SPAC Daily: Early Liquidations Adding Up

by | Oct 25, 2022

Early liquidations continue to be the name of the game in SPACs, and one of the latest shoes to drop is Moelis filing a preliminary proxy to liquidate Atlas Crest Investment Corp. II (ACII) early, up from February into 2022 and avoid the impending excise tax. There are now ~20 SPACs that have either cemented a vote date or indicated that they intend to liquidate early.

On the one hand it’s not shocking many of these SPACs are liquidating, and the accelerated pace of pushing up from Jan-March into 2022 is purely a product of trying to save a few million dollars in tax. These accelerated liquidations will slightly dampen the floodgates of SPAC capital set to be returned early next year.

Source: Boardroom Alpha

Elsewhere in SPACs

  • Avista Public Acquisition II (AHPA) and OmniAB have reported high redemptions, cancelled out by a $15M PIPE and $100M backstop, and expect their deal to close 11/1
  • Yotta Acquisition Corp. (YOTA) struck a $175M deal to merge with OTC traded NaturalShrimp (SHMP)
  • Bannix Acquisition Corp. (BNIX) disclosed in a filing that its insiders sold a substantial portion of its common stock, and that its leadership team would be stepping down due to to the transfer of ownership
  • Flair airlines is rumored to be going public thru New Vista Acquisition Corp. (NVSA) who counts former Boeing CEO Dennis Muilenberg as its Chairman and CEO
  • Perfect Corp. and Provident Acquisition Corp. (PAQC) announced shareholder approval of their merger and shares will trade as PERF on 10/31. Transaction will bring $118.5M of gross proceeds including a $50M PIPE and FPAs

SPAC Calendar

Today’s Movers

Biggest Gainers

10.67% ~ $ 9.72 | VENA – Venus Acquisition Corporation (Announced)
6.18% ~ $ 10.99 | CLOE – Clover Leaf Capital Corp. (Pre-Deal)
5.98% ~ $ 17.20 | DWAC – Digital World Acquisition Corp. (Announced)
5.76% ~ $ 9.36 | EDNC – Endurance Acquisition Corp. (Announced)
1.98% ~ $ 10.29 | LJAQ – LIGHTJUMP ACQUISITION CORPORATION (Announced)
1.92% ~ $ 10.64 | HHGC – HHG Capital Corporation (Pre-Deal)
1.39% ~ $ 8.78 | BOAS – BOA Acquisition Corp. (Announced)
1.21% ~ $ 10.01 | REVH – Revolution Healthcare Acquisition Corp. (Pre-Deal)
1.16% ~ $ 10.01 | ADER – 26 Capital Acquisition Corp (Announced)
.81% ~ $ 9.94 | NHIC – NewHold Investment Corp. II (Pre-Deal)
.81% ~ $ 10.00 | SCLE – Broadscale Acquisition Corp (Pre-Deal)
.81% ~ $ 10.00 | TSIB – Tishman Speyer Innovation Corp. II (Pre-Deal)
.71% ~ $ 9.90 | BTWN – Bridgetown Holdings Ltd (Pre-Deal)
.70% ~ $ 10.12 | VHNA – Vahanna Tech Edge Acquisition I Corp. (Pre-Deal)
.60% ~ $ 9.98 | ARIZ – Arisz Acquisition Corp. (Announced)
.51% ~ $ 9.79 | CPAA – Conyers Park III Acquisition Corp. (Pre-Deal)
.50% ~ $ 10.15 | PGSS – Pegasus Digital Mobility Acquisition Corp. (Pre-Deal)
.47% ~ $ 10.10 | RENE – Cartesian Growth Corp II (Pre-Deal)
.45% ~ $ 9.99 | POND – Angel Pond Holdings Corp (Announced)
.45% ~ $ 10.12 | TGR – Kimbell Tiger Acquisition Corp (Pre-Deal)

Biggest Losers

-23.23% ~ $ 5.99 | MAAQ – Mana Capital Acquisition Corp. (Announced)
-4.89% ~ $ 8.94 | AHPA – Avista Public Acquisition Corp. II (Announced)
-4.10% ~ $ 7.60 | PAQC – Provident Acquisition Corp. (Announced)
-4.09% ~ $ 7.03 | LMAO – LMF Acquisition Opportunities, Inc. (Announced)
-.80% ~ $ 9.96 | EUCR – Eucrates Biomedical Acquisition Corp (Pre-Deal)
-.70% ~ $ 9.89 | RCAC – Revelstone Capital Acquisition Corp. (Pre-Deal)
-.51% ~ $ 9.75 | HCVI – Hennessy Capital Investment Corp. VI (Pre-Deal)
-.51% ~ $ 9.82 | HWEL – Healthwell Acquisition Corp. I (Pre-Deal)
-.48% ~ $ 10.32 | FLYA – SOAR Technology Acquisition Corp. (Pre-Deal)
-.40% ~ $ 10.02 | MOBV – Mobiv Acquisition Corp (Pre-Deal)
-.31% ~ $ 9.80 | ALCC – AltC Acquisition Corp. (Pre-Deal)
-.30% ~ $ 9.91 | SKYA – Skydeck Acquisition Corp. (Pre-Deal)
-.30% ~ $ 10.07 | TGAA – Target Global Acquisition I Corp. (Pre-Deal)
-.29% ~ $ 10.16 | PCCT – Perception Capital Corp. II (Pre-Deal)
-.29% ~ $ 10.28 | BSGA – Blue Safari Group Acquisition Corp (Announced)
-.25% ~ $ 10.05 | AFAR – Aura Fat Projects Acquisition Corp (Pre-Deal)
-.25% ~ $ 10.13 | FOXW – FoxWayne Enterprises Acquisition Corp. (Announced)
-.23% ~ $ 9.95 | ALTU – Altitude Acquisition Corp. (Pre-Deal)
-.20% ~ $ 9.79 | CLBR – Colombier Acquisition Corp. (Pre-Deal)
-.20% ~ $ 9.87 | TPBA – TPB Acquisition Corporation I (Announced)

Recent Analysis

Daily SPAC Update – May 24, 2024

QRDO To Liquidate at $10.96. ShoulderUp Extends with 1.1M Redemptions. BFAC Extension Vote. Churchill Investor Deck. DIST Merger Agreement.

Daily SPAC Update – May 23, 2024

MAQC + Immersed Inc. Deal Terminated. GPAC Deal Vote Set. IVCB Extends w/ 2.1M Redemptions. CVII Investor Deck. PWUP Redemption Agreement.

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