SPAC Market Review – December 2021

by | Dec 29, 2021

A Record Year for SPACs Comes to an End 

2021 is drawing to a close and what a year it was for SPACs. In our December market update we take a look at the last month of the year and give our latest thoughts on the market, including: 

  • Record IPO issuance and SPAC supply 
  • Aging SPACs and outlook for terminations 
  • Merger market + financing evolution 

SPAC IPOs

2021 was a watershed year for SPACs with both hype and market activity obliterating historical volume for the asset class. The view amongst most market participants as the tide started to turn the second half of the year would be that the market would slow down, and that the 500+ SPACs were certainly “too many”. Well, the market took that notion, smirked and moved on ahead.  

October through December alone saw over 160 SPACs price IPOs (49 in December) for over $9B in fresh SPAC capital. Though, in order to get these deals done, the terms have gotten significantly sweeter for investors which, in turn, eats away at the sponsor’s economic returns. We’re talking (on balance) at least 1/2 warrant per unit, an overfunded trust account, and shorter deal deadlines.  

We’re of the opinion, corroborated by many of the sponsors and investors that we talk to, that the SPAC market will slowly evolve into an ecosystem of repeat sponsors which likely means that over time the market will thin out. That being said, rampant issuance is still upon us and given that a large portion of new issues in the last three months were from first time sponsor groups, we’d expect to see a continuation of some of this behavior in the new year, with increasingly advantageous investor terms fueling it.  

State of the Market 

The past year’s incredible rise in issuance has left the SPAC market very crowded. There are currently over 570 SPACs actively looking for a merger target.  

2022 will surely start to get some SPACs nervous as their deal deadlines will start approaching in far greater numbers than we have seen in 2020 and 2021. While liquidations are certain to rise relative to historical numbers, we’d expect most sponsors to do everything that they can to get something over the finish line. That will translate to a much larger increase in “bad” SPAC deals than liquidations. 

Look out for more extension votes and trust contributions to incentivize shareholders to stick around for a deal announcement.  

SPAC Deal Announcements  

Deal announcement activity picked up significantly in December with over 31 deals announced vs. 18 in November and just 11 in October. The uptick in deal announcements is likely a combination of both an improved equity market and a new urgency to get deals agreed upon before the SEC takes aim on SPACS  in the form of increased disclosure requirements or rules for definitive business combinations that many fear will have a significant, but yet uncertain, impact on the SPAC market.  

However, simply announcing a deal does not guarantee that you will be immune from whatever future SEC rules are put into place. Not to mention we are already seeing (see CEO Jason Wilk’s comments on our Dave podcast) the M&A / SEC comment process taking longer than companies were originally anticipating at the time of signing. The longer, delayed M&A process could have real business implications for SPAC targets that are counting on a fast(er) cash infusion to grow or fund their businesses.  

Overall, despite the pickup in deals announced, the number of pending deals is still lagging the amount of new IPOs hitting the market, further exacerbating the SPAC supply gut. In addition, deal enthusiasm is muted with the majority of announced-deal SPACs still trading close to NAV with about 3/4 trading below their $10 offer prices.  

December SPAC Mergers Announced

Note: prices as of market close December 28, 2021

While playing discounted commons pre-deal has not necessarily brought about LCID or DWAC type of gains, there is still tremendous value to be made when playing cheap (albeit much riskier) warrants. Have a look at the warrant prices of some recent SPACs with announced deals, there are some attractive returns there. Now keep in mind there are no price floors with warrants, and investors could stand to lose their entire investment if a SPAC liquidates and cannot find a target.

Finally, investors should prepare for a higher level of deal terminations in 2022. Given the dynamics discussed above – a glut of SPACs, urgency to get deals done, etc. – there will be more opportunity and reasons for deals to get taken off the table. An inability to find the right financing, lack of execution by the target (e.g. not landing or losing partnerships) over a longer pre-merger period given SEC delays, or otherwise could all be culprits. There isn’t enough back history for SPACs with terminated deals to know the success rate for finding a new deal, but the key will likely be sponsor quality and time remaining before the deadline. Expect sponsors that start to build a track record of not being able to get a deal over the line to quickly get cut out of the market.

December SPAC Deal Terminations

Included in the December deal announcements was Spring Valley Acquisition (SV) and NuScale Power. This is SV’s second try after having terminated its previous merger agreement with AeroFarms, showing that while it may be difficult (and costly), SPACs are not necessarily dead in the water with one deal termination.

Deal Financing Evolves

In simpler times, the SPAC’s trust and a common equity PIPE was enough to satisfy deal financing conditions and keep the bankers and companies comfortable with the cash ultimately being received in a deal. With redemptions continuously elevated, how can anyone have financing certainty?

In response to the elevated redemption phenomena (does the SPAC’s size even matter?), deal financing is becoming increasingly creative. In December we saw more announced deals include some form of convertible financing (ACKIT, LNFA, and CLAQ to name a few) to entice investors in a difficult PIPE market.

We’re seeing pre-close SPACs scramble to secure additional financing in the face of potential high redemptions. CITIC Capital Acquisition Corp. (CCAC) announced that it secured a $125M “Share Subscription Facility”, while InterPrivate III Financial Partners (IPVF) was able to wrangle a $315M menu of financing from Oaktree and Steve Ballmer that included non-convert prefs, mandatory convert, and common equity.  Not to mention, we’ve seen several SPACs delay merger votes in a scramble to secure additional financing – the most recent being CF Acquisition Corp V (CFV) who delayed their vote multiple times.

The most surprising, however might be Merida Merger Acquisition Corp (MCMJ) who struck non-redemption agreements with certain investors that actually gifted those investors founder shares in order not to redeem. In addition, those investors will still have the ability to (effectively) synthetically redeem in 3 months by requiring the sponsor to repurchase their shares (above NAV) if they so choose. Again, sponsors are heavily incentivized to get something done, even if it means their once 6x economics look more like 3x or 2x (theoretical).

The additional financing sources, albeit more expensive to the company/sponsor, help to provide financing certainty in lieu of or despite high redemptions that would threaten to derail the M&A process.

January SPAC Merger Votes

As December draws to a close, several SPACs have filed effective proxies setting the stage for their merger votes thus far in January. Notable ones include VPC Impact (VPCC) and their $4B merger with fintech Dave and Gores Metropoulos II (GMII) $2B transaction with hospitality company Sonder. If December has been any guide, continue to expect new financing announcements and potential delays in the calendar.


Pre-Deal SPACs at a Deep Discount

A big part of the current SPAC trade is the “risklesss” yield play supported by the ability to redeem at $10 in advance of the deal vote (specifically prior to ex-redemption). There is plenty of opportunity for those looking to head into 2022 with a basket full of discounted SPACs. The list below shows some of the most deeply discounted SPACs as of close on December 28.

-3.9% @ $ 9.61 | JAQC – Jupiter Acquisition Corporation
-3.8% @ $ 9.62 | CLBR – Colombier Acquisition Corp.
-3.6% @ $ 9.65 | NFYS – Enphys Acquisition Corp.
-3.5% @ $ 9.65 | SLVR – SILVERspac Inc
-3.4% @ $ 9.66 | GFOR – Graf Acquisition Corp. IV
-3.4% @ $ 9.66 | MTAL – Metals Acquisition Corp
-3.4% @ $ 9.66 | AFTR – AfterNext HealthTech Acquisition Corp.
-3.4% @ $ 9.66 | CDAQ – Compass Digital Acquisition Corp.
-3.4% @ $ 9.66 | PEGR – Project Energy Reimagined Acquisition Corp.
-3.4% @ $ 9.66 | HCVI – Hennessy Capital Investment Corp. VI
-3.3% @ $ 9.67 | TRTL – TortoiseEcofin Acquisition Corp. III
-3.3% @ $ 9.67 | BSAQ – Black Spade Acquisition Co
-3.2% @ $ 9.68 | MITA – Coliseum Acquisition Corp.
-3.2% @ $ 9.68 | GAMC – Golden Arrow Merger Corp.
-3.2% @ $ 9.68 | XPAX – XPAC Acquisition Corp
-3.2% @ $ 9.68 | NRAC – Noble Rock Acquisition Corporation
-3.2% @ $ 9.68 | LITT – Logistics Innovation Technologies Corp.
-3.2% @ $ 9.68 | TWLV – Twelve Seas Investment Company II
-3.2% @ $ 9.68 | GLHA – Glass Houses Acquisition Corp.
-3.2% @ $ 9.68 | BACA – Berenson Acquisition Corp. I
-3.1% @ $ 9.69 | PSAG – Property Solutions Acquisition Corp. II
-3.1% @ $ 9.69 | IPAX – Inflection Point Acquisition Corp.
-3.1% @ $ 9.69 | AMCI – AMCI Acquisition Corp. II
-3.1% @ $ 9.69 | FRW – PWP Forward Acquisition Corp. I
-3.1% @ $ 9.69 | HWEL – Healthwell Acquisition Corp. I
-3.1% @ $ 9.69 | KIII – Kismet Acquisition Three Corp.
-3.1% @ $ 9.69 | IBER – Ibere Pharmaceuticals
-3.1% @ $ 9.69 | GPAC – Global Partner Acquisition Corp II
-3.1% @ $ 9.69 | VELO – Velocity Acquisition Corp
-3.1% @ $ 9.69 | ARYE – ARYA Sciences Acquisition Corp V
-3.1% @ $ 9.69 | FSNB – Fusion Acquisition Corp. II
-3.1% @ $ 9.69 | TETC – Tech and Energy Transition Corporation
-3.1% @ $ 9.69 | EBAC – European Biotech Acquisition Corp.
-3.1% @ $ 9.69 | CORS – Corsair Partnering Corporation
-3.1% @ $ 9.69 | ALPA – ALPHA HEALTHCARE ACQUISITION CORP III
-3.1% @ $ 9.69 | SPTK – SportsTek Acquisition Corp.
-3.0% @ $ 9.70 | AAQC – Accelerate Acquisition Corp.
-3.0% @ $ 9.70 | TMAC – The Music Acquisition Corporation
-3.0% @ $ 9.70 | FICV – Frontier Investment Corp
-3.0% @ $ 9.70 | ZT – Zimmer Energy Transition Acquisition Corp.
-3.0% @ $ 9.70 | MACA – Moringa Acquisition Corp
-3.0% @ $ 9.70 | BWC – Blue Whale Acquisition Corp I
-3.0% @ $ 9.70 | JOFF – JOFF Fintech Acquisition Corp
-3.0% @ $ 9.70 | LHAA – Lerer Hippeau Acquisition Corp
-3.0% @ $ 9.70 | FRON – Frontier Acquisition Corp.
-3.0% @ $ 9.70 | NBST – Newbury Street Acquisition Corporation
-3.0% @ $ 9.70 | CLAA – Colonnade Acquisition Corp. II
-3.0% @ $ 9.70 | APTM – Alpha Partners Technology Merger Corp.
-3.0% @ $ 9.70 | ACRO – Acropolis Infrastructure Acquisition Corp.
-3.0% @ $ 9.70 | MSAC – Medicus Sciences Acquisition Corp.
-3.0% @ $ 9.70 | NSTB – Northern Star Investment Corp. II
-3.0% @ $ 9.70 | HHLA – HH&L Acquisition Co.
-3.0% @ $ 9.70 | PFDR – Pathfinder Acquisition Corporation
-3.0% @ $ 9.70 | PLMI – Plum Acquisition Corp. I
-3.0% @ $ 9.70 | IPVA – InterPrivate II Acquisition Corp.
-3.0% @ $ 9.70 | FZT – FAST Acquisition Corp. II
-3.0% @ $ 9.70 | BITE – Bite Acquisition Corp.
-3.0% @ $ 9.70 | FACT – Freedom Acquisition I Corp
-2.9% @ $ 9.71 | MACC – Mission Advancement Corp.
-2.9% @ $ 9.71 | ARRW – Arrowroot Acquisition Corp.
-2.9% @ $ 9.71 | FLME – Flame Acquisition Corp.
-2.9% @ $ 9.71 | NSTD – Northern Star Investment Corp. IV
-2.9% @ $ 9.71 | SLAC – Social Leverage Acquisition Corp I
-2.9% @ $ 9.71 | IXAQ – IX Acquisition Corp.
-2.9% @ $ 9.71 | TPBA – TPB Acquisition Corporation I
-2.9% @ $ 9.71 | BSKY – Big Sky Growth Partners, Inc.
-2.9% @ $ 9.71 | KSI – Kadem Sustainable Impact Corporation
-2.9% @ $ 9.71 | NGC – Northern Genesis Acquisition Corp. III
-2.9% @ $ 9.71 | GXII – GX Acquisition Corp. II
-2.9% @ $ 9.71 | BLNG – Belong Acquisition Corp.
-2.9% @ $ 9.71 | PDOT – Peridot Acquisition Corp. II
-2.9% @ $ 9.71 | AFAQ – AF Acquisition Corp.
-2.9% @ $ 9.71 | PFTA – Portage Fintech Acquisition Corp.
-2.9% @ $ 9.71 | DTOC – Digital Transformation Opportunities Corp.
-2.9% @ $ 9.71 | ASZ – Austerlitz Acquisition Corporation II
-2.9% @ $ 9.71 | SMIH – Summit Healthcare Acquisition Corp.
-2.9% @ $ 9.71 | DHHC – DiamondHead Holdings Corp.
-2.9% @ $ 9.71 | SSAA – Science Strategic Acquisition Corp. Alpha
-2.9% @ $ 9.71 | BLUA – BlueRiver Acquisition Corp
-2.8% @ $ 9.72 | EVOJ – Evo Acquisition Corp.
-2.8% @ $ 9.72 | CLAS – Class Acceleration Corp.
-2.8% @ $ 9.72 | SLAM – Slam Corp
-2.8% @ $ 9.72 | ESM – ESM Acquisition Corporation
-2.8% @ $ 9.72 | TRCA – Twin Ridge Capital Acquisition Corp.
-2.8% @ $ 9.72 | RXRA – RXR Acquisition Corp
-2.8% @ $ 9.72 | ATAQ – Altimar Acquisition Corp. III
-2.8% @ $ 9.72 | WAVC – Waverley Capital Acquisition Corp. 1
-2.8% @ $ 9.72 | DHCA – DHC Acquisition Corp
-2.8% @ $ 9.72 | VII – 7GC & Co. Holdings Inc.
-2.8% @ $ 9.72 | TWOA – two
-2.8% @ $ 9.72 | TSPQ – TCW Special Purpose Acquisition Corp
-2.8% @ $ 9.72 | MIT – Mason Industrial Technology, Inc.
-2.8% @ $ 9.72 | LOCC – Live Oak Crestview Climate Acquisition Corp.
-2.8% @ $ 9.72 | SCOB – ScION Tech Growth II
-2.8% @ $ 9.72 | OSI – Osiris Acquisition Corp.
-2.8% @ $ 9.72 | AMPI – Advanced Merger Partners, Inc.
-2.8% @ $ 9.72 | SDAC – Sustainable Development Acquisition I Corp.
-2.8% @ $ 9.72 | EQHA – EQ Health Acquisition Corp
-2.8% @ $ 9.72 | AGGR – Agile Growth Corp.
-2.8% @ $ 9.72 | EGGF – EG Acquisition Corp.
-2.8% @ $ 9.72 | LGAC – LAZARD GROWTH ACQUISITION CORP. I
-2.8% @ $ 9.72 | PV – Primavera Capital Acquisition Corporation
-2.8% @ $ 9.72 | CLRM – Clarim Acquisition Corp.
-2.8% @ $ 9.72 | FTEV – FinTech Evolution Acquisition Group
-2.7% @ $ 9.73 | APGB – Apollo Strategic Growth Capital II
-2.7% @ $ 9.73 | PMGM – Priveterra Acquisition Corp.
-2.7% @ $ 9.73 | TIOA – Tio Tech A
-2.7% @ $ 9.73 | FMIV – Forum Merger IV Corporation
-2.7% @ $ 9.73 | SPKB – Silver Spike Acquisition Corp II
-2.7% @ $ 9.73 | CPAR – Catalyst Partners Acquisition Corp.
-2.7% @ $ 9.73 | KVSA – Khosla Ventures Acquisition Co
-2.7% @ $ 9.73 | TLGA – TLG Acquisition One Corp.
-2.7% @ $ 9.73 | MCAG – Mountain Crest Acquisition Corp. V
-2.7% @ $ 9.73 | LCAA – L Catterton Asia Acquisition Corp
-2.7% @ $ 9.73 | HIII – Hudson Executive Investment Corp. III
-2.7% @ $ 9.73 | SCAQ – Stratim Cloud Acquisition Corp.
-2.7% @ $ 9.73 | KRNL – Kernel Group Holdings, Inc.
-2.7% @ $ 9.73 | COLI – Colicity Inc
-2.7% @ $ 9.73 | ACII – Atlas Crest Investment Corp. II
-2.7% @ $ 9.73 | NVSA – New Vista Acquisition Corp
-2.7% @ $ 9.73 | GOBI – Gobi Acquisition Corp.
-2.7% @ $ 9.73 | RMGC – RMG Acquisition Corp. III
-2.7% @ $ 9.73 | LCA – Landcadia Holdings IV, Inc.
-2.7% @ $ 9.73 | CRU – Crucible Acquisition Corporation
-2.7% @ $ 9.73 | SHQA – Shelter Acquisition Corporation I
-2.7% @ $ 9.73 | TWCB – Bilander Acquisition Corp.
-2.7% @ $ 9.73 | BRIV – B. Riley Principal 250 Merger Corp.
-2.7% @ $ 9.73 | KAII – Kismet Acquisition Two Corp.
-2.6% @ $ 9.74 | POND – Angel Pond Holdings Corp
-2.6% @ $ 9.74 | VTIQ – VectoIQ Acquisition Corp. II
-2.6% @ $ 9.74 | HPLT – Home Plate Acquisition Corp
-2.6% @ $ 9.74 | ACQR – Independence Holdings Corp
-2.6% @ $ 9.74 | TRIS – Tristar Acquisition I Corp.
-2.6% @ $ 9.74 | SPGS – Simon Property Group Acquisition Holdings, Inc.
-2.6% @ $ 9.74 | AAC – Ares Acquisition Corporation
-2.6% @ $ 9.74 | FATP – FAT PROJECTS ACQUISITION CORP
-2.6% @ $ 9.74 | PRSR – Prospector Capital Corp.
-2.6% @ $ 9.74 | KAHC – KKR Acquisition Holdings I Corp
-2.6% @ $ 9.74 | PGRW – Progress Acquisition Corp.
-2.6% @ $ 9.74 | SHAC – SCP & CO Healthcare Acquisition Company
-2.6% @ $ 9.74 | JWSM – Jaws Mustang Acquisition Corporation
-2.6% @ $ 9.74 | RVAC – Riverview Acquisition Corp.
-2.6% @ $ 9.74 | AKIC – Sports Ventures Acquisition Corp.
-2.6% @ $ 9.74 | ITQ – Itiquira Acquisition Corp.
-2.6% @ $ 9.74 | PEPL – PepperLime Health Acquisition Corp
-2.6% @ $ 9.74 | WWAC – Worldwide Webb Acquisition Corp.
-2.6% @ $ 9.74 | SBII – Sandbridge X2 Corp
-2.6% @ $ 9.74 | DILA – Dila Capital Acquisition Corp
-2.6% @ $ 9.74 | LAX – 8i Acquisition 2 Corp.
-2.6% @ $ 9.74 | CCAI – Cascadia Acquisition Corp.
-2.6% @ $ 9.74 | FLAC – Frazier Lifesciences Acquisition Corporation
-2.6% @ $ 9.74 | OEPW – One Equity Partners Open Water I Corp.
-2.6% @ $ 9.74 | SNRH – Senior Connect Acquisition Corp I
-2.6% @ $ 9.74 | FCAX – Fortress Capital Acquisition Corp
-2.6% @ $ 9.74 | CPUH – Compute Health Acquisition Corp.
-2.6% @ $ 9.74 | SWET – Athlon Acquisition Corp.
-2.6% @ $ 9.74 | FVIV – Fortress Value Acquisition Corp. IV
-2.6% @ $ 9.74 | REVH – Revolution Healthcare Acquisition Corp.
-2.6% @ $ 9.74 | DNZ – D and Z Media Acquisition Corp.
-2.6% @ $ 9.74 | HCII – HUDSON EXECUTIVE INVESTMENT CORP. II
-2.6% @ $ 9.74 | APMI – AxonPrime Infrastructure Acquisition Corp
-2.6% @ $ 9.74 | NDAC – NightDragon Acquisition Corp
-2.6% @ $ 9.74 | GGMC – Glenfarne Merger Corp.
-2.6% @ $ 9.74 | FSSI – Fortistar Sustainable Solutions Corp.
-2.6% @ $ 9.75 | LHC – Leo Holdings Corp. II
-2.5% @ $ 9.75 | AUS – Austerlitz Acquisition Corporation I
-2.5% @ $ 9.75 | ARIZ – Arisz Acquisition Corp.
-2.5% @ $ 9.75 | EDNC – Endurance Acquisition Corp.
-2.5% @ $ 9.75 | MBSC – M3-Brigade Acquisition III Corp.
-2.5% @ $ 9.75 | ENER – Accretion Acquisition Corp.
-2.5% @ $ 9.75 | CNDA – Concord Acquisition Corp II
-2.5% @ $ 9.75 | FHLT – Future Health ESG Corp.
-2.5% @ $ 9.75 | PRBM – Parabellum Acquisition Corp.
-2.5% @ $ 9.75 | RKTA – Rocket Internet Growth Opportunities Corp.
-2.5% @ $ 9.75 | THCP – Thunder Bridge Capital Partners IV, Inc.
-2.5% @ $ 9.75 | VLAT – Valor Latitude Acquisition Corp.
-2.5% @ $ 9.75 | CPAA – Conyers Park III Acquisition Corp.
-2.5% @ $ 9.75 | FRXB – Forest Road Acquisition Corp. II
-2.5% @ $ 9.75 | FACA – Figure Acquisition Corp. I
-2.5% @ $ 9.75 | BGSX – Build Acquisition Corp.
-2.5% @ $ 9.75 | STRE – Supernova Partners Acquisition Company III, Ltd
-2.5% @ $ 9.75 | CHAA – Catcha Investment Corp
-2.5% @ $ 9.75 | DHBC – DHB Capital Corp.
-2.5% @ $ 9.75 | COVA – Crescent Cove Acquisition Corp.
-2.5% @ $ 9.75 | PUCK – Goal Acquisitions Corp.
-2.5% @ $ 9.75 | WPCB – Warburg Pincus Capital Corporation I—B
-2.5% @ $ 9.75 | FSRX – FinServ Acquisition Corp. II
-2.5% @ $ 9.75 | OSTR – Oyster Enterprises Acquisition Corp.
-2.5% @ $ 9.75 | AGAC – African Gold Acquisition Corporation
-2.5% @ $ 9.75 | PAQC – Provident Acquisition Corp.
-2.5% @ $ 9.75 | ZWRK – Z-Work Acquisition Corp.
-2.5% @ $ 9.75 | EPHY – Epiphany Technology Acquisition Corp
-2.5% @ $ 9.75 | HCAR – Healthcare Services Acquisition Corporation
-2.5% @ $ 9.75 | GFX – Golden Falcon Acquisition Corp.
-2.5% @ $ 9.75 | JCIC – Jack Creek Investment Corp.
-2.5% @ $ 9.75 | TBCP – Thunder Bridge Capital Partners III Inc.
-2.4% @ $ 9.76 | FINM – Marlin Technology Corp
-2.4% @ $ 9.76 | OHPA – Orion Acquisition Corp.
-2.4% @ $ 9.76 | ANZU – Anzu Special Acquisition Corp I
-2.4% @ $ 9.76 | NSTC – Northern Star Investment Corp. III
-2.4% @ $ 9.76 | HWKZ – Hawks Acquisition Corp
-2.4% @ $ 9.76 | MON – Monument Circle Acquisition Corp
-2.4% @ $ 9.76 | SCOA – ScION Tech Growth I
-2.4% @ $ 9.76 | GSEV – Gores Holdings VII
-2.4% @ $ 9.76 | CRZN – Corazon Capital V838 Monoceros Corp
-2.4% @ $ 9.76 | AEAC – Authentic Equity Acquisition Corp.
-2.4% @ $ 9.76 | ROSS – Ross Acquisition Corp II
-2.4% @ $ 9.76 | GNAC – GROUP NINE ACQUISITION CORP.
-2.4% @ $ 9.76 | PICC – Pivotal Investment Corporation III
-2.4% @ $ 9.76 | TZPS – TZP Strategies Acquisition Corp.
-2.4% @ $ 9.76 | CLIM – Climate Real Impact Solutions II Acquisition Corporation
-2.4% @ $ 9.76 | OMEG – Omega Alpha SPAC
-2.4% @ $ 9.76 | TWNI – Tailwind International Acquisition Corp.
-2.4% @ $ 9.76 | TBSA – TB SA Acquisition Corp
-2.4% @ $ 9.76 | IPVI – InterPrivate IV InfraTech Partners Inc.
-2.4% @ $ 9.76 | DLCA – Deep Lake Capital Acquisition Corp.
-2.3% @ $ 9.77 | COOL – Corner Growth Acquisition Corp.
-2.3% @ $ 9.77 | HLAH – Hamilton Lane Alliance Holdings I, Inc.
-2.3% @ $ 9.77 | RACB – Research Alliance Corp. II
-2.3% @ $ 9.77 | SIER – Sierra Lake Acquisition Corp.
-2.3% @ $ 9.77 | GATE – Marblegate Acquisition Corp.
-2.3% @ $ 9.77 | CFIV – CF Acquisition Corp. IV
-2.3% @ $ 9.77 | ANAC – Arctos NorthStar Acquisition Corp.
-2.3% @ $ 9.77 | JYAC – Jiya Acquisition Corp.
-2.3% @ $ 9.77 | HAAC – Health Assurance Acquisition Corp
-2.3% @ $ 9.77 | PANA – Panacea Acquisition Corp. II
-2.3% @ $ 9.77 | BOAC – Bluescape Opportunities Acquisition Corp
-2.3% @ $ 9.77 | GTAC – Global Technology Acquisition Corp. I
-2.3% @ $ 9.77 | LOKM – Live Oak Mobility Acquisition Corp.
-2.3% @ $ 9.78 | DALS – DA32 Life Science Tech Acquisition Corp.
-2.2% @ $ 9.78 | GIAC – Gesher I Acquisition Corp.
-2.2% @ $ 9.78 | FVT – Fortress Value Acquisition Corp. III
-2.2% @ $ 9.78 | KAIR – Kairos Acquisition Corp
-2.2% @ $ 9.78 | GSQB – G Squared Ascend II, Inc.
-2.2% @ $ 9.78 | ATVC – Tribe Capital Growth Corp I
-2.2% @ $ 9.78 | EAC – Edify Acquisition Corp.
-2.2% @ $ 9.78 | POW – Powered Brands
-2.2% @ $ 9.78 | LVRA – Levere Holdings Corp
-2.2% @ $ 9.78 | CHWA – CHW Acquisition Corp
-2.2% @ $ 9.78 | TSIB – Tishman Speyer Innovation Corp. II
-2.2% @ $ 9.78 | HERA – FTAC Hera Acquisition Corp
-2.2% @ $ 9.78 | PSPC – Post Holdings Partnering Corporation
-2.2% @ $ 9.78 | EOCW – Elliott Opportunity II Corp.
-2.2% @ $ 9.78 | SVFB – SVF Investment Corp. 2
-2.2% @ $ 9.78 | GWII – Good Works II Acquisition Corp.
-2.2% @ $ 9.78 | CTAQ – Carney Technology Acquisition Corp. II
-2.2% @ $ 9.78 | KVSC – Khosla Ventures Acquisition Co. III
-2.2% @ $ 9.79 | NOAC – Natural Order Acquisition Corp
-2.1% @ $ 9.79 | VCXA – 10X Capital Venture Acquisition Corp. II
-2.1% @ $ 9.79 | WPCA – Warburg Pincus Capital Corporation I—A
-2.1% @ $ 9.79 | INAQ – Insight Acquisition Corp.
-2.1% @ $ 9.79 | PNTM – Pontem Corp
-2.1% @ $ 9.79 | SWSS – Springwater Special Situations Corp.
-2.1% @ $ 9.79 | AGCB – Altimeter Growth Corp. 2
-2.1% @ $ 9.79 | YTPG – TPG Pace Beneficial II Corp.
-2.1% @ $ 9.79 | EPWR – Empowerment & Inclusion Capital I Corp
-2.1% @ $ 9.79 | ALCC – AltC Acquisition Corp.
-2.1% @ $ 9.79 | ADRA – Adara Acquisition Corp.
-2.1% @ $ 9.79 | BLSA – BCLS Acquisition Corp.
-2.1% @ $ 9.79 | EUCR – Eucrates Biomedical Acquisition Corp
-2.1% @ $ 9.79 | LFTR – Lefteris Acquisition Corp
-2.1% @ $ 9.79 | XPOA – DPCM Capital Inc
-2.1% @ $ 9.79 | ABGI – ABG Acquisition Corp. I
-2.1% @ $ 9.79 | CSTA – Constellation Acquisition Corp I
-2.0% @ $ 9.80 | IACC – ION Acquisition Corp 3 Ltd.
-2.0% @ $ 9.80 | SVNA – 7 Acquisition Corp
-2.0% @ $ 9.80 | HCIC – Hennessy Capital Investment Corp. V
-2.0% @ $ 9.80 | DISA – Disruptive Acquisition Corp I
-2.0% @ $ 9.80 | WQGA – World Quantum Growth Acquisition Corp
-2.0% @ $ 9.80 | BMAQ – Blockchain Moon Acquisition Corp.
-2.0% @ $ 9.80 | BHAC – Crixus BH3 Acquisition Corp.
-2.0% @ $ 9.80 | IIII – INSU Acquisition Corp. III
-2.0% @ $ 9.80 | PTIC – PropTech Investment Corporation II
-2.0% @ $ 9.80 | HCNE – Jaws Hurricane Acquisition Corporation
-2.0% @ $ 9.80 | BYTS – BYTE Acquisition Corp.
-2.0% @ $ 9.80 | ASAQ – Atlantic Street Acquisition Corp
-2.0% @ $ 9.80 | MCAF – Mountain Crest Acquisition Corp. IV
-2.0% @ $ 9.80 | ASPA – Abri SPAC I, Inc.
-2.0% @ $ 9.80 | PMVC – PMV Consumer Acquisition Corp
-2.0% @ $ 9.80 | MEAC – Mercury Ecommerce Acquisition Corp
-2.0% @ $ 9.80 | ORIA – Orion Biotech Opportunities Corp.
-2.0% @ $ 9.80 | VAQC – Vector Acquisition Corporation II
-2.0% @ $ 9.80 | GLLI – Globalink Investment Inc.
-2.0% @ $ 9.80 | KLAQ – KL Acquisition Corp
-2.0% @ $ 9.80 | DGNU – Dragoneer Growth Opportunities Corp. III


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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. 

<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.

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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).

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.