The PSPC market continues its overall transition to a more positive narrative as the June mass voting continues smoothly and no big negative news has hit. This morning Decarbonization Plus Acquisition Corporation III (DCRC) Announced $ 1.24 Billion SPAC Agreement with Solid Power. Bloomberg again has the latest rumors that GS Acquisition Holdings Corp. II (GSAH) could merge with Mirion Tech, a nuclear measurement and analysis company.
A rare SPAC IPO today with G-Squared Ascend II (GSQB / U) expected to trade on NASDAQ. That’s a $ 125 million SPAC with 1/3 warrants. The sponsor, VC G-Squared, has set itself the goal of targeting technology (6 main sub-sectors). G-Squared I (GSQD) is still looking for a target after going public in February for $ 345 million.
RIDE continued its slump yesterday – down 19% – after CEO Steve Burns resigned amid continued allegations of misrepresentation and last week’s post about their ability to stay in business. This has not had and should not have an impact on the wider PSPC marketplace as it is a company specific event. Investors in public markets, however, should be careful and be aware of the increased risks and volatile nature of VC-type investments (i.e. highly speculative pre-income games).
June continues to get more PSPC shareholder votes with Alusa Energy Acquisition Company (ALUS) fixing his vote at 6/30. ALUS closed just over NAV at $ 10.09 yesterday and the deal for FREYR is expected to be approved with few buybacks. Fortress Value Acquisition Corp II (FAII) votes today on ATI Physical the deal should also go smoothly as it only trades a few cents below the NAV.
So there are at least 18 additional votes in June. Remember, we’ve seen PSPCs pop up around deal votes, so watch for any possible action around actual ex-redemption and voting dates. Most of the remaining PSPCs with June votes are trading above NAV, so investors will want to make sure they assess the actual trade before the trade.
In particular, look for strong sponsors and businesses with income-generating activities that institutional investors will be comfortable getting into once it is no longer a SPAC.
Here are all the votes for June
June 15 | $ 9.95 | FAII – Fortress Value Acquisition Corp. II -> ATI physiotherapy
June 16 | $ 10.02 | CRSA – Crescent Acquisition Corp -> LiveVox TopCo, LLC
June 17 | $ 10.00 | ACAC – Acies Acquisition Corp -> PlayStudios, Inc.
June 17 | $ 9.86 | HEC – Hudson Executive Investment Corp -> Discussion space
June 22 | $ 10.13 | TBD – Thoma Bravo Advantage -> ironSource
June 22 | $ 12.50 | FTIV – FinTech Acquisition Corp. IV -> Perella Weinberg Partners LLC
June 23 | $ 10.10 | FTOC – FTAC Olympus Acquisition Corp -> Payoneer Inc.
June 23 | $ 9.98 | AACQ – Artius Acquisition Inc. -> Original materials
June 24 | $ 10.26 | FRX – Forest Road Acquisition Corp -> Beachbody, LLC
June 24 | $ 10.02 | FIII – Forum Merger III Corporation -> Electric Last Mile, Inc.
June 28 | $ 10.77 | IACA – ION Acquisition Corp 1 Ltd -> Taboola
June 29 | $ 13.68 | CLII – Real impact of the climate crisis I Acquisition Corp -> EVgo
June 29 | $ 10.01 | ACFC – Falcon Capital Acquisition Corp -> sharecare
June 29 | $ 10.28 | RACA – Therapeutics Acquisition Corp -> POINT Biopharma
June 30 | $ 10.46 | WPF – Foley Trasimeno Acquisition Corp. -> Alight Solutions
June 30 | $ 10.97 | HOL – Holicity Inc -> Astra
June 30 | $ 10.09 | ALUS – Alussa Energy Acquisition Corp -> FREYR
June 30 | $ 11.63 | APXT – Apex Technology Acquisition Corporation -> AvePoint, Inc.
SPAC price action
Investors should note that the bulk of the price action continues to occur in PSPCs with deals announced, but rumors are still circulating in PSPCs ahead of the deal. For example, NGCA continued to rise on Monday upon the announcement of a possible agreement with Richard Branson’s Virgin Orbit. With SPCE Recently soaring, this will continue to attract the interest of retail investors.
TPG Beneficial Pace (TPGY) was down -7% on Monday and continues its volatile run towards a deal with EVBox. Those who follow the TPGY / EVBox agreement will remember that EVBox is a cutout of Engie and the ability to obtain sound, audited financial statements slowed down this agreement. At the end of May, he moved his outside date for the deal from June 8 to August 6.
The Biggest SPAC Movers on Monday
Biggest Monday Winners6.56% ~ $ 14.29 | LACQ – Leisure Acquisition Corp. (Ad)
5.94% ~ $ 10.35 | NGCA – NextGen Acquisition Corp. II (Pre-Deal)
4.49% ~ $ 11.16 | ARYA – Arya Sciences Acquisition Corp III (Announced)
4.49% ~ $ 11.63 | APXT – Apex Technology Acquisition Corporation (Announced)
4.46% ~ $ 11.47 | VGAC – VG Acquisition Corp (Announced)
3.64% ~ $ 11.97 | PDAC – Peridot Acquisition Corp (Announced)
2.47% ~ $ 9.95 | PLMI – Plum Acquisition Corp. I (Pre-Deal)
1.96% ~ $ 9.87 | PTOC – Pine Technology Acquisition Corp. (Pre-agreement)
1.54% ~ $ 9.87 | SBII – Sandbridge X2 Corp (Pre-Deal)
1.53% ~ $ 9.95 | NGC – Northern Genesis Acquisition Corp. III (Pre-agreement)
1.52% ~ $ 10.00 | GTPB – GORES TECHNOLOGY PARTNERS II, INC. (Pre-Deal)
1.48% ~ $ 9.87 | LIII – Leo Holdings III Corp (Pre-Deal)
1.42% ~ $ 10.74 | JUMP – Ribbit LEAP Ltd (Pre-Deal)
1.35% ~ $ 9.93 | GNAC – GROUP NINE ACQUISITION CORP. (Pre-agreement)
1.32% ~ $ 10.36 | BLSA – BCLS Acquisition Corp. (Pre-Deal)
1.32% ~ $ 10.77 | AIAC – ION Acquisition Corp 1 Ltd (Announced)
1.26% ~ $ 10.08 | FVAM – 501 ACQ CORP (Pre-Deal)
Monday’s Biggest Losers
-7.18% ~ $ 12.03 | TPGY – TPG Pace Beneficial Finance Corp (Announced)
-6.80% ~ $ 18.64 | RSVA – Rodgers Silicon Valley Acquisition Corp (Announced)
-5.05% ~ $ 12.22 | SRAC – Stable Road Acquisition Corp. (Ad)
-4.84% ~ $ 18.09 | ACTC – ArcLight Clean Transition Corp (Announced)
-4.06% ~ $ 24.12 | CCIV – Churchill Capital Corp IV (Announced)
-4.05% ~ $ 10.65 | AHAC – Alpha Healthcare Acquisition Corp (Announced)
-4.00% ~ $ 12.23 | TDAC – Trident Acquisitions Corp (Announced)
-3.50% ~ $ 13.24 | PSAC – Property Solutions Acquisition Corp (Announced)
-3.45% ~ $ 15.39 | GHVI – Gores Holdings VI Inc (Announced)
-3.38% ~ $ 12.56 | CMLF – CM Life Sciences Inc (Announced)
-2.81% ~ $ 12.09 | DCRC – Decarbonization Plus Acquisition Corporation III (Pre-Deal)
-2.81% ~ $ 9.70 | EBAC – European Biotech Acquisition Corp. (Pre-Deal)
-2.67% ~ $ 13.13 | THCB – Tuscan Holdings Corp. (Ad)
-2.59% ~ $ 9.79 | GTPA – Gores Technology Partners, Inc (Pre-agreement)
-2.44% ~ $ 9.60 | RKTA – Rocket Internet Growth Opportunities Corp. (Pre-Deal)
-2.39% ~ $ 18.79 | SSPK – Silver Spike Acquisition Corp. (Ad)
-2.39% ~ $ 10.22 | VACQ – Vector Acquisition Corp (Announced)
More from Boardroom Alpha
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- RIDE continues its fall, Fortress II (FAII) votes tomorrow
- Lordstown (RIDE) CEO Steve Burns resigns; Box + SVOK
- The great movements of Gamestop; The director / officer moves without June 11
- De-SPACs explode, another eVTOL merger
- In a positive momentum from PSPC, IPOs also returned
- The SPAC tide turns positive
- Less angst in SPAC Land + Wallbox in $ 1.5 billion SPAC contract
- SPACs increase, RIDE plunges into continuity
- PSPC storytelling change: CLOV increases in pre-release, CCIV jumped on Monday
- VPC impact decreases on Dave deal, more PSPC votes to come
- A big week for the PSPCs. Will the story continue to improve?
- Ackman rewrites SPAC’s ‘merger’, de-SPACs heat up
- 2 PSPCs vote tomorrow amid June merger frenzy
- Is PSPC’s narrative changing with the success of De-SPAC and the new PSPCs from Chamath?
- Hot Start for SoFi, while MUDS takes a hit on AMC and Candy Digital News
- SPAC activity resumes on Memorial Day, remains sharply reduced
- IPOE adopts vote as Chamath Pens editorial, PACX rises on Acorns deal
- Chamath IPOE shareholders vote today on the SoFi merger; Tassels and eFFECTOR offers
- SPAC IPOs Mixed, DCRN Deal Rises Slightly, IPOE / SoFi Coming Up
(Disclaimers: This is not investment advice. The author may go on and on about one or more of the actions mentioned in this report.)