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** SPAC Market Review - December 2021
It was another bad day for SPACs. In particular, redemption numbers for the VMAC / Anghami deal came in at 98% -- a huge $97.6M out of $101M.
Redemptions at these levels are going to kill the SPAC market. It shows a full lack of faith in the post deSPAC prospects of the deals and means the deal is fully reliant on the other post-financing such as the PIPE, FPA, converts, and other increasingly creative options.
Today also saw several SPAC S-1's get withdrawn. This, in our view, is mostly good news for the market. We don't need more SPACs, we need more GOOD deals for the SPACs that are already out there.
For those looking for a quick view on 2022, our own David Drapkin joined Nasdaq today on Trade Talks with Jill Malandrino.
SPAC Merger News
SCVX Corp (SCVX) who is facing a liquidation at an extension vote next week, announced that it had signed an LOI with a company that is a "pioneer" in the ESG space. If you recall, last month SCVC and Bright Machines called off their merger.
Look out for more activity as SPACs rapidly approach their deadlines and need to get deals over the finish line. SCVX warrants jumped +12% on the news. Meeting is 1/25.
Silver Spike Acquisition Corp. II (SPKB), which had been targeting a cannabis or plant-based health and wellness co, struck a deal with Eleusis who "pioneers the development of psychedelic drug candidates" valuing the company at $446M. The deal contains no PIPE. Shares rose modestly to $9.78.
Yellowstone Acquisition Corp (YSAC) shareholder vote for its Sky Harbour Deal is Jan-25. Ahead of that we spoke to CEO Tal Keinan about the home-basing private aviation business they are building.
Elsewhere in SPACs
Trebia Acquisition Corp. (TREB) shareholders approved their vote on System1 deal and will trade as SST following closing. No word on redemptions.
Vistas Media Acquisition Company (VMAC) shareholders approved the music streaming Anghami deal and will trade as ANGH following closing. A huge $97.6M out of $101M trust redeemed here -- that's now the second highest redemption number on record and just behind CPSR / GLS at 99%. No word on closing time.
Today's Price Action
3.99% ~ $ 80.54 | DWAC - Digital World Acquisition Corp. (Announced)
2.96% ~ $ 9.39 | CFV - CF Acquisition Corp. V (Announced)
1.03% ~ $ 9.82 | RACB - Research Alliance Corp. II (Pre-Deal)
.92% ~ $ 9.86 | INTE - Integral Acquisition Corp 1 (Pre-Deal)
.91% ~ $ 9.98 | PAFO - Pacifico Acquisition Corp. (Pre-Deal)
.91% ~ $ 9.99 | WALD - Waldencast Acquisition Corp. (Announced)
.82% ~ $ 9.78 | SPKB - Silver Spike Acquisition Corp II (Announced)
.79% ~ $ 10.15 | MEKA - MELI Kaszek Pioneer Corp (Pre-Deal)
.66% ~ $ 9.89 | VMGA - VMG Consumer Acquisition Corp. (Pre-Deal)
.62% ~ $ 9.72 | ARYE - ARYA Sciences Acquisition Corp V (Pre-Deal)
.61% ~ $ 9.91 | ARTE - Artemis Strategic Investment Corporation (Pre-Deal)
.51% ~ $ 9.77 | OEPW - One Equity Partners Open Water I Corp. (Pre-Deal)
.51% ~ $ 9.90 | NMMC - North Mountain Merger Corp (Announced)
.51% ~ $ 9.91 | DPCS - DP Cap Acquisition Corp I (Pre-Deal)
.50% ~ $ 9.96 | FTAA - FTAC Athena Acquisition Corp. (Announced)
.42% ~ $ 9.67 | LOCC - Live Oak Crestview Climate Acquisition Corp. (Pre-Deal)
.42% ~ $ 9.67 | MITA - Coliseum Acquisition Corp. (Pre-Deal)
.41% ~ $ 9.74 | COVA - Crescent Cove Acquisition Corp. (Pre-Deal)
.41% ~ $ 9.74 | TSIB - Tishman Speyer Innovation Corp. II (Pre-Deal)
.41% ~ $ 9.77 | ZWRK - Z-Work Acquisition Corp. (Pre-Deal)
-9.82% ~ $ 8.91 | YSAC - Yellowstone Acquisition Co (Announced)
-4.90% ~ $ 10.68 | ESSC - East Stone Acquisition Corporation (Announced)
-4.33% ~ $ 9.95 | DTRT - DTRT Health Acquisition Corp. (Pre-Deal)
-3.33% ~ $ 12.20 | CFVI - CF Acquisition Corp. VI (Announced)
-2.84% ~ $ 8.55 | VMAC - Vistas Media Acquisition Company Inc. (Announced)
-2.71% ~ $ 9.70 | SEAH - Sports Entertainment Acquisition Corp (Announced)
-1.70% ~ $ 9.83 | CCTS - Cactus Acquisition Corp. 1 Ltd (Pre-Deal)
-1.44% ~ $ 9.60 | XPDI - Power & Digital Infrastructure Acquisition Corp. (Announced)
-1.34% ~ $ 8.09 | TREB - Trebia Acquisition Corp (Announced)
-.92% ~ $ 9.71 | TPBA - TPB Acquisition Corporation I (Pre-Deal)
-.82% ~ $ 9.71 | SKYA - Skydeck Acquisition Corp. (Pre-Deal)
-.72% ~ $ 9.66 | HPLT - Home Plate Acquisition Corp (Pre-Deal)
-.70% ~ $ 9.93 | LCW - Learn CW Investment Corp (Pre-Deal)
-.62% ~ $ 9.66 | IPVA - InterPrivate II Acquisition Corp. (Pre-Deal)
-.61% ~ $ 9.70 | VLAT - Valor Latitude Acquisition Corp. (Pre-Deal)
-.61% ~ $ 9.82 | MCAF - Mountain Crest Acquisition Corp. IV (Pre-Deal)
-.56% ~ $ 9.83 | SCMA - Seaport Calibre Materials Acquisition Corp. (Pre-Deal)
-.52% ~ $ 9.65 | TRTL - TortoiseEcofin Acquisition Corp. III (Pre-Deal)
-.51% ~ $ 9.68 | KSI - Kadem Sustainable Impact Corporation (Pre-Deal)
-.51% ~ $ 9.73 | SDAC - Sustainable Development Acquisition I 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.)