SPACs are Here to Stay
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The numbers are staggering and would’ve been unthinkable just a year ago: 420 SPACs are searching for deals, 155 with announced deals, and over 280 are waiting to price – yet market participants remain bullish and play down worries of oversupply. Since coming down from Peak SPAC (and some wrinkles from the SEC), a more rational and steady cadence of SPAC market activity has returned.
New IPOs are not popping 15-20%, but they are largely trading above NAV. We’re even beginning to see some upsizes once again as there remains demand from investors to invest in, and partner with, strong SPAC sponsor teams. With the influx of S-1/As we’ve been seeing, don’t be surprised if several new IPOs come to market in the coming weeks.
And, just wait, we’re hearing that over 100 additional SPACs have confidentially filed S-1s – eager to join the SPAC party.
Also, to reiterate, the yield + optionality play on pre-deal SPACs remains as robust as it’s ever been given Pre-Deal SPACs (equity) are trading at an average of $9.83. If investors have a longer time horizon, and can be patient, it’s an attractive trade that cannot lose money.
Merger Rumors
– Buzzfeed and 890 5th Ave Partners (ENFA), trading +5% premarket to $10.30
– Bullish and Far Peak (FPAC), trading slightly up premarket to $10
– Bowlero and ISOS Acquisition (ISOS), closed up yesterday +1.86% to $9.84
New Cannabis SPAC IPO
June’s SPAC Votes
FTAC Olympus (FTOC) / Payoneer shareholders voted to approve their merger. The combined company will be named Payoneer Global Inc. It should start trading on the Nasdaq as “PAYO” and “PAYOW” soon. No mentions of redemptions in their voting results. FTOC is up almost 5% pre-market to $10.89.
The Atrius (AACQ) / Origin Materials vote also passed and will trade as ORGN starting on Friday, June 25, 2021. Also no mention of any redemptions in their voting results. AACQ is pretty discounted sub-NAV at $9.67, so would expect to see some redemptions there.
Here are the rest of the votes for June:
Jun 24 | $ 9.98 | FRX – Forest Road Acquisition Corp –> Beachbody, LLC
Jun 24 | $ 10.00 | FIII – Forum Merger III Corporation –> Electric Last Mile, Inc.
Jun 28 | $ 10.00 | IACA – ION Acquisition Corp 1 Ltd –> Taboola
Jun 29 | $ 9.99 | NSTB – Northern Star Investment Corp. II –> Apex Clearing Holdings
Jun 29 | $ 13.98 | CLII – Climate Change Crisis Real Impact I Acquisition Corp –> EVgo
Jun 29 | $ 9.99 | FCAC – Falcon Capital Acquisition Corp –> sharecare
Jun 29 | $ 9.98 | RACA – Therapeutics Acquisition Corp –> POINT Biopharma
Jun 30 | $ 10.00 | WPF – Foley Trasimene Acquisition Corp. –> Alight Solutions
Jun 30 | $ 11.25 | HOL – Holicity Inc –> Astra
Jun 30 | $ 10.05 | ALUS – Alussa Energy Acquisition Corp –> FREYR
Jun 30 | $ 11.23 | APXT – Apex Technology Acquisition Corporation –> AvePoint, Inc.
Wednesday’s SPAC Biggest Movers
Biggest Losers
-3.93% ~ $ 9.04 | ARYA – Arya Sciences Acquisition Corp III (Announced)
-3.20% ~ $ 22.97 | PSTH – Pershing Square Tontine Holdings (Announced)
-2.79% ~ $ 10.10 | HSAQ – Health Sciences Acquisitions Corporation 2 (Pre-Deal)
-2.31% ~ $ 10.99 | HOL – Holicity Inc (Announced)
-2.19% ~ $ 11.15 | BOWX – BowX Acquisition Corp (Announced)
-1.98% ~ $ 11.86 | FST – FAST ACQ CP (Announced)
-1.47% ~ $ 9.75 | HYAC – Haymaker Acquisition Corp. III (Pre-Deal)
-1.33% ~ $ 9.61 | ESM – ESM Acquisition Corporation (Pre-Deal)
-1.21% ~ $ 9.80 | FMIV – Forum Merger IV Corporation (Pre-Deal)
-.99% ~ $ 10.05 | EMPW – Empower Ltd (Announced)
-.98% ~ $ 12.08 | TPGY – TPG Pace Beneficial Finance Corp (Announced)
-.92% ~ $ 9.73 | CSTA – Constellation Acquisition Corp I (Pre-Deal)
-.90% ~ $ 12.14 | MUDS – Mudrick Capital Acquisition Corporation II (Announced)
-.88% ~ $ 10.11 | CCV – Churchill Capital Corp V (Pre-Deal)
-.82% ~ $ 9.69 | MON – Monument Circle Acquisition Corp (Pre-Deal)
-.81% ~ $ 9.77 | SNRH – Senior Connect Acquisition Corp I (Pre-Deal)
-.81% ~ $ 9.80 | MTAC – MedTech Acquisition Corporation (Pre-Deal)
-.81% ~ $ 12.26 | CMII – CM Life Sciences II Inc. (Announced)
-.80% ~ $ 9.92 | KVSC – Khosla Ventures Acquisition Co. III (Pre-Deal)
-.80% ~ $ 9.92 | VAQC – Vector Acquisition Corporation II (Pre-Deal)
Biggest Gainers
8.29% ~ $ 14.89 | PSAC – Property Solutions Acquisition Corp (Announced)
7.73% ~ $ 13.24 | FTIV – FinTech Acquisition Corp. IV (Announced)
7.00% ~ $ 25.06 | CCIV – Churchill Capital Corp IV (Announced)
6.56% ~ $ 14.29 | LACQ – Leisure Acquisition Corp. (Announced)
6.47% ~ $ 19.09 | SSPK – Silver Spike Acquisition Corp. (Announced)
6.08% ~ $ 14.83 | CLII – Climate Change Crisis Real Impact I Acquisition Corp (Announced)
4.48% ~ $ 13.05 | THCB – Tuscan Holdings Corp. (Announced)
4.43% ~ $ 12.25 | FTCV – FinTech Acquisition Corp. V (Announced)
3.91% ~ $ 10.37 | FRX – Forest Road Acquisition Corp (Announced)
3.62% ~ $ 10.02 | FRWA – PWP Forward Acquisition Corp. I (Pre-Deal)
3.23% ~ $ 10.22 | GTPA – Gores Technology Partners, Inc (Pre-Deal)
2.98% ~ $ 9.67 | AACQ – Artius Acquisition Inc. (Announced)
2.77% ~ $ 10.02 | FACT – Freedom Acquisition I Corp (Pre-Deal)
2.58% ~ $ 9.95 | AFAQ – AF Acquisition Corp. (Pre-Deal)
2.19% ~ $ 12.15 | TDAC – Trident Acquisitions Corp (Announced)
2.06% ~ $ 9.92 | FPAC – Far Peak Acquisition Corp (Pre-Deal)
2.00% ~ $ 10.20 | RACB – Research Alliance Corp. II (Pre-Deal)
1.86% ~ $ 9.84 | ISOS – Isos Acquisition Corp. (Pre-Deal)
1.80% ~ $ 10.18 | FIII – Forum Merger III Corporation (Announced)
1.59% ~ $ 19.15 | RSVA – Rodgers Silicon Valley Acquisition Corp (Announced)
More from Boardroom Alpha
More from Boardroom Alpha For ongoing tracking, analytics, and data on SPACs checkout Boardroom Alpha’s SPAC Data and Analytics service.
(Disclaimers: this is not investment advice. The author may be long one or more stocks mentioned in this report.)
