SPAC Daily: Pagaya Technologies (PGY) Memes

by | Jul 22, 2022

Pagaya Technologies (PGY), an Israeli fintech firm, DeSPAC’ed from EJF Acquisition Corp back at the end of June. Since it began trading standalone shares have been steadily in the low single digits, touching as low as $2.70 just three days ago. However, on Wednesday, the company finally disclosed (buried in an F-1) what its redemption results were. The information showed that PGY only has ~900k public float, making it one of the smallest on the market. Of course, that “memes” a squeeze. PGY shares are on a tear, expect this one to come back down to earth.

Elsewhere in SPACs

  • FaZe Clan (FAZE) stock, which closed below $10, is surging in after market after it was disclosed that 15.9M shares (~92%) was redeemed from the SPAC’s trust, making it an extremely low float DeSPAC
  • SK Growth Opportunities Corporation (the last SPAC to IPO, remember those?) disclosed that its underwriters exercised $9.4 of its over-allotment.
  • CC Neuberger Principal Holdings (PRPB) and Getty Images (GETY) officially closed their deal and GETY will start trading standalone next week
  • Richard Branson’s Virgin Group Acquisition III withdrew its planned IPO. It’s previous two DeSPACs, 23andme (ME) and Grove Collaborative (GROV) have struggled early on in the public markets

Upcoming SPAC Calendar

Full calendar and SPAC database access here

Today’s Price Action

Biggest Gainers

.90% ~ $ 10.10 | LJAQ – LIGHTJUMP ACQUISITION CORPORATION (Announced)
.62% ~ $ 9.73 | HWEL – Healthwell Acquisition Corp. I (Pre-Deal)
.61% ~ $ 9.91 | VBOC – Viscogliosi Brothers Acquisition Corp (Pre-Deal)
.60% ~ $ 10.05 | PWUP – PowerUp Acquisition Corp. (Pre-Deal)
.60% ~ $ 10.07 | GEEX – Games & Esports Experience Acquisition Corp. (Pre-Deal)
.56% ~ $ 9.93 | LCW – Learn CW Investment Corp (Pre-Deal)
.52% ~ $ 9.75 | IPAX – Inflection Point Acquisition Corp. (Pre-Deal)
.51% ~ $ 9.80 | FWAC – Fifth Wall Acquisition Corp. III (Pre-Deal)
.51% ~ $ 9.85 | LVRA – Levere Holdings Corp (Pre-Deal)
.51% ~ $ 9.94 | IGTA – Inception Growth Acquisition Ltd (Pre-Deal)
.50% ~ $ 9.96 | GDST – Goldenstone Acquisition Ltd. (Announced)
.50% ~ $ 10.08 | GVCI – Green Visor Financial Technology Acquisition Corp I (Pre-Deal)
.41% ~ $ 9.74 | DALS – DA32 Life Science Tech Acquisition Corp. (Pre-Deal)
.41% ~ $ 9.76 | FICV – Frontier Investment Corp (Pre-Deal)
.41% ~ $ 9.85 | IVCP – Swiftmerge Acquisition Corp. (Pre-Deal)
.41% ~ $ 9.87 | COVA – Crescent Cove Acquisition Corp. (Announced)
.41% ~ $ 9.89 | PEPL – PepperLime Health Acquisition Corp (Pre-Deal)
.40% ~ $ 9.96 | DNAA – Social Capital Suvretta Holdings Corp. I (Announced)
.40% ~ $ 9.96 | PRLH – Pearl Holdings Acquisition Corp (Pre-Deal)
.40% ~ $ 9.98 | RCFA – RCF Acquisition Corp. (Pre-Deal)

Biggest Losers

-3.24% ~ $ 9.87 | BCAC – Brookline Capital Acquisition Corp. (Pre-Deal)
-3.04% ~ $ 31.59 | DWAC – Digital World Acquisition Corp. (Announced)
-3.03% ~ $ 9.60 | NLIT – Northern Lights Acquisition Corp. (Announced)
-.89% ~ $ 8.90 | WALD – Waldencast Acquisition Corp. (Announced)
-.41% ~ $ 9.78 | BRIV – B. Riley Principal 250 Merger Corp. (Pre-Deal)
-.40% ~ $ 9.97 | TGAA – Target Global Acquisition I Corp. (Pre-Deal)
-.36% ~ $ 9.82 | POND – Angel Pond Holdings Corp (Announced)
-.31% ~ $ 9.66 | JAQC – Jupiter Acquisition Corporation (Pre-Deal)
-.31% ~ $ 9.78 | GAQ – Generation Asia I Acquisition Ltd (Pre-Deal)
-.31% ~ $ 9.78 | TIOA – Tio Tech A (Pre-Deal)
-.30% ~ $ 9.81 | RACB – Research Alliance Corp. II (Pre-Deal)
-.30% ~ $ 10.06 | CFVI – CF Acquisition Corp. VI (Announced)
-.26% ~ $ 10.11 | CLAY – Chavant Capital Acquisition Corp. (Pre-Deal)
-.26% ~ $ 9.77 | EGGF – EG Acquisition Corp. (Pre-Deal)
-.21% ~ $ 9.68 | TWCB – Bilander Acquisition Corp. (Pre-Deal)
-.21% ~ $ 9.71 | PSPC – Post Holdings Partnering Corporation (Pre-Deal)
-.21% ~ $ 9.72 | PFTA – Portage Fintech Acquisition Corp. (Pre-Deal)
-.20% ~ $ 9.82 | CSLM – Consilium Acquisition Corp I, Ltd. (Pre-Deal)
-.20% ~ $ 9.85 | FSRX – FinServ Acquisition Corp. II (Pre-Deal)
-.20% ~ $ 9.89 | BHAC – Crixus BH3 Acquisition Corp. (Pre-Deal)

<a href="https://www.boardroomalpha.com/author/draps/" 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 – July 2022

Liquidations, cancelled deals, and a dead IPO market highlight Boardroom Alpha’s July 2022 SPAC market review. Read for a full recap.

SPAC Market Review – June 2022

Boardroom Alpha’s June 2022 SPAC market review looks at the latest trends in SPACs, where the market is heading a recap of activity.

SPAC Market Review – May 2022

Inflation, rising interest rates, and reduced corporate earnings across the board have led to persistent market gyrations which prove its too early for bottom fishing. The stampede out of deSPACs now makes it ‘deal-or-die’ time for those without targets.

SPAC Research & Analysis

SPAC Daily: Return of the IPO

Return of the SPAC IPOs after a hiatus, August new deals are off to a hot start, and the rest of the day’s news in SPACs.

SPAC Market Review – July 2022

Liquidations, cancelled deals, and a dead IPO market highlight Boardroom Alpha’s July 2022 SPAC market review. Read for a full recap.

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).

NYC Pension Funds Want Amazon Accountable for Human Capital

AMZN stock is performing, but are warehouse workers paying the price? We talk to Assistant NYC Comptroller Michael Garland on the NYC Pension Funds’ move to unseat two Amazon board members responsible for human capital management at the tech giant.

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.