SPAC Daily: SCVX Throws in the Towel

by | Jul 27, 2022

SCVX Corporation (SCVCX) was set to vote today on an extension of its SPAC deadline to give them more time to find a deal partner. The terms were for 9 months though they, interestingly, were not providing any compensation (addition to its trust) in order to get the extension. The result? The SPAC is going to liquidate instead.

With SPAC yields still elevated and deals scarce to come by, a simple time value of money lesson would tell you that common shareholders would not stick around for that. The liquidation train is definitely coming…

Recent SPACs to Liquidate

Source: Boardroom Alpha

Elsewhere in SPACs

  • Healthcare Sciences Acquisition Corp. (HSAQ) extension was approved to 11/6/2022. No word on redemptions
  • Software Acquisition Corp. II (SWAG) set a 8/22 vote date for its Nogin deal.
  • Maquia Capital Acquisition Corp. (MAQC) confirmed that it added $0.10 to its trust to extend the SPAC for 3 more months until November. They have no more sponsor exemptions left
  • Waldencast Acquisition Corp. (WALD) announced that its Obagi Skincare & Milk Makeup deal officially closed. The combined company, Waldencast plc, is expected to begin trading on Nasdaq under the ticker WALD tomorrow
  • Duddell Street Acquisition Corp. (DSAC) and FiscalNote deal was approved by shareholders. It is expected to close on Friday and trade as NOTE on Monday Aug-1.

Upcoming SPAC Calendar

Full calendar and SPAC database access here

Today’s SPAC Market Movers

Biggest SPAC Gainers

11.53% ~ $ 10.25 | NLIT – Northern Lights Acquisition Corp. (Announced)
4.37% ~ $ 10.75 | BCAC – Brookline Capital Acquisition Corp. (Pre-Deal)
.61% ~ $ 9.90 | RCAC – Revelstone Capital Acquisition Corp. (Pre-Deal)
.61% ~ $ 9.91 | VBOC – Viscogliosi Brothers Acquisition Corp (Pre-Deal)
.60% ~ $ 10.06 | HNRA – HNR Acquisition Corp (Pre-Deal)
.56% ~ $ 9.95 | ZING – FTAC Zeus Acquisition Corp. (Pre-Deal)
.52% ~ $ 9.72 | NFYS – Enphys Acquisition Corp. (Pre-Deal)
.52% ~ $ 9.75 | IPAX – Inflection Point Acquisition Corp. (Pre-Deal)
.50% ~ $ 10.07 | NETC – Nabors Energy Transition Corp. (Pre-Deal)
.49% ~ $ 10.26 | FST – FAST ACQ CP (Pre-Deal)
.45% ~ $ 10.10 | SWAG – Software Acquisition Group Inc. III (Announced)
.41% ~ $ 9.86 | EBAC – European Biotech Acquisition Corp. (Pre-Deal)
.40% ~ $ 9.92 | MCAC – Monterey Capital Acquisition Corp (Pre-Deal)
.40% ~ $ 9.97 | DRAY – Macondray Capital Acquisition Corp. I (Pre-Deal)
.40% ~ $ 9.98 | RCFA – RCF Acquisition Corp. (Pre-Deal)
.40% ~ $ 10.02 | LIVB – LIV Capital Acquisition Corp. II (Pre-Deal)
.40% ~ $ 10.05 | ASPC – Alpha Capital Acquisition Company (Announced)
.36% ~ $ 30.28 | DWAC – Digital World Acquisition Corp. (Announced)
.36% ~ $ 9.83 | SCAQ – Stratim Cloud Acquisition Corp. (Pre-Deal)
.31% ~ $ 9.66 | DSAC – Duddell Street Acquisition Corp (Announced)

Biggest SPAC Losers

-2.64% ~ $ 9.57 | CHWA – CHW Acquisition Corp (Announced)
-2.14% ~ $ 10.07 | TRON – Corner Growth Acquisition Corp. 2 (Pre-Deal)
-1.46% ~ $ 10.10 | NOVV – Nova Vision Acquisition Corp (Pre-Deal)
-1.05% ~ $ 9.92 | HSAQ – Health Sciences Acquisitions Corporation 2 (Announced)
-.71% ~ $ 9.76 | CCAI – Cascadia Acquisition Corp. (Pre-Deal)
-.60% ~ $ 9.93 | CFFS – CF Acquisition Corp. VII (Pre-Deal)
-.49% ~ $ 10.20 | ACEV – ACE Convergence Acquisition Corp (Announced)
-.40% ~ $ 9.91 | MEKA – MELI Kaszek Pioneer Corp (Pre-Deal)
-.40% ~ $ 9.95 | JUN – Juniper II Corp. (Pre-Deal)
-.40% ~ $ 9.98 | PHYT – Pyrophyte Acquisition Corp. (Pre-Deal)
-.40% ~ $ 10.06 | LJAQ – LIGHTJUMP ACQUISITION CORPORATION (Announced)
-.30% ~ $ 9.85 | CLAA – Colonnade Acquisition Corp. II (Pre-Deal)
-.30% ~ $ 9.89 | FCAX – Fortress Capital Acquisition Corp (Pre-Deal)
-.30% ~ $ 9.96 | SUAC – ShoulderUP Technology Acquisition Corp. (Pre-Deal)
-.30% ~ $ 9.97 | BCSA – Blockchain Coinvestors Acquisition Corp. I (Pre-Deal)
-.30% ~ $ 9.99 | SCMA – Seaport Calibre Materials Acquisition Corp. (Pre-Deal)
-.30% ~ $ 10.07 | VMCA – Valuence Merger Corp. I (Pre-Deal)
-.29% ~ $ 10.23 | FOXW – FoxWayne Enterprises Acquisition Corp. (Pre-Deal)
-.26% ~ $ 9.77 | GFGD – Growth for Good Acquisition Corp (Pre-Deal)
-.25% ~ $ 9.79 | KVSA – Khosla Ventures Acquisition Co (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.