SPAC Daily: 2 DAs Highlight a Quiet Market

by | Sep 29, 2022

It’s been a rather quiet going in SPAC land amidst a very nasty broader equity market (save for extension votes of course). Today the “highlight” saw two new definitive agreements hit the tape, one in the morning and one post close.

  • Consumer Direct Holdings is going public via DTRT Health Acquisition (DTRT) in a $681M EV deal that includes $150M of debt financing
  • YS Biopharma, a Chinese rabies vaccine company, struck a deal with Summit Healthcare Acquisition Corp. (SMIH)

That brings us to 6 new DAs on the week, which is almost shocking considering the tumult in equities. Issuance is still quiet for a few weeks now, though rumor has it two SPACs will be pricing tonight including one from SPAC veterans dMY. So look out for that.

Elsewhere in SPACs

  • Northern Lights Acquisition (NLIT) and Safe Harbor Financial finally closed their SPAC deal 3 months after the vote. SHFS closed down 15% on its first day of trading to close at $8.74
  • Liberty Media Acquisition Corporation (LMACA) filed a preliminary proxy to move its liquidation date up to 2022 (perhaps to avoid the excise tax). Big sponsor goes down
  • Brilliant Acquisition Corp. (BRLI) to double up to 1,012,000 (or the equivalent of 40% of all outstanding shares and rights in connection with its merger vote
  • Atlantic Avenue Acquisition (ASAQ) adjourned its planned extension vote out till 10/4
  • Executive Partnering Corp. (ENPC) set a 10/20 date for its Granite Ridge Vote

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