Branson SPAC Strikes Deal with Grove, Planet (PL f/k/a DMYQ) Surges on First Day
----------------------------------------------------
Free Investor Resources from Boardroom Alpha
----------------------------------------------------
** Podcast: Know Who Drives Return
** CEO/CFO/Director Moves Newsletter
** Daily SPAC Newsletter
** Full SPAC Listing
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)
More from Boardroom Alpha
For ongoing tracking, analytics, and data on SPACs checkout Boardroom Alpha's SPAC Data and Analytics service.
Know Who Drives Return Podcast
- Will SeatGeek's (RBAC) Primary Strategy Propel them to Ticketing Victory?
- Navitas Semiconductor (NVTS) is the Next Big Thing in Chips
- Chad Rigetti on why Superconducting and Rigetti is the Best Bet on Quantum Computing
- DMYQ & Planet: Is Planet Ready for Primetime?
- CUBI: New Customers Bank CEO Sam Sidhu on Digital Assets, Crypto Banking, and Leadership
- Super Group / SEAH Aim for Global Online Gaming & Betting Wins, with CEOs Neal Menashe and John Collins
- Wejo CEO Richard Barlow on why Connected Vehicle Data is the Future (SPAC: VOSO)
- Podcast: Codere Online (SPAC:DDMX) and the Gaming / Betting Landscape in LatAm
- Podcast: CompoSecure / DBDR Going Beyond Metal Cards into Crypto with CEOs Jon Wilk & Don Basile
- Podcast: DWAC and Trump / TMTG Make SPACs Great Again
- Inspirato's Brent Handler and Web Neighbor on the Future of Subscription Travel
- Vacasa CEO Matt Roberts on Travel and Merger with TPG Pace Solutions (TPGS)
- Aurora's Chris Urmson and Reinvent's Michael Thompson
- Okapi's Bruce Goldfarb on Activism, the Rise of Retail, AMC, and SPACs
- See the full Know Who Drivers Return podcast library
Latest SPAC Analysis
- Trump's TMTG Names Rep. Devin Nunes CEO as DWAC is Being Probed by SEC
- Did You Get Your SPAC Deals on Black Friday?
- Patrick Orlando of DWAC Strikes again With Benessere Capital Acquisition (BENE) Deal
- MANSCAPED Strikes $1B Deal with Bright Lights Acquisition Corp (BLTS)
- DWAC Drops 12.4% and Patrick Orlando's ZGYH Leaves Warrant Holders Holding the Bag
- IONQ Continues to Run, ASPC Strikes LatAm Software Deal with Semantix
- Khosla Ventures and Valo Health Terminate SPAC Deal
- SPAC M&A Pace is Heating Up
- SPAC Resurgence Continues and DeSPACs are Hot
- TradeStation Group Strikes SPAC Deal with Quantum FinTech (QFTA)
- SPAC IPO Pace Picking Up; Liquidation Rate to Follow?
- SilverBox Engaged (SBEA) rises 15% on Black Rifle Coffee Pact, Are SPAC Deal Pops Back?
- GS to Offer New SPAC-Linked Product + 4 SPACs to Vote Tomorrow
- October SPAC Issuance nears $10B and SPACs are Hot Again
- Could Esports' FaZe Clan Go MEME as it Goes Public via B Riley SPAC?
- Trump SPAC DWAC Rises over 100% Again to Cap Wild Week
- Billy Beane's RedBall Nabs SeatGeek in SPAC Merger
- All SPAC Analysis from Boardroom Alpha
(Disclaimers: this is not investment advice. The author may be long one or more stocks mentioned in this report.)