**** Get the free Daily SPAC Newsletter**
It's been a busy week already with 4 deals announced on Monday, Ackman's PSTH / UMG deal being terminated, another deal this morning (VELO picks BBQGuys), more SPAC IPOs, and a record 5 SPAC deal votes today. But, despite this "peak SPAC"-like activity, the overall market remains in a mid-summer funk.
The average pre-deal SPAC -- and incredibly we're still hovering around 420 on any given day -- is now trading at $9.78. That's a massive discount to the $10 NAV. Given the continuing oversupply and general down trading it remains somewhat of a surprise that SPAC sponsors continue to bring more SPACs into the market, but, well incentives...
Recent SPAC IPOs aren't trading in a way that suggests more pre-deal SPACs are necessary in the market at this point. Here are some of the most recent:
$ 10.09 | CLAQ - cleantech Acquisition Corp.$ 9.96 | UPTD - TradeUP Acquisition Corp$ 9.96 | JATT - JATT Acquisition Corp$ 9.94 | GWII - Good Works II Acquisition Corp.$ 10.00 | GLTA - Galata Acquisition Corp$ 10.01 | ACRO - Acropolis Infrastructure Acquisition Corp.$ 9.86 | ALCC - AltC Acquisition Corp.$ 10.06 | RICO - Agrico Acquisition Corp.$ 9.91 | FICV - Frontier Investment Corp$ 9.86 | DNAD - Social Capital Suvretta Holdings Corp. IV$ 9.86 | DNAB - Social Capital Suvretta Holdings Corp. II$ 9.94 | DRAY - Macondray Capital Acquisition Corp. I$ 9.90 | DNAA - Social Capital Suvretta Holdings Corp. I$ 9.98 | CORS - Corsair Partnering Corporation$ 9.87 | DNAC - Social Capital Suvretta Holdings Corp. III$ 10.09 | GGGV - G3 VRM Acquisition Corp.$ 9.98 | SHQA - Shelter Acquisition Corporation I$ 9.82 | GOBI - Gobi Acquisition Corp.$ 9.95 | MCAF - Mountain Crest Acquisition Corp. IV$ 9.92 | THCP - Thunder Bridge Capital Partners IV, Inc.$ 10.00 | EOCW - Elliott Opportunity II Corp.$ 10.09 | NLIT - Northern Lights Acquisition Corp.$ 10.03 | FTVI - FinTech Acquisition Corp. VI$ 9.91 | MITA - Coliseum Acquisition Corp.$ 10.11 | GPCO - Golden Path Acquisition Corporation$ 10.00 | JUGG - Jaws Juggernaut Acquisition Corporation$ 9.99 | TRON - CORNER GROWTH ACQUISITION CORP. 2$ 10.12 | DILA - Dila Capital Acquisition Corp$ 9.99 | ZT - Zimmer Energy Transition Acquisition Corp.
Monday's four deal announcements were either mostly flat or down, and all are trading well below NAV ~$9.85 or below. Overall, there just isn't any excitement behind most of the SPAC activity and it is translating to sub-NAV pricing regardless of stage.
Jul 19 | $ 9.85 | CPSR - Capstar Special Purpose Acquisition Corp. --> Gelesis IncJul 19 | $ 9.84 | IIAC - Investindustrial Acquisition Corp. --> Ermenegildo ZegnaJul 19 | $ 9.85 | OCA - Omnichannel Acquisition Corp --> KinJul 19 | $ 9.81 | ENNV - ECP Environmental Growth Opportunities Corp. --> Fast Radius, Inc.
Tuesday's deal may get some summer excitement as it is BBQ season and has a Manning as a pitchman. But, don't be surprised if there is little or even negative deal announcement pop on this one given the broader market and SPACs specifically.
Tuesday will see 5 SPAC deal votes and with 3 of them trading in the high $8 range it will be interesting to watch the redemptions. As SPAC watchers know, there have been a number of large redemptions over the past couple of months -- the FGNA / OppFi deal just announced $148M in redemptions which is equal to ~62% of trust --, even in some cases where deals are trading near NAV.
ICYMI, we wrote about a big risk that many SPAC investors hadn't appreciated until recently that may come into play here. Essentially, will those investors who choose not to redeem be left owning shares in Zombie De-SPACs -- or companies that suffer large redemptions leaving their cash influx insufficient to deliver on the promise of the original deal.
Jul 20 | $ 8.70 | TWND - Tailwind Acquisition Corp --> QOMPLX, Inc.Jul 20 | $ 8.66 | RAAC - Revolution Acceleration Acquisition Corp --> Berkshire GreyJul 20 | $ 13.62 | PSAC - Property Solutions Acquisition Corp --> Faraday FutureJul 20 | $ 13.25 | GHVI - Gores Holdings VI Inc --> Matterport, Inc.Jul 20 | $ 8.79 | ACND - Ascendant Digital Acquisition Corp --> Beacon Street Group
The SPACs keep coming despite the soggy market.
Biggest Gainers
5.49% ~ $ 12.69 | TPGY - TPG Pace Beneficial Finance Corp (Announced)4.83% ~ $ 11.94 | CMLF - CM Life Sciences Inc (Announced)3.91% ~ $ 10.90 | SRAC - Stable Road Acquisition Corp. (Announced)2.77% ~ $ 10.00 | GGMC - Glenfarne Merger Corp. (Pre-Deal)2.71% ~ $ 13.62 | PSAC - Property Solutions Acquisition Corp (Announced)1.96% ~ $ 9.90 | VCVC - 10X Capital Venture Acquisition Corp (Announced)1.92% ~ $ 9.55 | NHIC - NewHold Investment Corporation (Announced)1.88% ~ $ 11.38 | THCB - Tuscan Holdings Corp. (Announced)1.65% ~ $ 9.87 | AMPI - Advanced Merger Partners, Inc. (Pre-Deal)1.42% ~ $ 11.41 | CMII - CM Life Sciences II Inc. (Announced)1.12% ~ $ 10.85 | AGC - ALTIMETER GROWTH CORP (Announced)1.02% ~ $ 9.95 | ORIA - Orion Biotech Opportunities Corp. (Pre-Deal).82% ~ $ 9.82 | ADER - 26 Capital Acquisition Corp (Pre-Deal).82% ~ $ 9.87 | TSIB - Tishman Speyer Innovation Corp. II (Pre-Deal).72% ~ $ 9.76 | QFTA - Quantum FinTech Acquisition Corp (Pre-Deal).72% ~ $ 9.81 | ENNV - ECP Environmental Growth Opportunities Corp. (Announced).70% ~ $ 10.04 | DFNS - LGL Systems Acquisition Corp (Announced).62% ~ $ 9.73 | AGGR - Agile Growth Corp. (Pre-Deal).61% ~ $ 9.85 | EUCR - Eucrates Biomedical Acquisition Corp (Pre-Deal).61% ~ $ 9.85 | CPSR - Capstar Special Purpose Acquisition Corp. (Announced)
Biggest Losers
-10.27% ~ $ 10.05 | FGNA - FG New America Acquisition Corp (Announced)-6.55% ~ $ 8.70 | TWND - Tailwind Acquisition Corp (Announced)-5.77% ~ $ 8.90 | ANDA - Andina Acquisition Corp. III (Announced)-5.74% ~ $ 11.65 | FST - FAST ACQ CP (Announced)-3.81% ~ $ 11.11 | TDAC - Trident Acquisitions Corp (Announced)-3.78% ~ $ 8.66 | RAAC - Revolution Acceleration Acquisition Corp (Announced)-3.72% ~ $ 8.79 | ACND - Ascendant Digital Acquisition Corp (Announced)-3.34% ~ $ 9.84 | IIAC - Investindustrial Acquisition Corp. (Announced)-2.78% ~ $ 10.49 | BOWX - BowX Acquisition Corp (Announced)-2.62% ~ $ 10.47 | BLSA - BCLS Acquisition Corp. (Pre-Deal)-2.59% ~ $ 22.20 | CCIV - Churchill Capital Corp IV (Announced)-2.19% ~ $ 10.28 | CND - Concord Acquisition Corp (Announced)-1.68% ~ $ 9.63 | VLAT - Valor Latitude Acquisition Corp. (Pre-Deal)-1.68% ~ $ 9.95 | DMYI - dMY Technology Group Inc III (Announced)-1.64% ~ $ 16.76 | RICE - Rice Acquisition Corp. (Announced)-1.43% ~ $ 9.67 | TMPM - Turmeric Acquisition Corp (Pre-Deal)-1.41% ~ $ 13.25 | GHVI - Gores Holdings VI Inc (Announced)-1.33% ~ $ 9.66 | LDHA - LDH Growth Corp I (Pre-Deal)
With the average SPAC trading so far below NAV, it is a big opportunity for those looking for safe yield (assuming they execute redemption at $10). Here are some of the SPACs trading at the largest discounts which translates to higher yields:
-4.20% | FLME - Flame Acquisition Corp. (Pre-Deal)-4.00% | MSAC - Medicus Sciences Acquisition Corp. (Pre-Deal)-4.00% | MBAC - M3-Brigade Acquisition II Corp (Pre-Deal)-4.00% | GLHA - Glass Houses Acquisition Corp. (Pre-Deal)-4.00% | KSIC - Kadem Sustainable Impact Corporation (Pre-Deal)-4.00% | PSAG - Property Solutions Acquisition Corp. II (Pre-Deal)-4.00% | CLBR - Colombier Acquisition Corp. (Pre-Deal)-3.90% | OSI - Osiris Acquisition Corp. (Pre-Deal)-3.90% | AGAC - African Gold Acquisition Corporation (Pre-Deal)-3.90% | ITHX - ITHAX Acquisition Corp. (Pre-Deal)-3.90% | CPAR - Catalyst Partners Acquisition Corp. (Pre-Deal)-3.90% | PUCK - Goal Acquisitions Corp. (Pre-Deal)-3.90% | POND - Angel Pond Holdings Corp (Pre-Deal)-3.80% | NBST - Newbury Street Acquisition Corporation (Pre-Deal)-3.80% | EAC - Edify Acquisition Corp. (Pre-Deal)-3.80% | BRIV - B. Riley Principal 250 Merger Corp. (Pre-Deal)-3.80% | TUGC - TradeUP Global Corp (Pre-Deal)-3.80% | LVRA - Levere Holdings Corp (Pre-Deal)-3.70% | EQHA - EQ Health Acquisition Corp (Pre-Deal)-3.70% | MIT - Mason Industrial Technology, Inc. (Pre-Deal)-3.70% | KIII - Kismet Acquisition Three Corp. (Pre-Deal)-3.70% | NRAC - Noble Rock Acquisition Corporation (Pre-Deal)-3.70% | CPTK - Crown PropTech Acquisitions (Pre-Deal)-3.70% | BITE - Bite Acquisition Corp. (Pre-Deal)-3.66% | VLAT - Valor Latitude Acquisition Corp. (Pre-Deal)-3.60% | IBER - Ibere Pharmaceuticals (Pre-Deal)-3.60% | FTEV - FinTech Evolution Acquisition Group (Pre-Deal)-3.60% | FSNB - Fusion Acquisition Corp. II (Pre-Deal)-3.60% | ITQ - Itiquira Acquisition Corp. (Pre-Deal)-3.60% | ACAH - Atlantic Coastal Acquisition Corp. (Pre-Deal)-3.60% | ANZU - Anzu Special Acquisition Corp I (Pre-Deal)-3.60% | ARRW - Arrowroot Acquisition Corp. (Pre-Deal)-3.60% | TWLV - Twelve Seas Investment Company II (Pre-Deal)-3.60% | ASAX - Astrea Acquisition Corp. (Pre-Deal)-3.55% | PTOC - Pine Technology Acquisition Corp. (Pre-Deal)-3.50% | OSTR - Oyster Enterprises Acquisition Corp. (Pre-Deal)-3.50% | JCIC - Jack Creek Investment Corp. (Pre-Deal)-3.50% | BSKY - Big Sky Growth Partners, Inc. (Pre-Deal)-3.50% | TBSA - TB SA Acquisition Corp (Pre-Deal)-3.50% | TCAC - Tuatara Capital Acquisition Corporation (Pre-Deal)-3.50% | OPA - Magnum Opus Acquisition Limited (Pre-Deal)-3.50% | KAII - Kismet Acquisition Two Corp. (Pre-Deal)-3.50% | ROSS - Ross Acquisition Corp II (Pre-Deal)-3.50% | GXII - GX Acquisition Corp. II (Pre-Deal)-3.50% | MACC - Mission Advancement Corp. (Pre-Deal)-3.50% | ZWRK - Z-Work Acquisition Corp. (Pre-Deal)-3.50% | DISA - Disruptive Acquisition Corp I (Pre-Deal)-3.50% | BGSX - Build Acquisition Corp. (Pre-Deal)-3.50% | TSPQ - TCW Special Purpose Acquisition Corp (Pre-Deal)-3.50% | PMGM - Priveterra Acquisition Corp. (Pre-Deal)-3.50% | COVA - Crescent Cove Acquisition Corp. (Pre-Deal)-3.50% | SBEA - SilverBox Engaged Merger Corp I (Pre-Deal)-3.50% | SPTK - SportsTek Acquisition Corp. (Pre-Deal)-3.50% | GMBT - Queens Gambit Growth Capital (Pre-Deal)-3.50% | CLRM - Clarim Acquisition Corp. (Pre-Deal)
More from Boardroom Alpha For ongoing tracking, analytics, and data on SPACs checkout Boardroom Alpha's SPAC Data and Analytics service.
(Disclaimers: this is not investment advice. The author may be long one or more stocks mentioned in this report.)
See the rest here:
BBQ to the Moon and More Zombie De-SPACs? - TheStreet
- Even Will Smith Couldnt Save Zombie Survival Game Undawn, Which Flopped Spectacularly - IGN - March 24th, 2024
- Rob Zombie Recommends This Surprisingly Wholesome Comedy - Dread Central - March 24th, 2024
- Army Writing and the Zombie (Noun) Apocalypse - Modern War Institute - United States Military Academy West Point - March 24th, 2024
- Fatal Fury's Mai Shiranui Is In This Zombie Survival Game For Some Reason - Time Extension - March 24th, 2024
- Should you be worried about 'zombie deer'? | College of Public Health - George Mason University - March 24th, 2024
- 'Scooby-Doo on Zombie Island' Scares Its Way to Blu-ray for the First Time This Spring - Collider - March 24th, 2024
- Rob Zombie hates my guts: GWAR's Dave 'Oderus Urungus' Brockie was a genius, and here's an interview that proves it - Louder - March 24th, 2024
- In the fight against gun violence, Rep. Frost Introduces the Destroy Zombie Guns Act - The Apopka Voice - March 24th, 2024
- Elfriede Jelinek's 'The Children of the Dead' is a historical zombie novel - The Washington Post - The Washington Post - March 24th, 2024
- Germany's Zombie Government Is Fueling the Far Right - The Atlantic - March 24th, 2024
- Zombie Survival Game Undawn Has Crashed And Burned According To A Reuters Report - MMOs.com - March 24th, 2024
- Will Smiths Zombie Game Has Been Hit Harder Than Chris Rock at the Oscars Its Astronomical Budget Was ... - imdb - March 24th, 2024
- Scooby-Doo On Zombie Island / Return to Zombie Island Blu-ray (Warner Archive Collection) - Blu-ray.com - March 24th, 2024
- Registration almost here for Dothans annual Zombie 5K Chase - WDHN - March 24th, 2024
- Zombie magic and gambling club Magic Island will come alive again this summer - Houston Chronicle - March 24th, 2024
- Undawn | The $140m zombie survival game starring Will Smith that bombed while nobody was looking - Filmstories - March 24th, 2024
- After 4 years, a cult classic zombie horror manga from Ga-Rei's creator is finally getting an official English release - Gamesradar - March 24th, 2024
- Will Smith's Zombie Game Has Been Hit Harder Than Chris Rock at the Oscars - Its Astronomical Budget Was ... - FandomWire - March 24th, 2024
- "The game literally no one knew existed": The Will Smith Zombie Survival Game is Reportedly a Big Flop and Fans Are ... - FandomWire - March 24th, 2024
- Zombie-palooza --- Get to the biggest undead music event in the latest Dead Island 2 expansion: SoLA - Gaming Trend - March 24th, 2024
- Bournemouth University medical students treat 'zombie attack' in mass training simulation - The Tab - March 24th, 2024
- Zombie car factories on the rise in China as buyers opt for EVs - Financial Times - March 16th, 2024
- Hey, Remember When Rob Zombie Was Going To Direct THE CROW 3? - FANGORIA - March 16th, 2024
- New Walking Dead Twist Shows How The Zombie Outbreak Will Finally End - Screen Rant - March 16th, 2024
- Candid conversations from death row with The Zombie Hunter - Arizona's Family - March 16th, 2024
- Zombie! The Musical - REVIEW - City Hub Sydney - March 16th, 2024
- A Gorgeous Harp and Guitar String Duet of 'Zombie' by The Cranberries in Honor of Alexei Navalny - Laughing Squid - March 16th, 2024
- Y2K Review: A 1999 Youth Nostalgia Comedy That Turns Into an Attack-of-the-Computers Zombie Movie. But Only the First One Is Fun - Variety - March 16th, 2024
- AMC Announces Every Zombie in The Walking Dead Getting Its Own Spin-Off - Hard Drive - March 16th, 2024
- The Growing Threat of Zombie Code - CXOToday.com - March 16th, 2024
- The Greatest Zombie Movie Ever Gets Theatrical Return For Anniversary - Giant Freakin Robot - March 16th, 2024
- You won't expect which fighting game character pops up in this random mobile zombie game trailer for a bizarre ... - EventHubs - March 16th, 2024
- Coby White, Butler and the 'Zombie Heat,' Fontecchio Are All Here to Stay - Canis Hoopus - March 16th, 2024
- 'Land of the Dead' 19 Years Later: Romero's Return Was Smarter Than the Average Zombie Movie - Bloody Disgusting - March 16th, 2024
- Z Nation Season 6: SYFY Tease Return of Zombie Series 6 Years After Its Death - ComingSoon.net - March 16th, 2024
- Zombie! The Musical (Hayes Theatre Co) - Limelight - March 16th, 2024
- Get This Definitive Edition Zombie Game For Free Right Now On Steam - Screen Rant - February 19th, 2024
- The Best Ghost and Zombie Movie Romances - Vulture - February 19th, 2024
- The couple trying to keep killer 'zombie viruses' at bay - and protect us from another pandemic - The Telegraph - February 19th, 2024
- Meet the Serbian Businessman/DJ Who Runs the Zombie AI Southwest Journal - Racket - February 19th, 2024
- Dead Island 2 Spreading Its Zombie Virus to Steam in April - GameSpace.com - February 19th, 2024
- Lincoln hosts Alice Cooper and Rob Zombie - Omaha - KETV Omaha - February 19th, 2024
- 'The Walking Dead - The Ones Who Live' Review AMC's Zombie Epic Shambles On - Collider - February 19th, 2024
- Legislative recap: zombie bills, teacher pay, lithium tax, pipelines and more - Black Hills Pioneer - February 19th, 2024
- Japan's stock markets are on a tear. Will 'zombie firms threaten the bull run? - CNBC - February 11th, 2024
- Thebe Phetogos haunted response to zombie figuration in art - The Washington Post - February 11th, 2024
- Cosmic dust from 'zombie' galaxies could form planets and life - The Telegraph - February 11th, 2024
- I walked with a zombie: 16 monster love interests that set hearts aflutter - The A.V. Club - February 11th, 2024
- Free Steam zombie shooter you've never heard of is getting rave reviews, somehow - GAMINGbible - February 11th, 2024
- South Korea's 'zombie football' finally leaves them in a hole too deep to climb out of - ESPN - February 11th, 2024
- Call of Duty: Modern Warfare 3's Zombie Mode is Getting Abandoned by Developer - FandomWire - February 11th, 2024
- Rob Zombie's House of 1000 Corpses Full Audio Being Released as Immersive Vinyl - ComicBook.com - February 11th, 2024
- Zombie 'apocalypse' caused by mind-altering fungi, like that in hit TV show The Last of Us, is possible MPs ar - Daily Mail - February 11th, 2024
- The dark horse of Steam Next Fest is this open-world zombie survival game that feels like an homage to the best game ... - Gamesradar - February 11th, 2024
- COVID-19 Zombie Viral Fragments Could Help Explain Why Some Infections Are More Severe | Weather.com - The Weather Channel - February 11th, 2024
- Gotham City becomes a Joker-infected zombie nightmare in new Batman #143 preview - Dexerto - February 11th, 2024
- Boy, 16, stabbed to death with zombie knife at birthday party, court hears - The Independent - February 11th, 2024
- ROB ZOMBIE And ALICE COOPER Announce Summer 2024 'Freaks On Parade' Tour With MINISTRY And FILTER - BLABBERMOUTH.NET - February 3rd, 2024
- Rob Zombie, Alice Cooper are bringing their 'Freaks on Parade Tour' to Indy this summer - IndyStar - February 3rd, 2024
- Alice Cooper And Rob Zombie Touring Again This Summer - Vermilion County First - February 3rd, 2024
- Rob Zombie and Alice Cooper's 'Freak' show coming Aug. 25 to the X in St. Paul - Star Tribune - February 3rd, 2024
- Rob Zombie and Alice Cooper get their freak on with tour stop in Houston - CultureMap Houston - February 3rd, 2024
- 'True Detective: Night Country' and the 'Zombie Virus' Theory - Pajiba Entertainment News - February 3rd, 2024
- Alice Cooper and Rob Zombie to team up at Star Lake; Heart to headline PPG Paints Arena - The Times - February 3rd, 2024
- Double bills of Rob Zombie and Alice Cooper, Train and REO Speedwagon coming this summer - St. Paul Pioneer Press - February 3rd, 2024
- Rob Zombie and Alice Cooper's Freaks On Parade 2024 tour: Presale code, tickets, dates, venues, & all you need to ... - Sportskeeda - February 3rd, 2024
- Rob Zombie and Alice Cooper added to Walmart AMP lineup - Fayetteville Flyer - February 3rd, 2024
- ROB ZOMBIE and ALICE COOPER continue "The Freaks On Parade" tour in 2024 - Lambgoat - February 3rd, 2024
- Rob Zombie, Alice Cooper to Continue Their 'Freaks on Parade' Tour with Filter and Ministry - MetalSucks - February 3rd, 2024
- 'Handling the Undead' Review: This Emotional Zombie Horror Movie Isn't as Unique as It Thinks | Sundance 2024 - Collider - February 3rd, 2024
- Sundance Review: Handling The Undead Deconstructs the Zombie Genre with Painful Dread - The Film Stage - February 3rd, 2024
- How many 'zombie' stores will be left in the Philly area after Rite Aid's bankruptcy? - The Philadelphia Tribune - February 3rd, 2024
- Rob Zombie, Alice Cooper announce 'Freaks on Parade' 2024 tour dates with Ministry and Filter - Brooklyn Vegan - February 3rd, 2024
- Rob Zombie, Alice Cooper coming to Milwaukee on Aug. 27, 2024 - FOX 6 Milwaukee - February 3rd, 2024
- Alice Cooper And Rob Zombie Announce 2024 Tour: See The Dates - iHeartRadio - February 3rd, 2024
- Rob Zombie and Alice Cooper to stop at Walmart AMP - KNWA - February 3rd, 2024
- Rob Zombie and Alice Cooper coming to Blossom - WJW FOX 8 News Cleveland - February 3rd, 2024
- Rob Zombie and Alice Cooper Reveal Joint U.S. Tour Dates Here's How To Get Presale Code Tickets - Grimy Goods - February 3rd, 2024
- Canada's 'zombie fires' continue to burn even under thick layers of snow - National Post - February 3rd, 2024
- Alice Cooper and Rob Zombie bringing Freaks on Parade to Coopers home state - MLive.com - February 3rd, 2024
Reviewed and Recommended by Erik Baquero