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The late announcement of Khosla Ventures (KSVA) and Valo Health took the market for an after hours surprise. The announcement came as a shock as the vote was scheduled for tomorrow, November 16, and Khosla’s solid reputation which includes its initial SPAC transaction where it took Next to (GENRE) public (+ 33% since the IPO).
It had otherwise felt like another solid day for the SAVS with the return of energy and two agreements announced. Considering the general vibe and story of PSPC at the moment, this won’t be much of a blow to the market. But, layoffs are coming at an increasing rate and it’s worth watching how layoffs progress in the coming months.
Pre-deal SPACs remain at a solid discount. On average, they trade at $ 9.84. This remains significantly higher than a few months ago, however, and shows that some strength – or at least a willingness to take more bets – has returned to the pre-deal space.
Altimeter Growth (AGC), which merges with Grab, fell another 8% today on the back of Grab’s disappointed third quarter earnings. The post-deal announcement is a critical time for SPACs and any sign of weakness is quickly detected by investors. PSPC investors must continue to monitor performance enablers – negative and positive – at every stage of PSPC. Positive execution news is often, but not always, rewarded, but negative execution news is always penalized.
On the positive side, Decarbonization Plus Acquisition Corporation III (DCRC) broke at the end of the trading day, over 18% close for the day at $ 14.17. DCRC is another game related to electric vehicles as it merges with semiconductor paste maker Solid power.
CHPM announces SPAC agreement with Accelus
The CHPM / Accelus deal is valued at $ 482 million and does not (yet) include a PIPE. Accelus is a medical technology company developing technology to support minimally invasive spine surgery. The deal is expected to close in early 2022. While there was a significant volume of trading on the deal, the price did not budge and closed at $ 10.03.
WALD announces SPAC agreement with Obagi and Milk Makeup
The WALD SPAC deal will bring together two leading cosmetics companies in a deal valued at $ 1.2 billion. Waldencast founder and CEO Michel Brousset will lead the combined business. The deal includes a $ 105 million PIPE and $ 333 million forward purchase contracts. The announcement of the WALD deal also resulted in an increase in volume, but only a little price action as it closed approximately 2% higher at $ 10.
SPAC IPOs in November
The SPAC IPO market is making a comeback, in part fueled by rich, over-funded trust structures and attractive warrants. There were already nearly $ 7 billion in new PSPC issues in November and the pace is not expected to slow given the resurgence of the global PSPC market.
$ 10.05 | LGVC – LAMF Global Ventures Corp. I
$ 10.08 | MCAG – Mountain Crest Acquisition Corp. V
$ 10.04 | IRRX – Integrated Rail and Resources Acquisition Corp.
$ 10.06 | VMGA – VMG Consumer Acquisition Corp.
$ 10.07 | CBRG – Chain Bridge I
$ 10.11 | CIDA – Ascendant Digital Acquisition Corp. III
$ 10.08 | AFAC – Arena Fortify Acquisition Corp.
$ 10.15 | BCSA – Blockchain Coinvestors Acquisition Corp. I
$ 10.10 | GVCI – Green Visor Financial Technology Acquisition Corp I
$ 10.08 | RCF – RCF Acquisition Corp.
$ 10.07 | DPCS – DP Cap Acquisition Corp I
$ 10.10 | HTAQ – Hunt Companies Acquisition Corp. I
$ 10.08 | APN – Apeiron Capital Investment Corp.
$ 10.21 | MCAA – Mountain Co. I Acquisition Corp.
$ 10.07 | RRAC – Rigel Resource Acquisition Corp.
$ 10.17 | IQMD – Intelligent Medicine Acquisition Corp.
$ 10.10 | MPRA – Mercato Partners Acquisition Corp
$ 10.14 | NPAB – New Providence Acquisition Corp. II
$ 10.08 | SVNA – 7 Acquisition Corp
$ 10.10 | SZZL – Sizzle Acquisition Corp.
$ 10.24 | DHAC – Digital Health Acquisition Corp.
$ 10.11 | LGST – Semper Paratus Acquisition Corp
$ 10.14 | TOAC – Talon 1 Acquisition Corp
$ 10.11 | FNVT – Finnovate Acquisition Corp.
$ 10.18 | CNDB – Concord Acquisition Corp III
$ 10.06 | SHCA – Spindletop Health Acquisition Corp.
$ 10.06 | LHRT – Lionheart III CORP
$ 10.12 | JUN – Juniper II Corp.
$ 10.21 | LIBY – Liberty Resources Acquisition Corp.
$ 10.15 | TGVC – TG Venture Acquisition Corp.
$ 10.08 | MLAI – McLaren Technology Acquisition Corp.
$ 10.10 | ONYX – Onyx Acquisition Co. I
$ 10.07 | FRLA – Fortune Rise Acquisition Corp
$ 10.02 | INTE – Full acquisition company 1
$ 10.06 | TRAQ – Trine II Acquisition Corp
November PSPC Voting Schedule
There aren’t many votes left on the PSPC agreements in November. As mentioned above, the KSVA / Valo Santé vote was scheduled for tomorrow. The Leo Holdings III (LIII) / Local Bounti deal is expected to pass as pre-announced today and said all conditions are met. The VOSO / Wejo deal is being voted on and we recently had them on the podcast.
Overall the expectation for everyone will be that they pass and the only real question is the level of redemptions. Considering how the market has traded, some may expect more for high buyout / low float trades.
November 16 | $ 9.67 | VOSO – Virtuoso Acquisition Corp. -> Wejo
November 16 | $ 10.03 | LIII – Leo Holdings III Corp -> Local Bounti Corp
November 18 | $ 9.96 | FORE – Foresight Acquisition Corp. -> P3 Health Partners
November 18 | $ 9.97 | DDMX – DD3 Acquisition Corp. II -> Codere online
November 23 | $ 9.98 | THMA – Thimble Point Acquisition Corp. -> Pear Therapeutics, Inc.
November 29 | $ 9.97 | IACB – ION Acquisition Corp 2 -> Innovid
November 30 | $ 10.25 | TPGS – TPG Pace Solutions Corp. -> Vacasa
Today’s PSPC Winners and Losers
The biggest PSPC winners
18.28% ~ $ 14.17 | DCRC – Decarbonization Plus Acquisition Corporation III (Announced)
15.38% ~ $ 14.78 | GGPI – Gores Guggenheim, Inc (Announced)
8.71% ~ $ 10.98 | DFPH – DFP HEALTHC ACQ (Announced)
6.70% ~ $ 10.67 | SVFA – SVF Investment Corp. (Pre-Deal)
4.32% ~ $ 12.31 | SEA – Sports Entertainment Acquisition Corp (Announced)
3.42% ~ $ 10.90 | IVAN – Ivanhoe Capital Acquisition Corp (Announced)
2.48% ~ $ 12.79 | FSII – FS Development Corp. II (Announced)
2.21% ~ $ 13.87 | XPDI – Power & Digital Infrastructure Acquisition Corp. (Announcement)
2.15% ~ $ 10.00 | WALD – Waldencast Acquisition Corp. (Announcement)
2.09% ~ $ 10.27 | DGSN – DRAGONEER GR OP (Announced)
1.91% ~ $ 10.68 | MCMJ – Merida Merger Corp. I (Announced)
1.86% ~ $ 10.96 | APFC – Far Peak Acquisition Corp (Announced)
1.67% ~ $ 10.32 | DCRN – Decarbonization Plus Acquisition Corporation II (Announced)
1.54% ~ $ 9.90 | FOREHEAD – Frontier Acquisition Corp. (Pre-Deal)
1.49% ~ $ 10.25 | TPGS – TPG Pace Solutions Corp. (Announcement)
1.45% ~ $ 10.13 | FRSG – First Reserve Sustainable Growth Corp (Announced)
1.24% ~ $ 10.65 | LMACA – Liberty Media Acquisition Corporation (Pre-Deal)
1.22% ~ $ 59.90 | DWAC – Digital World Acquisition Corp. (Announcement)
1.21% ~ $ 10.03 | LIII – Leo Holdings III Corp (Announced)
1.18% ~ $ 10.33 | CBAH – CBRE Acquisition Holdings, Inc. (Announced)
PSPC’s Biggest Losers
-8.80% ~ $ 14.93 | CAG – Altimeter Growth Corp. (Announcement)
-6.18% ~ $ 8.35 | GNRS – GREENROSE ACQUISITION CORP (Announced)
-3.59% ~ $ 9.87 | BMAC – Black Mountain Acquisition Corp. (Pre-agreement)
-3.30% ~ $ 9.67 | VOSO – Virtuoso Acquisition Corp. (Announcement)
-2.36% ~ $ 9.92 | DSAQ – Direct Selling Acquisition Corp. (Pre-Deal)
-1.71% ~ $ 9.78 | DALS – DA32 Life Science Tech Acquisition Corp. (Pre-agreement)
-1.70% ~ $ 12.15 | CND – Concord Acquisition Corp (Announced)
-1.51% ~ $ 9.76 | KVSA – Khosla Ventures Acquisition Co (Announced)
-1.04% ~ $ 10.44 | SNII – Supernova Partners Acquisition Company II, Ltd. (Announcement)
-1.04% ~ $ 10.49 | BENE – Benessere Capital Acquisition Corp. (Pre-Deal)
-0.66% ~ $ 10.59 | IPOF – Share Capital Hedosophia Holdings Corp VI (Pre-Deal)
-0.61% ~ $ 9.79 | CPAA – Conyers Park III Acquisition Corp. (Pre-Deal)
-0.61% ~ $ 9.80 | CNDA – Concord Acquisition Corp II (Pre-Deal)
-0.51% ~ $ 9.71 | WAVC – Waverley Capital Acquisition Corp. 1 (Pre-Deal)
-0.51% ~ $ 9.81 | CLIM – Climate Real Impact Solutions II Acquisition Corporation (Pre-Deal)
-0.50% ~ $ 10.04 | RONI – Rice Acquisition Corp. II (Pre-Deal)
-0.41% ~ $ 9.72 | FSRX – FinServ Acquisition Corp. II (Pre-Deal)
-0.41% ~ $ 9.73 | COLI – Colicity Inc (Pre-Deal)
-0.40% ~ $ 9.88 | GIIX – GORES HOLDINGS VIII, INC. (Pre-agreement)
-0.40% ~ $ 9.93 | MOTV – Motive Capital Corp (Announced)
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(Disclaimers: This is not investment advice. The author can go on and on about one or more of the actions mentioned in this report.)