SPAC Daily: LION With a New Merger

by | Jul 26, 2022

This morning Lionheart III (LION) announced a unique SPAC deal to take Australian listed Securities Matters Limited (ASMX) public in the US by virtue of a transfer that would see the company be listed on NASDAQ. The company was trading at a valuation of ~$28M and, at the current merger agreement, would value that enterprise ~$244M. The agreement doesn’t seem to include any additional financing (aside from trust).

Head scratcher, to say the least. However it is not necessarily unsurprising from the Lionheart Capital team, the same SPAC sponsors that brought the (infamous) MSP Recovery Deal to the market. MSPR have seen a precipitous fall in value following some of the “creative” financing maneuvers seen by the team.

MSPR stock has cratered

Safe to say that the investing community wasn’t exactly jazzed about this deal either, making for an entertaining morning. The market agrees, as LION commons didn’t move and the warrants actually fell 1c to close at just 17c. At least, unlike a deal yesterday, they were able to produce an investor deck during the “Summer Holiday” ūüėČ

Elsewhere in SPACs

  • International Media Acquisition Corp. (IMAQ) successfully amended its trust charter to lower its cost for 2 3month extensions to just $350k per. However, over 20M shares redeemed and just ~$20M remains in its trust
  • Ventoux CCM (VTAQ) and Presto Automation announced a $100M private raise consisting of $60M equity and $40M from “other sources.” In addition the two parties reduced the target valuation down to $525M.
  • East Resources Acquisition Corp. (ERES) shareholders approved its extension, yet 72% of the SPAC redeemed as part of the vote.

Upcoming SPAC Calendar

Full calendar and SPAC database access here

Today’s SPAC Market Movers

Biggest SPAC Gainers

4.35% ~ $ 9.83 | CHWA РCHW Acquisition Corp (Announced)
3.52% ~ $ 10.30 | BCAC РBrookline Capital Acquisition Corp. (Pre-Deal)
2.49% ~ $ 10.29 | TRON РCorner Growth Acquisition Corp. 2 (Pre-Deal)
1.79% ~ $ 10.25 | NOVV РNova Vision Acquisition Corp (Pre-Deal)
.90% ~ $ 10.10 | IMAQ РInternational Media Acquisition Corp. (Pre-Deal)
.79% ~ $ 10.25 | ACEV РACE Convergence Acquisition Corp (Announced)
.71% ~ $ 9.91 | TRIS РTristar Acquisition I Corp. (Pre-Deal)
.61% ~ $ 9.91 | VBOC РViscogliosi Brothers Acquisition Corp (Pre-Deal)
.60% ~ $ 10.05 | SHAP РSpree Acquisition Corp. 1 Ltd (Pre-Deal)
.60% ~ $ 10.08 | SPK РSPK Acquisition Corp. (Announced)
.52% ~ $ 9.75 | IPAX РInflection Point Acquisition Corp. (Pre-Deal)
.50% ~ $ 9.99 | SUAC РShoulderUP Technology Acquisition Corp. (Pre-Deal)
.50% ~ $ 10.14 | TOAC РTalon 1 Acquisition Corp (Pre-Deal)
.41% ~ $ 9.70 | JAQC РJupiter Acquisition Corporation (Pre-Deal)
.41% ~ $ 10.19 | LNFA РL&F Acquisition Corp (Announced)
.41% ~ $ 9.74 | DALS РDA32 Life Science Tech Acquisition Corp. (Pre-Deal)
.41% ~ $ 9.76 | FICV РFrontier Investment Corp (Pre-Deal)
.41% ~ $ 9.79 | GFGD РGrowth for Good Acquisition Corp (Pre-Deal)
.40% ~ $ 9.92 | MCAC РMonterey Capital Acquisition Corp (Pre-Deal)
.40% ~ $ 9.95 | MEKA РMELI Kaszek Pioneer Corp (Pre-Deal)

Biggest SPAC Losers

-5.29% ~ $ 8.78 | WALD РWaldencast Acquisition Corp. (Announced)
-4.18% ~ $ 9.63 | DSAC РDuddell Street Acquisition Corp (Announced)
-3.06% ~ $ 9.19 | NLIT РNorthern Lights Acquisition Corp. (Announced)
-2.68% ~ $ 30.17 | DWAC РDigital World Acquisition Corp. (Announced)
-1.06% ~ $ 10.26 | FOXW РFoxWayne Enterprises Acquisition Corp. (Pre-Deal)
-.60% ~ $ 9.87 | LCW РLearn CW Investment Corp (Pre-Deal)
-.51% ~ $ 9.77 | FWAC РFifth Wall Acquisition Corp. III (Pre-Deal)
-.41% ~ $ 9.71 | ALCC РAltC Acquisition Corp. (Pre-Deal)
-.41% ~ $ 9.83 | LCAA РL Catterton Asia Acquisition Corp (Pre-Deal)
-.40% ~ $ 9.93 | EVE РEVe Mobility Acquisition Corp (Pre-Deal)
-.40% ~ $ 9.93 | SIER РSierra Lake Acquisition Corp. (Pre-Deal)
-.40% ~ $ 9.98 | PHYT РPyrophyte Acquisition Corp. (Pre-Deal)
-.40% ~ $ 9.99 | ROC РROC Energy Acquisition Corp. (Pre-Deal)
-.31% ~ $ 9.79 | LCA РLandcadia Holdings IV, Inc. (Pre-Deal)
-.31% ~ $ 9.79 | AMCI РAMCI Acquisition Corp. II (Announced)
-.30% ~ $ 9.81 | RACB РResearch Alliance Corp. II (Pre-Deal)
-.30% ~ $ 9.85 | SSAA РScience Strategic Acquisition Corp. Alpha (Pre-Deal)
-.30% ~ $ 9.85 | YOTA РYotta Acquisition Corp (Pre-Deal)
-.30% ~ $ 9.85 | CLAA РColonnade Acquisition Corp. II (Pre-Deal)
-.30% ~ $ 9.86 | PACX РPioneer Merger Corp. (Pre-Deal)

Recent Analysis

2023 Activist Cooperation Agreements

A look at Activist cooperation agreements in 2023, the companies in focus, and stock price performance since the cooperation agreement was announced.

Weekly CEO & CFO Moves (Dec 15)

Boardroom Alpha provides in-depth analytics and tracking of all public company executives and officers. Below is a rundown of the CEO moves and CFO moves made at notable companies this past week. Get a demo today to see how you can receive real-time alerts and...

Weekly CEO & CFO Moves (Dec 8)

Boardroom Alpha provides in-depth analytics and tracking of all public company executives and officers. Below is a rundown of people moves made at notable companies this past week. Get a demo today to see how you can receive real-time alerts and in-depth analytics....


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¬†‚Äď 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.