SPAC Daily: Athena Consumer Strikes German EV Deal

by | Jul 28, 2022

What is this, 2021!? In the current era where SPACs are less EV and techy, Athena Consumer Acquisition (ACAQ) turned back the clock in announcing a $913M enterprise value deal for German EV producer Next.e.GO. They mention 1,000 cars have been produced and on the road, yet provided little detail on the actual financials of the company. As is standard today, there was little movement on the commons, yet ACAQ warrants did jump 50% to $0.18.

Source: Investor Deck

Elsewhere in SPACs

  • Getty Images (GETY) disclosed its redemption numbers, leaving just over 500k shares of public float. Meme alert.
  • CHW Acquisition Corp (CHWA) shareholders approved its deal with Wag!, unsurprisingly shareholders redeemed 98% of the SPAC. Perhaps with the early announcement in PR the company (as we’ve seen a few times before) might get some redemption reversals
  • Edoc Acquisition Corp. (ADOC) filed for another extension (this will be their second) vote 8/12, seeking 6 months till February and depositing $0.033 monthly.

Upcoming SPAC Calendar

Full calendar and SPAC database access here

Today’s SPAC Market Movers

Biggest SPAC Gainers

1.02% ~ $ 9.86 | CCAI – Cascadia Acquisition Corp. (Pre-Deal)
.90% ~ $ 10.07 | PHYT – Pyrophyte Acquisition Corp. (Pre-Deal)
.69% ~ $ 10.22 | AMAO – American Acquisition Opportunity Inc (Announced)
.61% ~ $ 9.91 | VBOC – Viscogliosi Brothers Acquisition Corp (Pre-Deal)
.52% ~ $ 9.75 | IPAX – Inflection Point Acquisition Corp. (Pre-Deal)
.50% ~ $ 10.04 | AVAC – Avalon Acquisition Inc. (Pre-Deal)
.46% ~ $ 9.92 | LCW – Learn CW Investment Corp (Pre-Deal)
.42% ~ $ 9.88 | RMGC – RMG Acquisition Corp. III (Pre-Deal)
.41% ~ $ 9.80 | GFOR – Graf Acquisition Corp. IV (Pre-Deal)
.41% ~ $ 9.88 | SLAC – Social Leverage Acquisition Corp I (Pre-Deal)
.41% ~ $ 9.89 | BLUA – BlueRiver Acquisition Corp (Pre-Deal)
.41% ~ $ 9.91 | LHC – Leo Holdings Corp. II (Pre-Deal)
.40% ~ $ 9.98 | RCFA – RCF Acquisition Corp. (Pre-Deal)
.40% ~ $ 9.99 | BNIX – Bannix Acquisition Corp. (Pre-Deal)
.40% ~ $ 10.11 | VMCA – Valuence Merger Corp. I (Pre-Deal)
.31% ~ $ 9.84 | FRON – Frontier Acquisition Corp. (Pre-Deal)
.31% ~ $ 9.85 | AGAC – African Gold Acquisition Corporation (Pre-Deal)
.30% ~ $ 9.87 | GSQD – G Squared Ascend I Inc. (Announced)
.30% ~ $ 9.88 | SPGS – Simon Property Group Acquisition Holdings, Inc. (Pre-Deal)
.30% ~ $ 9.89 | RFAC – RF Acquisition Corp. (Pre-Deal)

Biggest SPAC Losers

-12.63% ~ $ 8.72 | XPOA – DPCM Capital Inc (Announced)
-9.54% ~ $ 9.20 | LNFA – L&F Acquisition Corp (Announced)
-8.46% ~ $ 9.20 | ASPC – Alpha Capital Acquisition Company (Announced)
-8.26% ~ $ 9.30 | FOUN – Founder SPAC (Announced)
-7.02% ~ $ 9.53 | NLIT – Northern Lights Acquisition Corp. (Announced)
-6.23% ~ $ 10.08 | BCAC – Brookline Capital Acquisition Corp. (Pre-Deal)
-3.34% ~ $ 9.25 | CHWA – CHW Acquisition Corp (Announced)
-1.55% ~ $ 9.51 | DSAC – Duddell Street Acquisition Corp (Announced)
-1.46% ~ $ 10.10 | NOVV – Nova Vision Acquisition Corp (Pre-Deal)
-.51% ~ $ 9.73 | THCP – Thunder Bridge Capital Partners IV, Inc. (Announced)
-.40% ~ $ 10.04 | DMAQ – Deep Medicine Acquisition Corp. (Announced)
-.39% ~ $ 10.19 | FOXW – FoxWayne Enterprises Acquisition Corp. (Pre-Deal)
-.30% ~ $ 9.82 | ROSS – Ross Acquisition Corp II (Pre-Deal)
-.30% ~ $ 9.84 | VTIQ – VectoIQ Acquisition Corp. II (Pre-Deal)
-.30% ~ $ 9.87 | RCAC – Revelstone Capital Acquisition Corp. (Pre-Deal)
-.30% ~ $ 10.03 | TLGY – TLGY Acquisition Corp (Pre-Deal)
-.30% ~ $ 30.19 | DWAC – Digital World Acquisition Corp. (Announced)
-.24% ~ $ 9.85 | COVA – Crescent Cove Acquisition Corp. (Announced)
-.22% ~ $ 10.04 | HNRA – HNR Acquisition Corp (Pre-Deal)
-.21% ~ $ 9.61 | SCRM – Screaming Eagle Acquisition Corp. (Pre-Deal)

<a href="https://www.boardroomalpha.com/author/draps/" target="_self">David Drapkin</a>

David Drapkin

Spent his formative years at Goldman Sachs and now embraces the start-up life in NYC. A long suffering Oakland (Las Vegas) Raiders fan and graduate of the Wharton School at the University of Pennsylvania. Semi-professional go-kart racer waiting for his shot.

Know Who Drives Return

Objective, data-driven assessments for every public company director and officer.

SPAC Analytics & Database

Comprehensive research and analytics on every SPAC, sponsor, and deal. Real-time alerts, yields, red flags, filings, investors, and much more. API access to institutional grade SPAC database.

Monthly SPAC Review

SPAC Market Review – January 2022

January saw the SPAC market fall quickly alongside the broader market as a revolt against “spec tech” and overall sentiment drove it lower.

SPAC Market Review – December 2021

2021 is drawing to a close and what a year it was for SPACs. In our December market update we take a look at the last month of the year and give our latest thoughts on the market, including: record IPO issuance and SPAC supply; aging SPACs and outlook for terminations; and the merger market including its financing evolution

SPAC Research & Analysis

SPAC Daily: Throwing in the Towel

Podcast: Know Who Drives ReturnDaily SPAC NewsletterFull SPAC ListingJune 2022 SPAC Market Review SPACs are increasingly calling it quits. As we spoke about last week, many sponsors are looking to avoid paying for kicking the can down the road on its SPAC deadlines....

Know Who Drives Return Podcast

Boardroom Alpha Daily Read

We take a look at the day’s news, ESG trends and special situations. WindAcre increases its stake and opposes NSLN takeover bid. Activist Jana Partners brings lessons learned at ConAgra (CAG) to Treehouse Foods (THS). And other notable special situations.

Boardroom Alpha Daily Read

We take a look at the day’s news, ESG trends and special situations. Management shakeup at Faraday Future (FIFE) is an all-too familiar story in the world of EV SPACs. Blackrock to be 75% net-zero aligned by 2030, and Jana closing in (again) at Treehouse Foods (THS).

FOXO Technologies CEO Jon Sabes Is About to Disrupt the Insurance Industry

Boardroom Alpha talks to Jon Sabes, CEO of FOXO Technologies, which announced a SPAC merger with sponsor Delwinds Insurance Acquisition Corp. (DWIN). Sabes explains how epigenetic biomarkers can change the game for life insurance companies and tell us more about health and wellness than ever before.

Disclaimer

The opinions and information contained herein have been obtained or derived from sources believed to be reliable, but Boardroom Alpha cannot guarantee its accuracy and completeness, and that of the opinions based thereon. 

This report contains opinions and is provided for informational purposes only – it does not constitute investment, legal or tax advice. You should not rely solely upon the research herein for purposes of transacting securities or other investments, and you are encouraged to conduct your own research and due diligence, and to seek the advice of a qualified securities professional before you make any investment.  

None of the information contained in this report constitutes, or is intended to constitute a recommendation by Boardroom Alpha of any particular security or trading strategy or a determination by BA that any security or trading strategy is suitable for any specific person. To the extent any of the information contained herein may be deemed to be investment advice, such information is impersonal and not tailored to the investment needs of any specific person.  

No representation or warranty, expressed or implied, is made on behalf of Boardroom Alpha as to the accuracy or completeness of the information contained herein. Boardroom Alpha does not accept any liability for any direct, indirect or consequential loss or damage suffered by any person as a result of relying on all or any part of this research and any liability is expressly disclaimed.