VICE Abandons its SPAC Plans

Vice Media abandons SPACs as several high profile companies are choosing other methods of fundraising. Plus the day in SPACs.
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Vice Media had for months been discussing going public via a number of SPACs yet today The Information reported that it had raised $85M (mostly from existing shareholders) and has tabled SPAC talks. Another blow for a SPAC market that seems to be taking punches from all sides recently. 

There was a time where companies were rushing to go public via SPAC, yet these days it at least feels like the "traditional" IPO is back en vogue. Several hot companies, once speculated that could have been SPAC targets, have filed S-1s to go public in recent days including sneaker company Allbirds and eyeglass pioneers Warby Parker

But, don't write off SPACs just yet. Like many markets on Wall Street, sentiment (positive or negative) often comes in waves. And, in reality, there are scores of companies out there that would fit the profile to go public via SPAC.   

SPAC IPOs

Two SPACs priced Monday night to keep the IPO market at least slightly humming along ahead of what could be set to be a deluge post Labor Day:

  • Alpine Acquisition: priced $100M offering size complete with 1/2W and an overfunded $10.20 trust. Closed at $10.04. 
  • CHW Acquisition: actually upsized its offering to $110M from $100M, in an offering that came with a full warrant as part of the unit. Closed at $10.01. 

Of the most recent SPAC IPOs, just two are trading over $10 and one of those, Minority Equality Opportunities, has an overfunded trust. As we've been discussing sponsors have been using a number of maneuvers to secure IPO financing including: 

  • overfunding trusts
  • securing anchor investors
  • ceding sponsor economics / founder shares
  • upping warrant coverage
  • downsizing offerings 

Aug 25 | $ 10.06 | MEOA - Minority Equality Opportunities Acquisition Inc.
Aug 25 | $ 9.86 | SWSS - Springwater Special Situations Corp.
Aug 25 | $ 9.86 | CCAI - Cascadia Acquisition Corp.
Aug 19 | $ 9.98 | WAVC - Waverley Capital Acquisition Corp. 1
Aug 13 | $ 9.84 | APMI - AxonPrime Infrastructure Acquisition Corp
Aug 12 | $ 9.89 | AACI - Armada Acquisition Corp. I
Aug 12 | $ 9.94 | CENQ - CENAQ Energy Corp.
Aug 12 | $ 10.08 | KCGI - Kensington Capital Acquisition Corp. V
Aug 12 | $ 9.79 | JAQC - Jupiter Acquisition Corporation
Aug 11 | $ 9.98 | WQGA - World Quantum Growth Acquisition Corp
Aug 11 | $ 9.88 | AFTR - AfterNext HealthTech Acquisition Corp.
Aug 11 | $ 10.07 | OXAC - Oxbridge Acquisition Corp.

Recent Merger Announcements

Merger announcements are continuing to underperform, in a continuation of a theme that we have been seeing. So far, the lone announcement this week, PAIC is up slightly over $10, but not exactly a run away endorsement of the deal from the public. 

Upcoming Votes

Sep 01 | $ 10.16 | GNPK - Genesis Park Acquisition Corp --> Redwire, LLC
Sep 01 | $ 9.62 | CHAQ - Chardan Healthcare Acquisition 2 Corp. --> Renovacor
Sep 03 | $ 9.97 | SOAC - Sustainable Opportunities Acquisition Corp. --> DeepGreen Metals Inc.

Today's Price Action

Biggest Gainers

8.97% ~ $ 11.30 | CMII - CM Life Sciences II Inc. (Announced)
3.93% ~ $ 11.63 | TDAC - Trident Acquisitions Corp (Announced)
2.90% ~ $ 9.95 | TWNT - Tailwind Two Acquisition Corp. (Pre-Deal)
2.58% ~ $ 9.95 | EPWR - Empowerment & Inclusion Capital I Corp (Pre-Deal)
2.49% ~ $ 9.87 | TLGA - TLG Acquisition One Corp. (Pre-Deal)
2.48% ~ $ 10.75 | AGC - Altimeter Growth Corp. (Announced)
2.08% ~ $ 11.30 | LEGO - LEGATO MERGER CORP. (Announced)
1.86% ~ $ 9.85 | AEAC - Authentic Equity Acquisition Corp. (Pre-Deal)
1.80% ~ $ 10.16 | GNPK - Genesis Park Acquisition Corp (Announced)
1.55% ~ $ 9.80 | NSTD - Northern Star Investment Corp. IV (Pre-Deal)
1.39% ~ $ 10.18 | FTCV - FinTech Acquisition Corp. V (Announced)
1.33% ~ $ 9.93 | CNTQ - Chardan NexTech Acquisition 2 Corp. (Pre-Deal)
1.25% ~ $ 9.74 | BGSX - Build Acquisition Corp. (Pre-Deal)
1.21% ~ $ 10.05 | VTAQ - Ventoux CCM Acquisition Corp. (Pre-Deal)
1.13% ~ $ 9.81 | GTPA - Gores Technology Partners, Inc (Pre-Deal)
1.13% ~ $ 9.85 | GTPB - GORES TECHNOLOGY PARTNERS II, INC. (Pre-Deal)
1.04% ~ $ 9.75 | CLAA - Colonnade Acquisition Corp. II (Pre-Deal)
1.04% ~ $ 9.75 | VII - 7GC & Co. Holdings Inc. (Pre-Deal)
1.03% ~ $ 9.85 | PFDR - Pathfinder Acquisition Corporation (Announced)
1.03% ~ $ 9.85 | GSEV - Gores Holdings VII (Pre-Deal)

Biggest Losers

-11.86% ~ $ 8.77 | SV - Spring Valley Acquisition Corp (Announced)
-5.22% ~ $ 9.62 | CHAQ - Chardan Healthcare Acquisition 2 Corp. (Announced)
-2.49% ~ $ 9.72 | ACRO - Acropolis Infrastructure Acquisition Corp. (Pre-Deal)
-2.01% ~ $ 9.75 | CORS - Corsair Partnering Corporation (Pre-Deal)
-1.64% ~ $ 8.99 | SPNV - Supernova Partners Acquisition Company Inc (Announced)
-1.63% ~ $ 9.63 | PTOC - Pine Technology Acquisition Corp. (Pre-Deal)
-1.61% ~ $ 12.20 | FST - FAST ACQ CP (Announced)
-1.22% ~ $ 9.75 | RAM - Aries I Acquisition Corp (Pre-Deal)
-1.13% ~ $ 9.65 | LAAA - Lakeshore Acquisition I Corp. (Pre-Deal)
-1.02% ~ $ 9.67 | ACQR - Independence Holdings Corp (Pre-Deal)
-1.02% ~ $ 9.74 | MSDA - MSD Acquisition Corp. (Pre-Deal)
-.93% ~ $ 9.62 | ESM - ESM Acquisition Corporation (Pre-Deal)
-.84% ~ $ 7.09 | BLUW - Blue Water Acquisition Corporation (Announced)
-.82% ~ $ 9.62 | IBER - Ibere Pharmaceuticals (Pre-Deal)
-.81% ~ $ 9.79 | FVAM - 501 ACQ CORP (Pre-Deal)
-.76% ~ $ 10.46 | TPGY - TPG Pace Beneficial Finance Corp (Announced)
-.72% ~ $ 9.71 | QFTA - Quantum FinTech Acquisition Corp (Pre-Deal)
-.70% ~ $ 9.92 | DYNS - Dynamics Special Purpose Corp. (Pre-Deal)
-.66% ~ $ 9.86 | SPK - SPK Acquisition Corp. (Pre-Deal)
-.62% ~ $ 9.61 | SKYA - Skydeck 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.)

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