Wheels Up (UP) Surges in Debut, Sandbridge (SBG) Sees Huge Redemptions

UP traded up over 16% today, while most recent de-SPACs have been trading lower. DCRB and NHIC set to vote tomorrow.
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Wheels Up (UP), the private aviation company taken public by Aspirational Consumer Lifestyle Corp (ASPL), soared +16% in its first day trading under its new ticker, UP. This is despite the fact that over $133M in shares were redeemed from its $240M trust, and its minimum cash condition to the merger was waived. 

Nonetheless, the public markets ate it up today and UP closed at $11.55 in a positive day for the de-SPAC. However, most recent de-SPACs are trading sub $10:

$ 8.49 | SPRQ - Spartan Acquisition Corp II --> Sunlight Financial LLC
$ 9.20 | ALUS - Alussa Energy Acquisition Corp --> FREYR Battery
$ 9.21 | WPF - Foley Trasimene Acquisition Corp. --> Alight Inc
$ 10.58 | CLII - Climate Change Crisis Real Impact I Acquisition Corp --> EVgo
$ 6.43 | FCAC - Falcon Capital Acquisition Corp --> sharecare
$ 9.88 | APXT - Apex Technology Acquisition Corporation --> AvePoint, Inc.
$ 11.77 | HOL - Holicity Inc --> Astra
$ 8.34 | RACA - Therapeutics Acquisition Corp --> POINT Biopharma
$ 11.22 | LACQ - Leisure Acquisition Corp. --> Ensysce Biosciences, Inc.
$ 9.73 | IACA - ION Acquisition Corp 1 Ltd --> Taboola
$ 8.72 | TBA - Thoma Bravo Advantage --> ironSource

Sandbridge Shareholders Redeem $198M

Stop us if you've heard this before, but in passing their merger vote today with Owlet, SBG shareholders redeemed 19,758,773 million shares, or ~86% of the SPAC's trust. The redemptions leave just $15M remaining in the SPAC's trust, or $125M less than the minimum cash condition in the merger agreement of $140M. There is still a $130M PIPE which will be used proceeds as merger consideration. SBG shares fell over 8% today to just $8.32.

No mention of any changes to the promote structure for the sponsor following the shareholder redemptions. 

SBG dropped 8.37% today

SBG dropped 8.37% today

Three more merger votes this week

Don't expect drastic redemptions with these 3, given where their shares are all at a premium to NAV. 

Jul 15 | $ 10.23 | DCRB - Decarbonization Plus Acquisition Corp --> Hyzon Motors Inc.
Jul 15 | $ 10.01 | NHIC - NewHold Investment Corporation --> Evolv Technology
Jul 16 | $ 10.37 | FGNA - FG New America Acquisition Corp --> OppFi

Today's Price Action

Biggest Losers

No surprise here as Stable Road Acquisition (SRAC) dropped another 10.27% on the back of the SEC's fine. Will this deal reach the finish line? 

-10.27% ~ $ 10.66 | SRAC - Stable Road Acquisition Corp. (Announced)
-8.37% ~ $ 8.32 | SBG - Sandbridge Acquisition Corporation (Announced)
-8.18% ~ $ 23.79 | CCIV - Churchill Capital Corp IV (Announced)
-5.95% ~ $ 9.17 | GXGX - GX Acquisition Corp (Announced)
-5.85% ~ $ 11.58 | CMLF - CM Life Sciences Inc (Announced)
-5.31% ~ $ 11.77 | THCB - Tuscan Holdings Corp. (Announced)
-4.71% ~ $ 11.34 | FWAA - Fifth Wall Acquisition Corp. I (Announced)
-4.58% ~ $ 13.95 | GHVI - Gores Holdings VI Inc (Announced)
-4.58% ~ $ 11.25 | CMII - CM Life Sciences II Inc. (Announced)
-4.57% ~ $ 8.56 | AONE - one (Announced)
-4.49% ~ $ 10.86 | PDAC - Peridot Acquisition Corp (Announced)
-4.39% ~ $ 13.27 | PSAC - Property Solutions Acquisition Corp (Announced)
-4.03% ~ $ 11.20 | TDAC - Trident Acquisitions Corp (Announced)
-3.39% ~ $ 20.36 | RSVA - Rodgers Silicon Valley Acquisition Corp (Announced)
-3.19% ~ $ 10.62 | VACQ - Vector Acquisition Corp (Announced)
-2.91% ~ $ 10.68 | FTCV - FinTech Acquisition Corp. V (Announced)
-2.83% ~ $ 10.30 | ARYD - ARYA Sciences Acquisition Corp IV (Pre-Deal)
-2.62% ~ $ 13.02 | TPGY - TPG Pace Beneficial Finance Corp (Announced)
-2.54% ~ $ 10.75 | BOWX - BowX Acquisition Corp (Announced)
-2.52% ~ $ 11.21 | MUDS - Mudrick Capital Acquisition Corporation II (Announced)

Biggest Gainers

2.98% ~ $ 10.38 | EMPW - Empower Ltd (Announced)
2.47% ~ $ 10.37 | FGNA - FG New America Acquisition Corp (Announced)
2.01% ~ $ 12.17 | LCY - Landcadia Holdings III Inc (Announced)
1.96% ~ $ 11.42 | AGC - ALTIMETER GROWTH CORP (Announced)
1.93% ~ $ 10.02 | WALD - Waldencast Acquisition Corp. (Pre-Deal)
1.83% ~ $ 10.01 | NHIC - NewHold Investment Corporation (Announced)
1.55% ~ $ 9.84 | VELO - Velocity Acquisition Corp (Pre-Deal)
1.01% ~ $ 10.05 | HSAQ - Health Sciences Acquisitions Corporation 2 (Pre-Deal)
.98% ~ $ 9.76 | AEAC - Authentic Equity Acquisition Corp. (Pre-Deal)
.93% ~ $ 9.76 | SSAA - Science Strategic Acquisition Corp. Alpha (Pre-Deal)
.82% ~ $ 9.79 | PTIC - PropTech Investment Corporation II (Pre-Deal)
.82% ~ $ 9.86 | SPKB - Silver Spike Acquisition Corp II (Pre-Deal)
.79% ~ $ 10.23 | DCRB - Decarbonization Plus Acquisition Corp (Announced)
.72% ~ $ 9.80 | FRXB - Forest Road Acquisition Corp. II (Pre-Deal)
.72% ~ $ 9.85 | IACC - ION Acquisition Corp 3 Ltd. (Pre-Deal)
.71% ~ $ 9.98 | LUXA - Lux Health Tech Acquisition Corp (Pre-Deal)
.70% ~ $ 10.06 | SGAM - Seaport Global Acquisition Corp (Announced)
.57% ~ $ 10.58 | KVSB - Khosla Ventures Acquisition Co. II (Announced)

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(Disclaimers: this is not investment advice. The author may be long one or more stocks mentioned in this report.)