SPAC Daily: LEAP and FST to Liquidate

by | Aug 3, 2022

The SPAC liquidations are beginning to come in bunches, with a couple of new ones heading into Tuesday. First we had Ribbit LEAP, Ltd. (LEAP) announce that it was liquidating ahead of its September deadline and wrote a (somewhat) scathing investor letter denouncing the SPAC market. Including:

It turns out that our thesis on the opportunity for LEAP was wrong. Since LEAP’s listing, we held conversations with over 100 potential partners that met our initial criteria for growth, quality, and readiness. We discovered in the process either that those companies did not meet our standard for long-term projected value creation or that they viewed the merits of a transaction with LEAP as less compelling than a traditional IPO or, more commonly, staying private.

Source: LEAP Investor letter

Ribbit Capital (sponsor) remains committed to investing in the fintech space, outside of SPACs.

Secondly Fast Acquisition Corp. (FST) buried in their 10Q that they into intend to liquidate. The hairy part here was that the sponsor was paid in excess of $26M when their previously proposed DA with Fertitta Entertainment was cancelled. From the language, it appears that SPAC investors will see none of that settlement money.

Not a great outcome for SPAC investors when the sponsor is able to profit without completing a business combination. Not the positive-type stories that would help out the SPAC markets now. However, at least the supply is starting to trim to a more normal level.

5 SPACs are already set to liquidate in August

Elsewhere in SPACs

  • Founder SPAC (FOUN) deal with Rubicon was approved
  • Chardan Nextech Acquisition Company (CNTQ) added $100k to the amount they intend to deposit following its extension vote on Friday. This is still well below the $1.265M it would’ve been according their original prospectus
  • Alpha Capital (ASPC) successfully completed its combination with Semantix and will trade as STIX tomorrow
  • East Stone Acquisition Corp. (ESSC) sets 8/22 vote date for its 4th extension which is up to 6 months to Feb-23 and up to $700k deposited in trust
  • IPO! Mobiv Acquisition Corp. (MOBV) priced an $87M SPAC, focused on EV. EF Hutton Books.

Upcoming SPAC Calendar

Full calendar and SPAC database access here

<a href="" 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 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).


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.