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The PSPC market has mainly taken a hit alongside the rest of the market today. Notable among today’s declines, Planet Labs, which saw its ticker change yesterday and after showing strength closing at $ 11.35, fell 13.6% to $ 9.81. However, after office hours it has climbed almost 3% to $ 10.09 at the time of this writing.
DWAC also took a hard hit, also losing 13.6% to $ 56.55. Price action on DWAC is ideal for those doing the right day-to-day trades to take advantage of fluctuations, but is not tied to anything fundamental. CFVI, which is merging with Rumble, and is a sympathy trade with DWAC, also fell 9.4%.
New SEC chief Gary Gensler posted, a little mockingly, a video on “what is a PSPC in the world?” The video is further proof that heightened whistleblower and investor protection requirements are fully at the forefront of his agenda. Keep an eye out here.
Elsewhere in PSPCs
CBRE Acquisition Holdings (CBAH) completed its merger with Altus Power and will trade as AMPS tomorrow 12/10 on the NYSE. The company said it received proceeds of $ 636.5 million before transaction costs and subsequent redemptions, which equates to approximately 10% redemptions ($ 41 million from the trust of $ 402.5 million). CBAH shares closed + 6.44% at $ 10.75.
MCAP Acquisition Corporation (MACQ) and AdTheorent waived the minimum cash requirement and the minimum trust cash requirement in their merger terms. They have scheduled a shareholder vote for December 21. MACQ shares closed sub-nav at $ 9.96, clearly expecting a bunch of buybacks here.
FAST Acquisition Company (FST) postponed sine die its merger vote with Fertitta (remember the two sides are fighting after Fertitta tries to close the deal), which was originally scheduled for December 14. Looks like a nasty battle is brewing. FST closed at $ 10.06.
PEAR joins the High Redemption / Low Float Club
With 97% of the shares repurchased, Pear Therapeutics (PEAR, was THMA) tied for the highest repurchase ever. The high buyout club saw some traders come in quickly and make money on the squeeze, but longer term SPAC stocks have generally been a lock to underperform.
6 new PSPCs were released to tape today for the first time, and all are from first-time sponsors. Unsurprisingly, they also all featured overfunded trusts and 1/2 warrants, except for a brave SPAC, Target Global Acquisition I Corp (TGAA) which only offered 1/3 warrants. TGAAU broke the price and closed at $ 9.95.
We hear that over 7 more PSPC IPOs are expected to be valued tonight.
Next week will see a number of votes with all PSPCs trading under $ 10. Watch for a week of big buyouts.
December 13 | $ 9.89 | YAC – Yucaipa Acquisition Corporation -> SIGNA Sports United
December 14th | $ 9.75 | BSN – Broadstone Acquisition Corp. -> Vertical aerospace
December 14th | $ 9.83 | ISOS – Isos Acquisition Corp. -> Bowlero
Dec 16 | $ 9.97 | CMLT – CM Life Sciences III Inc. -> EQRx, Inc.
December 20 | $ 9.94 | CFV – CF Acquisition Corp. V -> Satellogic
December 21 | $ 9.96 | MACQ – MCAP Acquisition Corporation -> AdTheorent Inc.
December 21 | $ 9.98 | HCAQ – HealthCor Catalio Acquisition Corp. -> Hyperfine, Inc.
December 22 | $ 10.22 | SEAH – Sports Entertainment Acquisition Corp -> Super group
December 23 | $ 12.09 | FSII – FS Development Corp. II -> Pardes Biosciences, Inc
December 23 | $ 10.19 | DBDR – Roman DBDR Tech Acquisition Corp. -> CompoSecure Holdings, LLC
Dec 28 | $ 9.97 | ATNH – Athena Technology Acquisition Corp. -> Heliogen
Dec 28 | $ 9.99 | NGCA – NextGen Acquisition Corp. II -> Virgin Orbit
Today’s SPAC movers
The biggest winners
4.21% ~ $ 10.16 | CPAA – Conyers Park III Acquisition Corp. (Pre-Deal)
3.37% ~ $ 12.90 | ESSC – East Stone Acquisition Corporation (Announced)
2.01% ~ $ 10.14 | DTRT – DTRT Health Acquisition Corp. (Pre-agreement)
1.95% ~ $ 9.95 | SHQA – Shelter Acquisition Corporation I (Pre-Deal)
1.75% ~ $ 9.89 | IPVI – InterPrivate IV InfraTech Partners Inc. (Pre-Deal)
1.34% ~ $ 9.85 | CPAR – Catalyst Partners Acquisition Corp. (Pre-Deal)
1.34% ~ $ 9.86 | ZLEP – Portage Fintech Acquisition Corp. (Before the transaction)
1.23% ~ $ 9.87 | FTEV – FinTech Evolution acquisition group (Pre-Deal)
1.12% ~ $ 9.95 | CIIG – CIIG Capital Partners II, Inc. (Pre-Deal)
1.12% ~ $ 9.95 | MCAE – Mountain Crest Acquisition Corp. III (Pre-agreement)
1.12% ~ $ 9.97 | HMCO – HumanCo Acquisition Corp. (Pre-Deal)
1.02% ~ $ 9.90 | SWSS – Springwater Special Situations Corp. (Pre-agreement)
1.02% ~ $ 9.95 | ROCG – Roth CH Acquisition IV Co. (Pre-Deal)
1.00% ~ $ 10.13 | Pipp – Pine Island Acquisition Corp (Pre-agreement)
The biggest losers
-13.56% ~ $ 56.55 | DWAC – Digital World Acquisition Corp. (Announcement)
-9.41% ~ $ 13.58 | CFVI – CF Acquisition Corp. VI (Announced)
-5.52% ~ $ 11.63 | GGPI – Gores Guggenheim, Inc (Announced)
-3.55% ~ $ 10.61 | SNII – Supernova Partners Acquisition Company II, Ltd. (Announcement)
-2.21% ~ $ 9.75 | BSN – Broadstone Acquisition Corp. (Announcement)
-1.93% ~ $ 10.16 | BENE – Benessere Capital Acquisition Corp. (Announcement)
-1.89% ~ $ 12.46 | MEKA – MELI Kaszek Pioneer Corp (Pre-Deal)
-1.50% ~ $ 9.83 | ISOS – Isos Acquisition Corp. (Announcement)
-1.26% ~ $ 10.22 | WED – Sports Entertainment Acquisition Corp (Announced)
-1.23% ~ $ 9.75 | FHLT – Future Health ESG Corp. (Pre-Deal)
-1.00% ~ $ 9.94 | CFV – CF Acquisition Corp. V (Announced)
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(Caveats: This is not investment advice. The author can go on and on about one or more of the actions mentioned in this report.)