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SPACs Take a Thanksgiving Weekend Breather as 8 Gear up for Shareholder Votes

No primary market activity for SPACs, which remain below NAV on average. Ackman returned with Friday SPARC filing for Pershing Square.

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Black Friday was a down day for the stock and SPAC market, did you get your deals? Perhaps it was either due to ongoing concerns about the Omnicron COVID variant or a turkey hangover, but the SPAC market was silent on Monday in terms of no new IPOs, definitive agreements, nor much chatter in the deal market. Oftentimes market participants will hold off from announcements into an uncertain market.

To that end, not much has materially changed in the SPAC market in the last few weeks. Heading into year-end, some things to look out for:

  • There are a plethora of SPAC merger votes (at least 20 scheduled) as folks are aiming to get deals closed before the end of the calendar year. The low-float / high redemption squeeze remains a play, so pay attention to deal votes.
  • Pre-Deal SPACs remain at discounted levels ($9.85 on average) remain a solid yield + risk/reward play, and M&A pops can be attractive for both pre-deal common shares and warrants. 
  • IPO issuance was red-hot in November, outpacing October with $10.6B of issuance thus far. Essentially every IPO in today's market is offering an overfunded trust and thus guaranteeing a yield for participating early. 

Other SPAC News

The Pershing Square SPARC is back. After much fanfare over the last few months, on Friday, Pershing Square filed an S-1 for its new entity Pershing Square SPARC Holdings. The offering is for 244M subscription warrants to holders of shares and warrants of Pershing Square Tontine Holdings (PSTH). The sub warrants or "SPARS" offer the holder the right to buy a share at $10 at the time of merger announcement unlike a SPAC where the cash is exchanged at IPO. 

We'll have to see how the SEC will feel about this one. PSTH proper closed (slightly above NAV) at $20.12 today. 

Ahead of their vote on Boxed next week, Seven Oaks Acquisition Corp (SVOK) announced an up to $100 million FPA with an affiliate of Atalaya Capital Management. 

SPAC Calendar

One SPAC was slated to vote today with ION Acquisition Corp 2 voting on its Innovid Deal. There are 8 setup for the rest of the week, and pay attention to the ones voting Thursday and Friday as they will be going ex-redemptions Tuesday and Wednesday, respectively. 

Included in the votes this week is dMY & Planet. ICYMI take a listen to our podcast with Planet and dMY last week. 

Nov 30 | $ 9.93 | THMA - Thimble Point Acquisition Corp. --> Pear Therapeutics, Inc.
Nov 30 | $ 13.50 | AGC - Altimeter Growth Corp. --> Grab
Nov 30 | $ 10.00 | TPGS - TPG Pace Solutions Corp. --> Vacasa
Dec 01 | $ 10.30 | ADF - Aldel Financial Inc. --> Hagerty
Dec 02 | $ 9.61 | ENFA - 890 5th Avenue Partners, Inc. --> BuzzFeed
Dec 03 | $ 9.95 | GIG - GigCapital4, Inc. --> BigBear.ai
Dec 03 | $ 10.20 | DMYQ - dMY Technology Group, Inc. IV --> Planet Labs Inc.
Dec 06 | $ 9.98 | CBAH - CBRE Acquisition Holdings, Inc. --> Altus Power, Inc
Dec 07 | $ 12.52 | DCRC - Decarbonization Plus Acquisition Corporation III --> Solid Power Inc.
Dec 07 | $ 9.94 | PFDR - Pathfinder Acquisition Corporation --> ServiceMax
Dec 07 | $ 9.98 | SVOK - Seven Oaks Acquisition Corp. --> Boxed
Dec 07 | $ 9.97 | DGNS - DRAGONEER GR OP --> CVENT
Dec 08 | $ 9.98 | CFV - CF Acquisition Corp. V --> Satellogic

Today's Price Action

Biggest Gainers

4.21% ~ $ 14.11 | GGPI - Gores Guggenheim, Inc (Announced)
3.92% ~ $ 10.60 | GLSPT - Global SPAC Partners Co. (Pre-Deal)
3.66% ~ $ 13.04 | XPDI - Power & Digital Infrastructure Acquisition Corp. (Announced)
3.42% ~ $ 10.59 | ESSC - East Stone Acquisition Corporation (Announced)
3.27% ~ $ 11.68 | CND - Concord Acquisition Corp (Announced)
3.24% ~ $ 14.97 | FSII - FS Development Corp. II (Announced)
3.21% ~ $ 10.30 | ADF - Aldel Financial Inc. (Announced)
2.71% ~ $ 12.52 | DCRC - Decarbonization Plus Acquisition Corporation III (Announced)
2.33% ~ $ 10.97 | SEAH - Sports Entertainment Acquisition Corp (Announced)
1.89% ~ $ 13.50 | AGC - Altimeter Growth Corp. (Announced)
1.72% ~ $ 10.67 | SNII - Supernova Partners Acquisition Company II, Ltd. (Announced)
1.52% ~ $ 10.00 | ALCC - AltC Acquisition Corp. (Pre-Deal)
1.45% ~ $ 10.50 | BRPM - B. Riley Principal 150 Merger Corp. (Announced)
1.38% ~ $ 10.28 | NGCA - NextGen Acquisition Corp. II (Announced)
1.26% ~ $ 10.44 | LEAP - Ribbit LEAP Ltd (Pre-Deal)
1.22% ~ $ 9.99 | SVFC - SVF Investment Corp. 3 (Pre-Deal)
1.12% ~ $ 9.96 | HCAQ - HealthCor Catalio Acquisition Corp. (Announced)
1.07% ~ $ 10.36 | IVAN - Ivanhoe Capital Acquisition Corp (Announced)

Biggest Losers

-5.03% ~ $ 10.20 | DMYQ - dMY Technology Group, Inc. IV (Announced)
-4.81% ~ $ 8.70 | GNRS - GREENROSE ACQUISITION CORP (Announced)
-4.35% ~ $ 9.90 | JMAC - Maxpro Capital Acquisition Corp. (Pre-Deal)
-4.29% ~ $ 12.95 | MEKA - MELI Kaszek Pioneer Corp (Pre-Deal)
-3.80% ~ $ 9.61 | ENFA - 890 5th Avenue Partners, Inc. (Announced)
-3.50% ~ $ 9.37 | IACB - ION Acquisition Corp 2 (Announced)
-2.15% ~ $ 10.46 | BENE - Benessere Capital Acquisition Corp. (Announced)
-1.25% ~ $ 10.27 | RONI - Rice Acquisition Corp. II (Pre-Deal)
-.92% ~ $ 9.71 | CRZN - Corazon Capital V838 Monoceros Corp (Pre-Deal)
-.89% ~ $ 10.00 | REVE - Alpine Acquisition Corp. (Pre-Deal)
-.84% ~ $ 42.74 | DWAC - Digital World Acquisition Corp. (Announced)
-.70% ~ $ 9.87 | GLBL - Cartesian Growth Corporation (Announced)
-.70% ~ $ 9.90 | FRSG - First Reserve Sustainable Growth Corp (Announced)
-.69% ~ $ 10.02 | MCMJ - Merida Merger Corp. I (Announced)
-.61% ~ $ 9.76 | TIOA - Tio Tech A (Pre-Deal)
-.61% ~ $ 9.83 | CLAY - Chavant Capital Acquisition Corp. (Pre-Deal)
-.61% ~ $ 9.84 | TUGC - TradeUP Global Corp (Announced)
-.61% ~ $ 9.85 | ADEX - ADIT EDTECH ACQUISITION CORP. (Pre-Deal)
-.60% ~ $ 9.91 | CRHC - Cohn Robbins Holdings 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.)