SPAC Daily: Wednesday, November 23

by | Nov 23, 2022

Chart of the Day

Happy (early) Thanksgiving! The SPAC market itself seems to be doing the most eating as 53 SPACs have already liquidated without a deal in 2022 and over 30 have scheduled EARLY liquidation votes.

Source: Boardroom Alpha

That liquidation number is likely to remain elevated as we continue to creep closer to the great maturity wall of early 2023.

Source: Boardroom Alpha

This Week in SPACs

  • “Trump SPAC” Digital World Acquisition Corp (DWAC) FINALLY scraped enough shareholders together to extend its deadline date out till September 2023. The SPAC’s shares have spiked on the news
DWAC shares rose after shareholders granted them an extension
  • Gores makes it official as three different Gores SPACs (GTPA, GTPB, GSEV) have set their early liquidation votes for Mid-December and all signs are pointing to an early liquidation
  • Despite the holiday shortened week, 5 SPACs announced DAs:
    • Hainan Mansalu (HMAC) and Able View, $400M EV
    • Forest Road Acquisition Corp. II (FRXB) and HyperloopTT, $600M EV
    • Western Ventures Acquisition Corp. (WAVS) and Cycurion, $170M EV
    • CIIG Capital Partners II (CIIG) and Zapp, $573MM EV
    • Industrial Tech Acquisitions II (ITAQ) and NEXT Renewable Fuels, $530M EV
  • OceanTech Acquisition Corp. (OTEC) needs over 500k shares to reverse their redemptions in order to effect their voted extension
  • Serial SPAC sponsor Northern Star is bucking the liquidation trend and filed preliminary extension vote proxies for three of their outstanding SPACs NSTB, NSTC, and NSTD
  • Three SPAC deals closed and began trading under new tickers
    • ACEV –> Tempo Automation (TMPO)
    • PTIC –> Appreciate Holdings (SFR)
    • FLAC –> NewAmsterdam Pharma (NAMS)
  • Angel Pond Holdings Corp. (POND) shareholders approved their deal with MariaDB, no word on redemptions nor time to close

SPAC Calendar

<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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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 – November 2022

November’s SPAC market review paints a picture of a SPAC market rushing towards the exit with high, and accelerating liquidations, more deal terminations, and almost no new SPAC IPOs.

SPAC Research & Analysis

SPAC Market Review – November 2022

November’s SPAC market review paints a picture of a SPAC market rushing towards the exit with high, and accelerating liquidations, more deal terminations, and almost no new SPAC IPOs.

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).

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