Less Angst in SPAC Land + Wallbox in a $1.5B SPAC Deal

The improving narrative is supported by stable, positive market dynamics. Don't be surprised to see retail and others getting back into SPACs if the market continues this way.
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The pain and angst in the SPAC market continues to dissipate daily as investors are realizing the market is healthier today than it has been in a long time. Underpinning that is the very rational trading that is happening where:

  1. Pre-deal SPACs trade close to NAV (though many remain materially below, there is some general strengthening)
  2. Good deals are being rewarded -- especially those that have positive execution news
  3. De-SPACs are "performing better" -- in part because they are increasingly not being benchmarked against the irrationally high prices during "peak SPAC"

So, the yield + upside play is fully on in SPAC land and investors that have taken the opportunity to fill their baskets over the past few months will likely be well rewarded.

The market continues to shake off reports that the Horizon Acquisition II (HZON) / Sportradar likely will not happen. Remember this is has been reported for a while so it is not new news. It is also very focused on the deal itself versus having broader SPAC market implications. 

Kensington Capital Acquisition Corp. II (KCAC) Announces $1.5b Deal with Wallbox
KCAC joins the crowded SPAC EV related space as it is now set to take Wallbox  public in a deal valued at $1.5b. Wallbox develops EV charging solutions for residential, semi-public and public use from nine offices across three continents, with sales across 67 countries. However, revenues are light at only $20m in 2020 and it is a long ramp to 2027 in their provided deal deck. 

Source: company filings

Source: company filings

Wallbox should add about $330m to its balance sheet through the deal. The $100m PIPE is anchored by Janus Henderson Investors, Luxor Capital, Cathay Innovation and Kensington Capital Partners.

SPAC investors will note that the deal has the same sponsor as Quantumscape (QS). Janus also participated in the QS pipe and still holds around $60m based on their latest filings.

Chamath's new SPACs have SOFI Link

June SPAC Deal Votes Keep Coming

The glut of June SPAC votes will have a massive impact on the SPAC narrative. If de-SPACs continue to perform well as they go into/come out of votes, there will be a lot of excitement around SPACs again. In particular it will help reinforce the yield+upside -- with a heavy focus on upside -- that SPAC true believers have been pitching during the post "peak SPAC" market malaise.

Jun 30 | $ 10.51 | WPF - Foley Trasimene Acquisition Corp. --> Alight Solutions
Jun 30 | $ 11.62 | HOL - Holicity Inc --> Astra
Jun 30 | $ 11.14 | APXT - Apex Technology Acquisition Corporation --> AvePoint, Inc.
Jun 29 | $ 9.99 | FCAC - Falcon Capital Acquisition Corp --> sharecare
Jun 29 | $ 13.72 | CLII - Climate Change Crisis Real Impact I Acquisition Corp --> EVgo
Jun 28 | $ 10.20 | IACA - ION Acquisition Corp 1 Ltd --> Taboola
Jun 24 | $ 10.39 | FRX - Forest Road Acquisition Corp --> Beachbody, LLC
Jun 23 | $ 9.99 | AACQ - Artius Acquisition Inc. --> Origin Materials
Jun 23 | $ 10.13 | FTOC - FTAC Olympus Acquisition Corp --> Payoneer Inc.
Jun 22 | $ 10.22 | TBA - Thoma Bravo Advantage --> ironSource
Jun 22 | $ 12.80 | FTIV - FinTech Acquisition Corp. IV --> Perella Weinberg Partners LLC
Jun 17 | $ 9.98 | ACAC - Acies Acquisition Corp --> PlayStudios, Inc.
Jun 16 | $ 10.13 | CRSA - Crescent Acquisition Corp --> LiveVox TopCo, LLC
Jun 15 | $ 10.02 | FAII - Fortress Value Acquisition Corp. II --> ATI Physical Therapy
Jun 11 | $ 18.99 | ACTC - ArcLight Clean Transition Corp --> Proterra Inc
Jun 10 | $ 10.11 | CCX - Churchill Capital Corp II --> Software Luxembourg Holding S.A
Jun 10 | $ 18.15 | SSPK - Silver Spike Acquisition Corp. --> WM Holding Company, LLC
Jun 10 | $ 10.25 | VGAC - VG Acquisition Corp --> 23andMe, Inc.
Jun 09 | $ 10.55 | CAPA - HighCape Capital Acquisition Corp --> Quantum-Si
Jun 09 | $ 10.35 | THBR - Thunder Bridge Acquisition II, Ltd --> Indie Semiconductor

SPAC IPOs Are Slow, but Holding Around NAV

Since May, SPAC IPOs have been trading better and holding toward NAV. Today GACQ - Global Consumer Acquisition Corp. starts trading on the NASDAQ. Last night it priced its downsized $170m (down from $200m) SPAC that targets "consumer products" and has  1/5 warrants.

SPK - SPK Acquisition Corp. started trading of its $50m SPAC on Tuesday.  

That said SPAC investors shouldn't expect a burst of IPOs or IPO pops to come until the market clears out more -- and June's glut of votes is helping that. Even once the market clears, IPO pops are likely to remain rare for some time.

May's SPAC IPOs
May 27 | $ 10.01 | OTEC - OceanTech Acquisitions I Corp.
May 26 | $ 9.96 | EGGF - EG Acquisition Corp.
May 25 | $ 10.10 | PSPC - Post Holdings Partnering Corporation
May 25 | $ 10.00 | DYNS - Dynamics Special Purpose Corp.
May 24 | $ 9.95 | FWAC - Fifth Wall Acquisition Corp. III
May 20 | $ 9.97 | GFOR - Graf Acquisition Corp. IV
May 18 | $ 10.07 | RAM - Aries I Acquisition Corp
May 18 | $ 10.05 | SKYA - Skydeck Acquisition Corp.
May 18 | $ 10.05 | GIW - GigInternational1, Inc.
May 17 | $ 10.10 | CPAR - Catalyst Partners Acquisition Corp.
May 17 | $ 10.03 | MCAE - Mountain Crest Acquisition Corp. III
May 17 | $ 9.98 | POND - Angel Pond Holdings Corp
May 14 | $ 9.95 | OSI - Osiris Acquisition Corp.
May 14 | $ 10.00 | ARTA - Artisan Acquisition Corp.
May 12 | $ 10.12 | ORIA - Orion Biotech Opportunities Corp.
May 07 | $ 9.98 | BRIV - B. Riley Principal 250 Merger Corp.
May 07 | $ 10.13 | DKDCA - Data Knights Acquisition Corp.
May 04 | $ 10.00 | MAQC - Maquia Capital Acquisition Corporation
May 03 | $ 10.05 | VLAT - Valor Latitude Acquisition Corp.

Tuesday's Gainers

A number of SPACs made big, positive moves yesterday as the average pre-deal SPAC is now trading at $9.83. While this is still well below NAV, it is on the right upward trend.

17.60% ~ $ 14.10 | THCB - Tuscan Holdings Corp. (Announced)
17.39% ~ $ 18.90 | RSVA - Rodgers Silicon Valley Acquisition Corp (Announced)
11.09% ~ $ 11.62 | HOL - Holicity Inc (Announced)
8.23% ~ $ 11.97 | SRAC - Stable Road Acquisition Corp. (Announced)
7.93% ~ $ 15.38 | GHVI - Gores Holdings VI Inc (Announced)
7.06% ~ $ 12.29 | FTCV - FinTech Acquisition Corp. V (Announced)
7.05% ~ $ 11.69 | LCY - Landcadia Holdings III Inc (Announced)
6.61% ~ $ 10.65 | DCRC - Decarbonization Plus Acquisition Corporation III (Pre-Deal)
6.56% ~ $ 14.29 | LACQ - Leisure Acquisition Corp. (Announced)
4.65% ~ $ 13.04 | TDAC - Trident Acquisitions Corp (Announced)
4.38% ~ $ 12.40 | CMLF - CM Life Sciences Inc (Announced)
4.31% ~ $ 11.14 | APXT - Apex Technology Acquisition Corporation (Announced)
4.24% ~ $ 13.52 | TPGY - TPG Pace Beneficial Finance Corp (Announced)
4.01% ~ $ 14.52 | FSRV - FinServ Acquisition Corp (Announced)
3.97% ~ $ 10.47 | VACQ - Vector Acquisition Corp (Announced)
3.47% ~ $ 11.04 | AHAC - Alpha Healthcare Acquisition Corp (Announced)
3.19% ~ $ 10.35 | THBR - Thunder Bridge Acquisition II, Ltd (Announced)
2.97% ~ $ 10.39 | FRX - Forest Road Acquisition Corp (Announced)
2.93% ~ $ 13.00 | FST - FAST ACQ CP (Announced)
2.60% ~ $ 10.25 | VGAC - VG Acquisition Corp (Announced)

SPACs Opportunities

Tuesday's Biggest Decliners
-4.88% ~ $ 9.75 | RKTA - Rocket Internet Growth Opportunities Corp. (Pre-Deal)
-3.58% ~ $ 13.72 | CLII - Climate Change Crisis Real Impact I Acquisition Corp (Announced)
-2.28% ~ $ 9.81 | MAQC - Maquia Capital Acquisition Corporation (Pre-Deal)
-1.73% ~ $ 9.68 | MACC - Mission Advancement Corp. (Pre-Deal)
-1.65% ~ $ 10.16 | HAAC - Health Assurance Acquisition Corp (Pre-Deal)
-1.63% ~ $ 9.68 | LIII - Leo Holdings III Corp (Pre-Deal)
-1.51% ~ $ 9.79 | CLAA - Colonnade Acquisition Corp. II (Pre-Deal)
-1.46% ~ $ 10.11 | LSAQ - LIFE SCI ACQ II (Announced)
-1.37% ~ $ 10.05 | GTPA - Gores Technology Partners, Inc (Pre-Deal)
-1.21% ~ $ 9.80 | FACT - Freedom Acquisition I Corp (Pre-Deal)
-1.11% ~ $ 9.83 | HZON - Horizon Acquisition Corporation II (Pre-Deal)
-1.10% ~ $ 9.88 | SRSA - Sarissa Capital Acquisition Corp (Pre-Deal)

Discounted SPACs
-4.00% | GGMC - Glenfarne Merger Corp. (Pre-Deal)
-3.80% | GLHA - Glass Houses Acquisition Corp. (Pre-Deal)
-3.80% | BGSX - Build Acquisition Corp. (Pre-Deal)
-3.80% | NBST - Newbury Street Acquisition Corporation (Pre-Deal)
-3.60% | GAMC - Golden Arrow Merger Corp. (Pre-Deal)
-3.60% | AGAC - African Gold Acquisition Corporation (Pre-Deal)
-3.60% | BITE - Bite Acquisition Corp. (Pre-Deal)
-3.60% | BYTS - BYTE Acquisition Corp. (Pre-Deal)
-3.55% | ITQ - Itiquira Acquisition Corp. (Pre-Deal)
-3.50% | SCOB - ScION Tech Growth II (Pre-Deal)
-3.50% | KSIC - Kadem Sustainable Impact Corporation (Pre-Deal)
-3.50% | ADEX - ADIT EDTECH ACQUISITION CORP. (Pre-Deal)
-3.50% | ITHX - ITHAX Acquisition Corp. (Pre-Deal)
-3.45% | ROCR - ROTH CH ACQUISITION III CO (Pre-Deal)
-3.45% | RCLF - Rosecliff Acquisition Corp I (Pre-Deal)
-3.40% | PUCK - Goal Acquisitions Corp. (Pre-Deal)
-3.40% | ATHN - Athena Technology Acquisition Corp. (Pre-Deal)
-3.40% | DISA - Disruptive Acquisition Corp I (Pre-Deal)
-3.40% | MACQ - MCAP Acquisition Corporation (Pre-Deal)
-3.40% | AFAQ - AF Acquisition Corp. (Pre-Deal)
-3.40% | ASAX - Astrea Acquisition Corp. (Pre-Deal)
-3.40% | FLME - Flame Acquisition Corp. (Pre-Deal)
-3.40% | GXII - GX Acquisition Corp. II (Pre-Deal)
-3.40% | HCCC - Healthcare Capital Corp. (Pre-Deal)
-3.40% | ZWRK - Z-Work Acquisition Corp. (Pre-Deal)
-3.40% | HCAR - Healthcare Services Acquisition Corporation (Pre-Deal)
-3.40% | ISOS - Isos Acquisition Corp. (Pre-Deal)
-3.31% | SWET - Athlon Acquisition Corp. (Pre-Deal)
-3.30% | FRWA - PWP Forward Acquisition Corp. I (Pre-Deal)
-3.30% | EAC - Edify Acquisition Corp. (Pre-Deal)
-3.30% | KAII - Kismet Acquisition Two Corp. (Pre-Deal)
-3.30% | DLCA - Deep Lake Capital Acquisition Corp. (Pre-Deal)
-3.30% | JCIC - Jack Creek Investment Corp. (Pre-Deal)
-3.30% | LVRA - Levere Holdings Corp (Pre-Deal)
-3.30% | BRPM - B. Riley Principal 150 Merger Corp. (Pre-Deal)
-3.30% | BIOT - Biotech Acquisition Company (Pre-Deal)
-3.30% | PTOC - Pine Technology Acquisition Corp. (Pre-Deal)
-3.30% | SHAC - SCP & CO Healthcare Acquisition Company (Pre-Deal)
-3.30% | KIII - Kismet Acquisition Three Corp. (Pre-Deal)
-3.30% | AGGR - Agile Growth Corp. (Pre-Deal)
-3.30% | NAAC - North Atlantic Acquisition Corporation (Pre-Deal)
-3.30% | PSAG - Property Solutions Acquisition Corp. II (Pre-Deal)
-3.30% | SCAQ - Stratim Cloud Acquisition Corp. (Pre-Deal)
-3.30% | VELO - Velocity Acquisition Corp (Pre-Deal)
-3.29% | ASPC - Alpha Capital Acquisition Company (Pre-Deal)
-3.20% | EUSG - European Sustainable Growth Acquisition Corp. (Pre-Deal)
-3.20% | CLAS - Class Acceleration Corp. (Pre-Deal)
-3.20% | OHPA - Orion Acquisition Corp. (Pre-Deal)
-3.20% | ADER - 26 Capital Acquisition Corp (Pre-Deal)
-3.20% | LIII - Leo Holdings III Corp (Pre-Deal)
-3.20% | MACC - Mission Advancement Corp. (Pre-Deal)
-3.20% | PAQC - Provident Acquisition Corp. (Pre-Deal)
-3.20% | ENFA - 890 5th Avenue Partners, Inc. (Pre-Deal)
-3.20% | AEAC - Authentic Equity Acquisition Corp. (Pre-Deal)
-3.18% | NRAC - Noble Rock Acquisition Corporation (Pre-Deal)
-3.10% | KRNL - Kernel Group Holdings, Inc. (Pre-Deal)
-3.10% | OEPW - One Equity Partners Open Water I Corp. (Pre-Deal)
-3.10% | BLTS - Bright Lights Acquisition Corp. (Pre-Deal)
-3.10% | CRU - Crucible Acquisition Corporation (Pre-Deal)
-3.10% | MACA - Moringa Acquisition Corp (Pre-Deal)
-3.10% | DHCA - DHC Acquisition Corp (Pre-Deal)
-3.10% | ANZU - Anzu Special Acquisition Corp I (Pre-Deal)
-3.10% | SLCR - Silver Crest Acquisition Corporation (Pre-Deal)
-3.10% | FSNB - Fusion Acquisition Corp. II (Pre-Deal)
-3.09% | KLAQ - KL Acquisition Corp (Pre-Deal)
-3.05% | HLAH - Hamilton Lane Alliance Holdings I, Inc. (Pre-Deal)
-3.01% | SPTK - SportsTek Acquisition Corp. (Pre-Deal)
-3.00% | TLGA - TLG Acquisition One Corp. (Pre-Deal)
-3.00% | SVOK - Seven Oaks Acquisition Corp. (Pre-Deal)
-3.00% | ARRW - Arrowroot Acquisition Corp. (Pre-Deal)
-3.00% | PNTM - Pontem Corp (Pre-Deal)
-3.00% | TWLV - Twelve Seas Investment Company II (Pre-Deal)
-3.00% | QFTA - Quantum FinTech Acquisition Corp (Pre-Deal)
-3.00% | TCAC - Tuatara Capital Acquisition Corporation (Pre-Deal)
-3.00% | WARR - Warrior Technologies Acquisition Company (Pre-Deal)
-3.00% | PDOT - Peridot Acquisition Corp. II (Pre-Deal)
-3.00% | CLRM - Clarim Acquisition Corp. (Pre-Deal)
-3.00% | RXRA - RXR Acquisition Corp (Pre-Deal)
-3.00% | CPTK - Crown PropTech Acquisitions (Pre-Deal)
-3.00% | GLBL - Cartesian Growth Corporation (Pre-Deal)
-3.00% | FINM - Marlin Technology Corp (Pre-Deal)
-3.00% | GFX - Golden Falcon Acquisition Corp. (Pre-Deal)
-3.00% | STRE - Supernova Partners Acquisition Company III, Ltd (Pre-Deal)
-3.00% | TSPQ - TCW Special Purpose Acquisition Corp (Pre-Deal)
-3.00% | OSTR - Oyster Enterprises Acquisition Corp. (Pre-Deal)
-3.00% | COVA - Crescent Cove 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.)