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Branson SPAC Strikes Deal with Grove, Planet (PL f/k/a DMYQ) Surges on First Day

Richard Branson's second SPAC is taking Grove Collaborative public. dMY has another feather in its cap as DMYQ changed to PL and surged its first day on the NYSE. Oh, and DWAC surged again, up 28%.

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Sir Richard Branson got the day started in announcing a $1.5B SPAC deal with sustainable consumer company Grove Collaborative and his second sponsored SPAC Virgin Group Acquisition Corp II (VGII). The deal includes an $87M PIPE led by Lone Pine, General Atlantic and others. 

Of course Sir Richard is no stranger to SPACs having taken Virgin Galactic (SPCE) public in the early days of Chamath (remember him?) via Social Capital Hedosophia I, announced a deal to take Virgin Orbit with NextGen Acquisition II (NGCA), and took 23andMe (ME) public via his first SPAC VG Acquisition Corp.

VGII shares barely nudged +0.41% to still well below NAV at $9.86, very commonplace for new mergers these days. The warrants fell hard, down nearly 14% to $1.05, though as of this writing appearing to get most of that back in after-hours trading.

Planet Labs (PL) f/k/a dMY Technology IV (DMYQ) surged over 10% on its first day of trading closing the day at $11.35, a nice first start for the newly public company. 

Elsewhere in SPACs

Seven Oaks Acquisition (SVOK) and Boxed officially closed their merger. With ~70% in redemptions ($78M left of its $259M trust) shares will trade as BOXD tomorrow 12/9. 

CF Acquisition Corp. V (CFV) adjourned its shareholder meeting on Satellogic which was due to take place today out until 12/20. They stated the extra time will allow the companies to discuss other financing options. Shares closed up +5% on the news to $10.04.

Dragoneer Growth Opportunities Corp. II (DGNS) will begin trading as CVT tomorrow 12/9 following completion of the merger with Cvent. 84.5% of shares redeemed.

Decarbonization Plus Acquisition Corporation III (DCRC) closed and will begin trading as SLDP tomorrow 12/9. Only 0.6% shares redeemed which means they will have $542.9M from PIPE + trust as rocket fuel as they go public.

BMTX Podcast

Our latest podcast features Luvleen Sidhu who's the CEO of BMTX, a De-SPAC from Megalith Financial

SPAC IPOs

IPO volume has been a little lighter this week with "just" 5 thus far vs. 12 last week. Unsurprisingly, none are ripping above NAV. Somewhat surprisingly, the majority of recent IPOs have been from first-time sponsors. 

So far this week just Motive Partners are a repeat sponsor. Motive Capital Corp (MOTV) has a pending deal with Forge Global. Motive Capital Corp II (MTVC) closed at $9.99 today (second day of trading) despite having $10.20 in its trust. 

Dec 08 | $ 10.08 | DAOO - Crypto 1 Acquisition Corp
Dec 07 | $ 10.09 | APXI - APx Acquisition Corp. I
Dec 06 | $ 10.03 | JWAC - Jupiter Wellness Acquisition Corp.
Dec 06 | $ 10.15 | GLLI - Globalink Investment Inc.
Dec 06 | $ 9.99 | MTVC - Motive Capital Corp II

Recent Mergers Announced

Dec 08 | $ 9.86 | VGII - Virgin Group Acquisition Corp. II --> Grove Collaborative, Inc.
Dec 07 | $ 9.89 | OACB - Oaktree Acquisition Corp II --> Alvotech Holdings SA
Dec 07 | $ 9.98 | FOXW - FoxWayne Enterprises Acquisition Corp. --> Aerami Therapeutics
Dec 07 | $ 9.84 | PTOC - Pine Technology Acquisition Corp. --> Tomorrow.io
Dec 06 | $ 10.06 | VCKA - Vickers Vantage Corp. I --> Scilex Holding Company

Today's Price Action

Biggest Gainers

Surprise surprise! DWAC again amongst the biggest daily movers. DWAC is likely to be the most volatile SPAC and expect its price rollercoaster to continue. 

28.10% ~ $ 65.42 | DWAC - Digital World Acquisition Corp. (Announced)
14.25% ~ $ 14.99 | CFVI - CF Acquisition Corp. VI (Announced)
10.41% ~ $ 12.20 | FSII - FS Development Corp. II (Announced)
8.42% ~ $ 13.01 | DCRC - Decarbonization Plus Acquisition Corporation III (Announced)
5.68% ~ $ 10.04 | CFV - CF Acquisition Corp. V (Announced)
4.44% ~ $ 12.48 | ESSC - East Stone Acquisition Corporation (Announced)
4.18% ~ $ 12.70 | MEKA - MELI Kaszek Pioneer Corp (Pre-Deal)
2.16% ~ $ 12.31 | GGPI - Gores Guggenheim, Inc (Announced)
2.04% ~ $ 11.00 | SNII - Supernova Partners Acquisition Company II, Ltd. (Announced)
1.55% ~ $ 9.85 | ZT - Zimmer Energy Transition Acquisition Corp. (Pre-Deal)
1.51% ~ $ 10.08 | SVFA - SVF Investment Corp. (Pre-Deal)
1.37% ~ $ 10.36 | BENE - Benessere Capital Acquisition Corp. (Announced)
1.34% ~ $ 9.85 | CORS - Corsair Partnering Corporation (Pre-Deal)
1.26% ~ $ 10.47 | IPOF - Social Capital Hedosophia Holdings Corp VI (Pre-Deal)
1.24% ~ $ 9.82 | GOBI - Gobi Acquisition Corp. (Pre-Deal)
1.12% ~ $ 9.82 | JUGG - Jaws Juggernaut Acquisition Corporation (Pre-Deal)
.91% ~ $ 9.93 | HZON - Horizon Acquisition Corporation II (Pre-Deal)
.82% ~ $ 9.88 | NMMC - North Mountain Merger Corp (Pre-Deal)
.78% ~ $ 10.32 | BRPM - B. Riley Principal 150 Merger Corp. (Announced)
.71% ~ $ 9.88 | ADER - 26 Capital Acquisition Corp (Announced)

Biggest Losers

-1.73% ~ $ 9.67 | NFYS - Enphys Acquisition Corp. (Pre-Deal)
-1.52% ~ $ 9.70 | TRIS - Tristar Acquisition I Corp. (Pre-Deal)
-1.32% ~ $ 9.69 | ORIA - Orion Biotech Opportunities Corp. (Pre-Deal)
-.92% ~ $ 9.71 | EGGF - EG Acquisition Corp. (Pre-Deal)
-.91% ~ $ 9.80 | GIAC - Gesher I Acquisition Corp. (Pre-Deal)
-.85% ~ $ 11.61 | XPDI - Power & Digital Infrastructure Acquisition Corp. (Announced)
-.81% ~ $ 9.75 | GSQB - G Squared Ascend II, Inc. (Pre-Deal)
-.81% ~ $ 9.75 | CPAA - Conyers Park III Acquisition Corp. (Pre-Deal)
-.80% ~ $ 9.97 | CCV - Churchill Capital Corp V (Pre-Deal)
-.70% ~ $ 9.91 | MTAC - MedTech Acquisition Corporation (Announced)
-.61% ~ $ 9.84 | CLAY - Chavant Capital Acquisition Corp. (Pre-Deal)
-.54% ~ $ 9.88 | GLTA - Galata Acquisition Corp (Pre-Deal)
-.51% ~ $ 9.72 | NSTC - Northern Star Investment Corp. III (Pre-Deal)
-.51% ~ $ 9.72 | TBSA - TB SA Acquisition Corp (Pre-Deal)
-.51% ~ $ 9.72 | CPAR - Catalyst Partners Acquisition Corp. (Pre-Deal)
-.51% ~ $ 9.72 | AGGR - Agile Growth Corp. (Pre-Deal)
-.51% ~ $ 9.77 | STRE - Supernova Partners Acquisition Company III, Ltd (Pre-Deal)
-.51% ~ $ 9.80 | VAQC - Vector Acquisition Corporation II (Pre-Deal)
-.51% ~ $ 9.84 | JATT - JATT Acquisition Corp (Pre-Deal)
-.50% ~ $ 9.88 | UPTD - TradeUP 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.)