SPAC Daily: Double Deal Termination Adds to the Growing List as Q2 Ends

by | Jun 30, 2022

Plus the rest of the day’s news in SPACs

The first half of 2022 has punished just about everyone in the market, but especially those in SPAC land. Our monthly SPAC Market Review will be released tomorrow and we’ll go in depth across SPACs, but today’s after hours double deal termination typifies the market year-to-date.

Today’s FTCV and ISLE deal terminations make it 9 for the month of June. ISLE was the smaller of the two deals and the merger with Cytovia Therapeutics was valued around $370M at the time it was announced. The FTCV / eToro deal was substantially larger. Original deal valuation was $10B, but given how the market has eroded broadly and newcomers like HOOD and COIN are down -54% and -81% respectively, it’s not a surprise to see the deal fall through.

Another 9 SPAC deals terminated in June 2022. Source: Boardroom Alpha

Elsewhere in SPACs

  • Looking forward, the SPAC calendar is dominated by extension votes. And, for those deal votes still upcoming, investors will certainly have their doubts about deals coming to completion.
  • Apollo pulled Spartan IV (SRTN) with a registration withdrawal today, but still has APGB and ACRO looking for deals.
Apollo’s SPAC sponsor performance summary. Source: Boardroom Alpha
  • Enjoy Technology Inc (ENJY) which deSPAC’d in October 2021 has already filed for chapter 11 bankruptcy.
  • Digital World Acquisition (DWAC) popped +7%, on no news, but at $24.16 remains down -53% YTD.
  • Northern Lights (NLIT) surged over $25 during the day, but settled and closed the day up 9% at $10.61. Shareholders approved the merger on the 28th of June and today it extended the deadline to consummate the merger to September 28, 2022.
  • deSPACs continued to suffer with Polestar (PSNY — ex-GGPI) dropping -10% to $8.81. DAVE, which started trading below $1 in early June dropped another -8% and is now at just $0.69. MSPR dropped -14% and is now at $2.14.
More deSPAC pain on the last day of June. Source: Boardroom Alpha

June’s deSPACs Feel the Pain

Source: Boardroom Alpha

SPAC Calendar

SPAC deal terminations are starting to pile up. Source: Boardroom Alpha

Today’s SPAC Stock Movers

Biggest Gainers

9.38% ~ $ 10.61 | NLIT – Northern Lights Acquisition Corp. (Announced)
7.04% ~ $ 24.16 | DWAC – Digital World Acquisition Corp. (Announced)
1.58% ~ $ 10.29 | REVE – Alpine Acquisition Corp. (Announced)
.92% ~ $ 9.84 | GBBK – Global Blockchain Acquisition Corp. (Pre-Deal)
.90% ~ $ 10.04 | HCMA – HCM Acquisition Corp (Pre-Deal)
.80% ~ $ 10.02 | KNSW – KnightSwan Acquisiton Corp (Pre-Deal)
.72% ~ $ 9.81 | GLHA – Glass Houses Acquisition Corp. (Pre-Deal)
.70% ~ $ 10.05 | HHGC – HHG Capital Corporation (Pre-Deal)
.61% ~ $ 9.87 | NHIC – NewHold Investment Corp. II (Pre-Deal)
.60% ~ $ 10.07 | RACY – Relativity Acquisition Corp (Pre-Deal)
.51% ~ $ 9.82 | MACA – Moringa Acquisition Corp (Announced)
.51% ~ $ 9.83 | MDH – MDH Acquisition Corp. (Pre-Deal)
.50% ~ $ 9.97 | MBSC – M3-Brigade Acquisition III Corp. (Pre-Deal)
.50% ~ $ 10.00 | PIAI – Prime Impact Acquisition I (Pre-Deal)
.50% ~ $ 10.06 | TRON – Corner Growth Acquisition Corp. 2 (Pre-Deal)
.50% ~ $ 10.13 | MEOA – Minority Equality Opportunities Acquisition Inc. (Pre-Deal)
.46% ~ $ 9.80 | GAQ – Generation Asia I Acquisition Ltd (Pre-Deal)
.45% ~ $ 10.06 | RNER – Mount Rainier Acquisition Corp. (Announced)
.41% ~ $ 9.86 | AGCB – Altimeter Growth Corp. 2 (Pre-Deal)
.41% ~ $ 9.91 | VCXA – 10X Capital Venture Acquisition Corp. II (Announced)

Biggest Losers

-1.03% ~ $ 9.87 | PEPL – PepperLime Health Acquisition Corp (Pre-Deal)
-1.00% ~ $ 9.90 | MEKA – MELI Kaszek Pioneer Corp (Pre-Deal)
-.80% ~ $ 9.86 | BHAC – Crixus BH3 Acquisition Corp. (Pre-Deal)
-.80% ~ $ 9.92 | LGTO – LEGATO MERGER CORP. II (Announced)
-.71% ~ $ 9.77 | LDHA – LDH Growth Corp I (Pre-Deal)
-.69% ~ $ 10.03 | IFIN – InFinT Acquisition Corporation (Pre-Deal)
-.61% ~ $ 9.74 | GGMC – Glenfarne Merger Corp. (Pre-Deal)
-.60% ~ $ 9.86 | AIMA – Aimfinity Investment Corp. I (Pre-Deal)
-.52% ~ $ 9.61 | LOCC – Live Oak Crestview Climate Acquisition Corp. (Pre-Deal)
-.51% ~ $ 9.67 | ACRO – Acropolis Infrastructure Acquisition Corp. (Pre-Deal)
-.51% ~ $ 9.68 | CORS – Corsair Partnering Corporation (Pre-Deal)
-.51% ~ $ 9.71 | GFOR – Graf Acquisition Corp. IV (Pre-Deal)
-.51% ~ $ 9.77 | PTOC – Pine Technology Acquisition Corp. (Pre-Deal)
-.51% ~ $ 9.79 | BOAS – BOA Acquisition Corp. (Announced)
-.50% ~ $ 9.89 | SAGA – Sagaliam Acquisition Corp (Pre-Deal)
-.50% ~ $ 9.92 | DECA – Denali Capital Acquisition Corp. (Pre-Deal)
-.50% ~ $ 9.92 | PORT – Southport Acquisition Corporation (Pre-Deal)
-.46% ~ $ 9.76 | PANA – Panacea Acquisition Corp. II (Pre-Deal)
-.41% ~ $ 9.66 | TPBA – TPB Acquisition Corporation I (Pre-Deal)
-.41% ~ $ 9.76 | RONI – Rice Acquisition Corp. II (Pre-Deal)

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 Research & Analysis

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.