SPAC Daily: DWAC Hit as Grand Jury Details are Digested

by | Jun 27, 2022

Once trading at $175, DWAC may be coming back to reality and shareholders will feel the sting.

Digital World Acquisition (DWAC) is again the star of the SPAC show as it released details on its grand jury subpoenas. The stock dropped -9.56% on the day down to $25.16. DWAC also announced that Bruce Garelick (CSO of Rocket One) was stepping down as a director. While DWAC is still trading far above the $10 NAV for SPACs, investors that have gotten caught up in the somewhat irrational exuberance while it was trading towards its high will be feeling real pain today. For more details, Bloomberg covers it well here.

DWAC, the Trump-tied SPAC’s wild ride continues

Elsewhere in SPACS

  • FYI, there are still around 590 pre-deal SPACs searching for targets and only 9 new deals announced in June so far. And, there are over 115 SPACs with announced deals trying to get their deals over the line. Our June monthly SPAC Market Update will cover numbers in more depth, but it’s clear that June hasn’t delivered any positive surprises regarding the SPAC market’s health.
  • NORTHERN LIGHTS ACQUISITION (NLIT) adjourned again until June 28th for the vote on their deal with Safe Harbor Financial. This follows their reschedule from last week. NLIT ended the day up 16.5% at 9.26.
  • TUSCAN HOLDINGS CORP II (TCHCA) released details on their extension vote from last week. 39,400 shareholders redeemed and the extension was approved to December with an addition of $0.10 for the first 3 months and $0.033 / month thereafter. Note, around 84% of shareholders had already redeemed.
  • Agrico Acquisition (RICO) went to vote today, but we’re awaiting details.
  • EMERGE TECHNOLOGY ACQUISITION (ETAC) and VICKERS VANTAGE (VCKA) both have extension votes this week.
  • SPAC Rumor: Bloomberg has India’s JetSynthesis in talks with BurTech (BRKH)
  • ICYMI, we had a SPAC IPO on Friday: SK Growth Opportunities for $200M
  • Polestar (PSNY) (ex- GPPI) dropped -14.5% today and ended at $11.11. PSNY will be closely watched as many believe it to be a “real” EV company that could actually break the deSPAC curse, outperform for shareholders, and become a rival to Tesla. In the near term, shareholders should expect plenty of volatility.
  • Yotta Acquisition (YOTA) and Cartesian Growth II (RENE) both started trading separately today.
  • Iron Spark I (ISAA) declared a quarterly cash dividend of $0.05 per share. Payable July 15, 2022 to stockholders of record on July 8, 2022.

Recent Analysis

Daily SPAC: VACI-NorthStar, AIIR – May 18, 2026

Viking Acquisition Corp I (VACI) amended its NorthStar merger agreement, revising redemption timing and closing steps and clarifying tax treatment. Separately, CAEP completed its Air DeSPAC as AIIR. May MTD reached 11 SPAC IPOs / $1,775M through 18 days vs. 6 / $785M over the same span last month.

Daily SPAC: GUAC, IDAC IPOs Add $400M in SPAC Capital – May 15, 2026

2 SPAC IPOs priced today, with Berto Acquisition Corp. II (GUAC) raising $250M and Iron Dome Acquisition I Corp (IDAC) raising $150M; IDAC funded trust at 100.5% of par. May MTD totals 9 IPOs / $1,425M through 15 days vs. 5 / $725M over the same span last month. Separately, RAAQ advanced its IQM merger with an F-4 filing.

Daily SPAC: SIMA, CAEP-Air Redemptions – May 14, 2026

SIM Acquisition I (SIMA) lost $242M from trust on its extension approval to Jul. 12, 2027, and Cantor Equity Partners III (CAEP) cleared its Air deal after $234M in redemptions. Separately, GSR V Acquisition (GSRV) priced a $200M IPO, taking May MTD to 7 SPAC IPOs / $1,025M through 14 days.

Daily SPAC: BREZ $125M IPO, GPAT Non-Redemption Agreements – May 13, 2026

GP-ACT III Acquisition (GPAT) disclosed non-redemption agreements tied to extension and trust-amendment votes, with investors pledging support and no redemptions alongside sponsor share transfers. Breeze Acquisition Corp. II (BREZ) priced a $125M IPO today with 100.2% initial trust funding; May MTD is 6 IPOs for $825M through 13 sessions vs. 2 IPOs / $350M at the same point last month.

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