As we started to see last week, redemptions are on the rise for near/sub-NAV SPACs. Today, we saw another large (albeit from a much larger base) redemption count. While Thoma Bravo Advantage (TBA) shareholders approved its deal with ironSource, it came with over 18M shares, or > $180M cash, submitted for redemption. That number represents ~18% of TBA's trust.
Given that redemptions were > $150M, Thoma Bravo invested an additional $32.5M into ironSource, with identical terms to existing PIPE investors. As a reminder, a $1.3B PIPE had been included in the original merger terms for their deal with ironSource. Closing is expected next week. TBA closed slightly up at $9.98. It will trade as IS starting 6/29.
On the flipside, Fintech Acquisition Corp IV (FTIV) passed its shareholder vote for its merger with Perella Weinberg - and reported 0 shareholder redemptions. Though, not surprising, given FTIV has been steadily above $10 for some time rendering any redemptions not economical.
Today's Merger Deals
After a few days off of new deals, Tuesday came out of the gates fast with 4 new mergers announced. Thimble Point Acquisition (THMA) rose the most on its $1.2B EV deal with Pear Therapeutics, closing the day +1.75% - yet shares remains decently below NAV at $9.87.
+1.75% | THMA - Thimble Point Acquisition Corp. --> Pear Therapeutics, Inc.
+0.10% | CCAC - CITIC Capital Acquisition Corp --> Quanergy Systems
+0.3% | BCYP - Big Cypress Acquisition Corp. --> SAB Biotherapeutics
-0.1% | DDMX - DD3 Acquisition Corp. II --> Codere Online
Today's Largest Gainers
MUDS, who has a pending deal with Topps, surged today on earnings which included raising its sales targets for the year.
7.64% ~ $ 12.25 | MUDS - Mudrick Capital Acquisition Corporation II (Announced)
6.56% ~ $ 14.29 | LACQ - Leisure Acquisition Corp. (Announced)
5.40% ~ $ 15.03 | GHVI - Gores Holdings VI Inc (Announced)
4.54% ~ $ 23.73 | PSTH - Pershing Square Tontine Holdings (Announced)
4.03% ~ $ 8.52 | HEC - Hudson Executive Investment Corp (Announced)
3.36% ~ $ 12.29 | FTIV - FinTech Acquisition Corp. IV (Announced)
3.14% ~ $ 11.82 | FWAA - Fifth Wall Acquisition Corp. I (Announced)
2.50% ~ $ 10.09 | GTPB - GORES TECHNOLOGY PARTNERS II, INC. (Pre-Deal)
2.47% ~ $ 9.94 | CFV - CF Acquisition Corp. V (Pre-Deal)
2.38% ~ $ 13.75 | PSAC - Property Solutions Acquisition Corp (Announced)
2.27% ~ $ 11.73 | FTCV - FinTech Acquisition Corp. V (Announced)
2.12% ~ $ 13.98 | CLII - Climate Change Crisis Real Impact I Acquisition Corp (Announced)
2.06% ~ $ 9.41 | ARYA - Arya Sciences Acquisition Corp III (Announced)
2.00% ~ $ 23.42 | CCIV - Churchill Capital Corp IV (Announced)
2.00% ~ $ 10.20 | RACB - Research Alliance Corp. II (Pre-Deal)
1.95% ~ $ 9.92 | FMIV - Forum Merger IV Corporation (Pre-Deal)
1.75% ~ $ 9.87 | THMA - Thimble Point Acquisition Corp. (Announced)
1.70% ~ $ 10.18 | TCVA - TCV Acquisition Corp. (Pre-Deal)
1.67% ~ $ 9.76 | LCA - Landcadia Holdings IV, Inc. (Pre-Deal)
1.66% ~ $ 11.64 | PDAC - Peridot Acquisition Corp (Announced)
Today's Largest Losers
-4.19% ~ $ 12.36 | CMII - CM Life Sciences II Inc. (Announced)
-3.68% ~ $ 9.68 | OPA - Magnum Opus Acquisition Limited (Pre-Deal)
-3.16% ~ $ 10.42 | ARYD - ARYA Sciences Acquisition Corp IV (Pre-Deal)
-2.78% ~ $ 18.85 | RSVA - Rodgers Silicon Valley Acquisition Corp (Announced)
-2.06% ~ $ 11.40 | BOWX - BowX Acquisition Corp (Announced)
-2.04% ~ $ 12.51 | CMLF - CM Life Sciences Inc (Announced)
-2.01% ~ $ 10.26 | FTOC - FTAC Olympus Acquisition Corp (Announced)
-1.86% ~ $ 17.93 | SSPK - Silver Spike Acquisition Corp. (Announced)
-1.65% ~ $ 9.75 | MACC - Mission Advancement Corp. (Pre-Deal)
-1.63% ~ $ 12.10 | FST - FAST ACQ CP (Announced)
-1.28% ~ $ 10.05 | GSAH - GS Acquisition Holdings Corp II (Announced)
-1.27% ~ $ 11.03 | BCTG - BCTG Acquisition Corp. (Announced)
-1.19% ~ $ 9.98 | DFPH - DFP HEALTHC ACQ (Pre-Deal)
-1.17% ~ $ 10.10 | VIH - VPC Impact Acquisition Holdings (Announced)
-1.16% ~ $ 9.39 | AACQ - Artius Acquisition Inc. (Announced)
-1.10% ~ $ 11.67 | AGC - ALTIMETER GROWTH CORP (Announced)
-1.05% ~ $ 12.20 | TPGY - TPG Pace Beneficial Finance Corp (Announced)
-1.02% ~ $ 9.70 | DTOC - Digital Transformation Opportunities 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.
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(Disclaimers: this is not investment advice. The author may be long one or more stocks mentioned in this report.)