / Perella Weinberg is closed. Will trade as PWP tomorrow, 6/25
- FRX / Beachbody is approved. Expects to close tomorrow, 6/25. shares rocketed +8% on the vote.
- IACB fell slightly after announcing a deal with Innovid. Shares closed at $9.90
- FIII / Electric Last Mile deal approved. expected to close tomorrow. 6/25. Shares fell 2%, but are currently up ~4% after hours to $10.40
Today's Price Action
8.20% ~ $ 11.22 | FRX - Forest Road Acquisition Corp (Announced)
6.56% ~ $ 14.29 | LACQ - Leisure Acquisition Corp. (Announced)
3.97% ~ $ 10.22 | EUCR - Eucrates Biomedical Acquisition Corp (Pre-Deal)
3.79% ~ $ 12.05 | SRAC - Stable Road Acquisition Corp. (Announced)
3.78% ~ $ 15.39 | CLII - Climate Change Crisis Real Impact I Acquisition Corp (Announced)
3.71% ~ $ 12.30 | FST - FAST ACQ CP (Announced)
3.37% ~ $ 11.40 | BCTG - BCTG Acquisition Corp. (Announced)
3.31% ~ $ 9.99 | AACQ - Artius Acquisition Inc. (Announced)
3.20% ~ $ 17.72 | RICE - Rice Acquisition Corp. (Announced)
2.58% ~ $ 9.95 | AFAQ - AF Acquisition Corp. (Pre-Deal)
2.21% ~ $ 12.96 | CMLF - CM Life Sciences Inc (Announced)
1.88% ~ $ 10.30 | DMYI - dMY Technology Group Inc III (Announced)
1.54% ~ $ 9.90 | SPKB - Silver Spike Acquisition Corp II (Pre-Deal)
1.52% ~ $ 10.00 | FVIV - Fortress Value Acquisition Corp. IV (Pre-Deal)
1.41% ~ $ 10.08 | LVRA - Levere Holdings Corp (Pre-Deal)
1.32% ~ $ 11.50 | APXT - Apex Technology Acquisition Corporation (Announced)
1.28% ~ $ 10.05 | WALD - Waldencast Acquisition Corp. (Pre-Deal)
-3.47% ~ $ 9.87 | GTPA - Gores Technology Partners, Inc (Pre-Deal)
-2.99% ~ $ 9.72 | FRWA - PWP Forward Acquisition Corp. I (Pre-Deal)
-2.59% ~ $ 9.76 | FACT - Freedom Acquisition I Corp (Pre-Deal)
-1.96% ~ $ 10.00 | RACB - Research Alliance Corp. II (Pre-Deal)
-1.91% ~ $ 10.78 | HOL - Holicity Inc (Announced)
-1.87% ~ $ 9.99 | FIII - Forum Merger III Corporation (Announced)
-1.74% ~ $ 11.94 | TDAC - Trident Acquisitions Corp (Announced)
-1.72% ~ $ 9.71 | OHPA - Orion Acquisition Corp. (Pre-Deal)
-1.42% ~ $ 10.38 | DCRC - Decarbonization Plus Acquisition Corporation III (Announced)
-1.41% ~ $ 9.80 | ACQR - Independence Holdings Corp (Pre-Deal)
-1.29% ~ $ 9.97 | GTPB - GORES TECHNOLOGY PARTNERS II, INC. (Pre-Deal)
-1.25% ~ $ 15.01 | GHVI - Gores Holdings VI Inc (Announced)
-1.21% ~ $ 9.80 | FMIV - Forum Merger IV Corporation (Pre-Deal)
-1.15% ~ $ 12.00 | MUDS - Mudrick Capital Acquisition Corporation II (Announced)
-1.01% ~ $ 9.82 | REVH - Revolution Healthcare Acquisition Corp. (Pre-Deal)
-.99% ~ $ 10.00 | HSAQ - Health Sciences Acquisitions Corporation 2 (Pre-Deal)
-.98% ~ $ 10.15 | CMLT - CM Life Sciences III Inc. (Pre-Deal)
-.96% ~ $ 10.28 | HLXA - HELIX ACQUISITION CORP (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 are Here to Stay
- You Tell Us: Are SPACs Back?
- 4 Mergers Mostly Rise, Thoma Bravo Passes with Chunk of Redemptions
- SPACs Start Week Muted
- Will the Better SPAC Narrative Hold this Week?
- SPAC Wrap: Mixed Feelings
- CEO, CFO, and Director Moves
- DraftKings, Lordstown Reignite SPAC Criticisms
- Decarbonization Plus (DCRC) + Solid Power in $1.24B SPAC Deal
- RIDE Continues its Fall, Fortress II (FAII) Votes Tomorrow
- Lordstown (RIDE) CEO Steve Burns Resigns; Boxed + SVOK
- Gamestop's Big Moves; Director/Officer Moves w/o June 11
- De-SPACs Are Popping, Another eVTOL Merger
- Amid Positive SPAC Momentum, IPOs Returned Too
- The SPAC Tide is Turning Positive
(Disclaimers: this is not investment advice. The author may be long one or more stocks mentioned in this report.)