SPAC Daily: DNAA / AKILI With a Wild Ride

by | Aug 22, 2022

The second of Chamath Palihapitiya‘s Social Capital, Suvretta line of SPACs closed its deal with Akili Interactive Labs (AKLI) and its ticker change today brought about a wild day of trading. As we’re quite familiar with these days, many low-float / high redemption SPACS have wild gamma squeezes and big runs, and DNAA/AKLI was no different after 99% of its SPAC redeemed last week.

DNAA/AKLI started they day around $9 and rose all the way up to $65 before closing the day down ~49% to close at $7.15. Wild rollercoaster if you were able to be on the right side of things. News making, and noise making for Chamath, who has been notoriously quiet as of late in the midst of his once glorious SPAC track record taking a beating.

Elsewhere in SPACs

  • Software Acquisition Corp. III (SWAG) held its vote with Noggin today, and the company disclosed that (as of Friday) nearly 19M shares redeemed, a very high percentage of the float save for a backstop.
  • E.Merge Technology Acquisition Corp. (ETAC) announced that they will liquidate on 9/4 at $10.06 a share in trust
  • East Stone Acquisition (ESSC) shareholders approved its extension to February with 22k shares redeeming at $10.29
  • Bluescape Opportunities Acquisition Corp. (BOAC) set a vote date of 9/22/2022 for a 1-year extension vote out till October 2023

Today’s SPAC Movers

Biggest SPAC Gainers

1.81% ~ $ 10.14 | FVAM – 501 ACQ CORP (Pre-Deal)
.75% ~ $ 10.06 | HAIA – Healthcare AI Acquisition Corp. (Pre-Deal)
.61% ~ $ 9.90 | AMCI – AMCI Acquisition Corp. II (Announced)
.60% ~ $ 10.06 | FRBN – Forbion European Acquisition Corp. (Pre-Deal)
.50% ~ $ 9.98 | JUN – Juniper II Corp. (Pre-Deal)
.50% ~ $ 10.09 | DMAQ – Deep Medicine Acquisition Corp. (Announced)
.48% ~ $ 9.97 | DUET – DUET Acquisition Corp. (Announced)
.41% ~ $ 9.79 | BSAQ – Black Spade Acquisition Co (Pre-Deal)
.41% ~ $ 9.86 | GAQ – Generation Asia I Acquisition Ltd (Pre-Deal)
.41% ~ $ 9.87 | POND – Angel Pond Holdings Corp (Announced)
.41% ~ $ 9.88 | NSTC – Northern Star Investment Corp. III (Pre-Deal)
.41% ~ $ 9.90 | TRIS – Tristar Acquisition I Corp. (Pre-Deal)
.40% ~ $ 9.97 | UTAA – UTA Acquisition Corporation (Pre-Deal)
.40% ~ $ 10.00 | GAPA – G&P Acquisition Corp. (Pre-Deal)
.40% ~ $ 10.01 | IPOD – Social Capital Hedosophia Holdings Corp IV (Pre-Deal)
.39% ~ $ 10.18 | SWAG – Software Acquisition Group Inc. III (Announced)
.39% ~ $ 10.26 | CLAQ – cleantech Acquisition Corp. (Announced)
.39% ~ $ 10.40 | ATA – AMERICAS TECHNOLOGY ACQUISITION CORP. (Announced)
.36% ~ $ 9.82 | DNAD – Social Capital Suvretta Holdings Corp. IV (Pre-Deal)
.35% ~ $ 10.05 | TLGY – TLGY Acquisition Corp (Pre-Deal)

Biggest SPAC Losers

-2.12% ~ $ 9.71 | TPBA – TPB Acquisition Corporation I (Pre-Deal)
-1.91% ~ $ 10.27 | RAM – Aries I Acquisition Corp (Announced)
-1.83% ~ $ 9.13 | NLIT – Northern Lights Acquisition Corp. (Announced)
-1.00% ~ $ 9.87 | ARYD – ARYA Sciences Acquisition Corp IV (Pre-Deal)
-.91% ~ $ 9.84 | SLCR – Silver Crest Acquisition Corporation (Announced)
-.90% ~ $ 9.86 | NFNT – Infinite Acquisition Corp. (Pre-Deal)
-.69% ~ $ 10.02 | SHAP – Spree Acquisition Corp. 1 Ltd (Pre-Deal)
-.69% ~ $ 10.08 | ERES – East Resources Acquisition Company (Pre-Deal)
-.60% ~ $ 9.96 | TEKK – Tekkorp Digital Acquisition Corp (Pre-Deal)
-.59% ~ $ 10.10 | AMAO – American Acquisition Opportunity Inc (Announced)
-.52% ~ $ 9.64 | NFYS – Enphys Acquisition Corp. (Pre-Deal)
-.49% ~ $ 10.06 | CFVI – CF Acquisition Corp. VI (Announced)
-.40% ~ $ 9.84 | TCOA – Trajectory Alpha Acquisition Corp. (Pre-Deal)
-.40% ~ $ 9.86 | COVA – Crescent Cove Acquisition Corp. (Announced)
-.40% ~ $ 9.99 | LSPR – Larkspur Health Acquisition Corp. (Announced)
-.40% ~ $ 10.01 | LIVB – LIV Capital Acquisition Corp. II (Announced)
-.40% ~ $ 10.02 | SHCA – Spindletop Health Acquisition Corp. (Pre-Deal)
-.35% ~ $ 9.96 | SAGA – Sagaliam Acquisition Corp (Pre-Deal)
-.31% ~ $ 9.72 | ALCC – AltC Acquisition Corp. (Pre-Deal)
-.31% ~ $ 9.73 | CPAA – Conyers Park III 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 – August 2022

In our latest SPAC market review we take a look at August. A spike in DAs has not done enough to move the needle, and SPAC winter continues.

SPAC Market Review – July 2022

Liquidations, cancelled deals, and a dead IPO market highlight Boardroom Alpha’s July 2022 SPAC market review. Read for a full recap.

SPAC Market Review – June 2022

Boardroom Alpha’s June 2022 SPAC market review looks at the latest trends in SPACs, where the market is heading a recap of activity.

SPAC Research & Analysis

SPAC Daily: Tuesday 9/14

Maxpro Acquisition (JMAC) penned the lone SPAC DA of the day, plus the rest of today’s news in the market.

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.