SPAC Daily: DAs Active in Turbulent Market

by | Sep 27, 2022

Sentiment may be in the gutter and liquidations are rising, but that’s not stopping a slew of SPAC sponsors from keeping the train running and announcing definitive agreements. There have been 4 new DAs this week and an announced specific LOI from Good Works II Acquisition (GWII).

This week’s announced deals

There have been 17 total DAs announced thus far in September, nearly reaching August’s 19 which was the most active month for DAs since December 2021. That being said, the pace is still markedly slower than where it would need to be in lieu of the incoming wave of liquidations.

Source: Boardroom Alpha

Crucible Acquisition is even looking to move UP its deadline date and liquidate in 2022, perhaps to avoid the potential hit from an excise tax. Liquidations are set to skyrocket over the next 6 months, with ~300 SPACs maturing from Jan-March.

Source: Boardroom Alpha

Elsewhere in SPACs

  • 15,453,391 shares redeemed as part of PMV Consumer Acquisition Holding Company (PMVC) extension vote last week, leaving just over 2M shares remaining
  • Larkspur Health Acquisition Corp. (LSPR) and ZyVersa Therapeutics announced additional investments in its PIPE bringing total committed financing for the deal up to $10M.
  • Harley-Davidson, LiveWire and AEA-Bridges Impact Corp closed their business combination and shares began trading as LVWR today and closed down ~12% to $8.25.
  • Malacca Straits Acquisition Company Limited (MLAC) filed to vote for a 6month extension, comes a day after announcing a new DA

SPAC Calendar

Today’s Movers

Biggest Gainers

Biggest Losers

<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 – November 2022

November’s SPAC market review paints a picture of a SPAC market rushing towards the exit with high, and accelerating liquidations, more deal terminations, and almost no new SPAC IPOs.

SPAC Research & Analysis

SPAC Market Review – November 2022

November’s SPAC market review paints a picture of a SPAC market rushing towards the exit with high, and accelerating liquidations, more deal terminations, and almost no new SPAC IPOs.

SPACs Today: Thursday, Dec 1

Pacifico Acquisition Corp. (PAFO) are the latest with high redemptions, and the rest of today’s SPAC market news.

SPAC Daily: Thursday, November 17

Cartesian Growth Corporation (GLBL) with another record challenging redemption number plus the rest of the day’s SPAC news.

SPAC Daily: Tues, November 15

DeSPAC FOXO Technologies CEO/COO gets terminated as the stock is in free fall and the rest of today’s SPAC news.

SPAC Daily: Weds, November 9

Things are slow in SPAC land, we give a rundown of today’s happenings, filings and early liquidations in today’s update.

Know Who Drives Return Podcast

Podcast: Westrock Coffee CEO Scott Ford

Join David Drapkin as he speaks to Westrock Coffee CEO Scott Ford. Westrock Coffee is going public company via a $1.1B deal with Riverview Acquisition Corporation (RVAC).

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.