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

Recent Analysis

Daily SPAC: GUAC, IDAC IPOs Add $400M in SPAC Capital – May 15, 2026

2 SPAC IPOs priced today, with Berto Acquisition Corp. II (GUAC) raising $250M and Iron Dome Acquisition I Corp (IDAC) raising $150M; IDAC funded trust at 100.5% of par. May MTD totals 9 IPOs / $1,425M through 15 days vs. 5 / $725M over the same span last month. Separately, RAAQ advanced its IQM merger with an F-4 filing.

Daily SPAC: SIMA, CAEP-Air Redemptions – May 14, 2026

SIM Acquisition I (SIMA) lost $242M from trust on its extension approval to Jul. 12, 2027, and Cantor Equity Partners III (CAEP) cleared its Air deal after $234M in redemptions. Separately, GSR V Acquisition (GSRV) priced a $200M IPO, taking May MTD to 7 SPAC IPOs / $1,025M through 14 days.

Daily SPAC: BREZ $125M IPO, GPAT Non-Redemption Agreements – May 13, 2026

GP-ACT III Acquisition (GPAT) disclosed non-redemption agreements tied to extension and trust-amendment votes, with investors pledging support and no redemptions alongside sponsor share transfers. Breeze Acquisition Corp. II (BREZ) priced a $125M IPO today with 100.2% initial trust funding; May MTD is 6 IPOs for $825M through 13 sessions vs. 2 IPOs / $350M at the same point last month.

Daily SPAC: CAEP Forward Purchase, AIR-Pubco – May 12, 2026

Cantor Equity Partners III (CAEP) announced a forward purchase with Harraden Circle to fund the CAEP-AIR-Pubco business combination. Columbus Acquisition (COLA) issued a convertible extension note to WISeSat.Space. MTD: 5 SPAC IPOs raised $700M through the first 12 sessions of May vs. 2 IPOs / $350M over the same span in April.

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