SPAC Daily: Throwing in the Towel

by | Jul 12, 2022

SPACs are increasingly calling it quits. As we spoke about last week, many sponsors are looking to avoid paying for kicking the can down the road on its SPAC deadlines. The other trend we’re seeing, the early throwing in of the towel. From GOBI filing a vote to liquidate early, several other SPACs are simply forgoing to pay for the extensions allotted to them. The latest being Global Synergy Acquisition Corp. (GSAQ).

GSAQ has the ability, without a vote, to add $2.6M ($0.10 per share) and extend their deadline from July to January. However, they are deciding to liquidate instead. If they aren’t close to a deal now, nothing in the immediate term will seem to quickly change the tide and allow them (cost free) to strike a deal. That looming March 2023 maturity wall seems even more daunting.

Another Deal Termination

Terminations continue to be on the rise. The latest coming today as Ace Global Business Acquisition (ACBA) and DDC Enterprises cancelled their planned SPAC deal, marking the 3rd such deal to be cancelled since July. Following 7 in July, don’t be surprised to see a few more bite the bullet later this month.

Recent Deal Terminations

Source: Boardroom Alpha

Elsewhere in SPACs

  • ACE Convergence Acquisition Corp. (ACEV) shareholders approved its extension out till 10/13/2022. 51.9% of outstanding shares redeemed, though this is their 2nd extension vote, meaning a total of 83% of the original SPAC’s trust has now redeemed
  • Chamath’s Social Capital Suvretta Holdings Corp. III (DNAC) closed its ProKidney deal with ~92% redemptions and shares traded as PROK today. Shares closed at $8.63.
  • Fast Acquisition Corp. II (FZT) made official their DA with Falcon’s Beyond

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Today’s Price Action

Biggest Gainers

5.25% ~ $ 11.42 | NLIT – Northern Lights Acquisition Corp. (Announced)
2.91% ~ $ 10.25 | ENTF – Enterprise 4.0 Technology Acquisition Corp (Pre-Deal)
2.51% ~ $ 10.17 | PGSS – Pegasus Digital Mobility Acquisition Corp. (Pre-Deal)
2.35% ~ $ 10.00 | GAQ – Generation Asia I Acquisition Ltd (Pre-Deal)
2.26% ~ $ 10.19 | KINZ – KINS Technology Group Inc. (Pre-Deal)
1.21% ~ $ 10.01 | GLTA – Galata Acquisition Corp (Pre-Deal)
1.06% ~ $ 10.46 | FOXW – FoxWayne Enterprises Acquisition Corp. (Pre-Deal)
1.00% ~ $ 10.14 | HTAQ – Hunt Companies Acquisition Corp. I (Pre-Deal)
.61% ~ $ 9.96 | MEKA – MELI Kaszek Pioneer Corp (Pre-Deal)
.60% ~ $ 9.98 | LGTO – LEGATO MERGER CORP. II (Announced)
.60% ~ $ 10.02 | ROCG – Roth CH Acquisition IV Co. (Pre-Deal)
.60% ~ $ 10.07 | FRBN – Forbion European Acquisition Corp. (Pre-Deal)
.51% ~ $ 9.83 | FZT – FAST Acquisition Corp. II (Announced)
.51% ~ $ 9.91 | FCAX – Fortress Capital Acquisition Corp (Pre-Deal)
.50% ~ $ 10.08 | CNGL – Canna-Global Acquisition Corp (Pre-Deal)
.42% ~ $ 9.66 | NFYS – Enphys Acquisition Corp. (Pre-Deal)
.41% ~ $ 9.75 | CLBR – Colombier Acquisition Corp. (Pre-Deal)
.41% ~ $ 9.80 | GLHA – Glass Houses Acquisition Corp. (Pre-Deal)
.40% ~ $ 9.94 | CIIG – CIIG Capital Partners II, Inc. (Pre-Deal)
.40% ~ $ 9.95 | ASPC – Alpha Capital Acquisition Company (Announced)

Biggest Losers

-5.67% ~ $ 9.41 | ITHX – ITHAX Acquisition Corp. (Announced)
-4.65% ~ $ 9.53 | BRPM – B. Riley Principal 150 Merger Corp. (Announced)
-3.52% ~ $ 9.60 | ACTD – ArcLight Clean Transition Corp. II (Announced)
-2.95% ~ $ 28.58 | DWAC – Digital World Acquisition Corp. (Announced)
-1.01% ~ $ 9.77 | BLEU – bleuacacia ltd (Pre-Deal)
-.72% ~ $ 9.69 | PANA – Panacea Acquisition Corp. II (Pre-Deal)
-.66% ~ $ 9.79 | POND – Angel Pond Holdings Corp (Announced)
-.59% ~ $ 10.11 | CFVI – CF Acquisition Corp. VI (Announced)
-.51% ~ $ 9.84 | LCW – Learn CW Investment Corp (Pre-Deal)
-.50% ~ $ 9.96 | RENE – Cartesian Growth Corp II (Pre-Deal)
-.50% ~ $ 10.02 | GOGN – GoGreen Investments Corp (Pre-Deal)
-.41% ~ $ 9.74 | BRIV – B. Riley Principal 250 Merger Corp. (Pre-Deal)
-.41% ~ $ 9.79 | DUNE – Dune Acquisition Corporation (Announced)
-.40% ~ $ 9.85 | MSSA – Metal Sky Acquisition Corp (Pre-Deal)
-.40% ~ $ 10.00 | AFAC – Arena Fortify Acquisition Corp. (Pre-Deal)
-.40% ~ $ 10.03 | OCAX – OCA Acquisition Corp (Pre-Deal)
-.39% ~ $ 10.30 | ATA – AMERICAS TECHNOLOGY ACQUISITION CORP. (Announced)
-.37% ~ $ 9.76 | KVSA – Khosla Ventures Acquisition Co (Pre-Deal)
-.31% ~ $ 9.66 | HWEL – Healthwell Acquisition Corp. I (Pre-Deal)
-.31% ~ $ 9.73 | EOCW – Elliott Opportunity II 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.

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