SPAC Ideas for Wednesday: SPACs at a Discount, Recent SPAC IPOs, and SPACs off their Highs

It was a quiet SPAC day Tuesday except for the SPAC mega-merger announcement of Altimeter (AGC) taking Grab public . This is good news as it continues to give the SPAC market time and space it needs to stabilize so that good deals can be found and investors can properly assess and reward / punish those deals. 

As the SEC increasingly puts its thumb on the SPAC market scale we’ll see some additional friction in the market, but in our opinion, that’s good. Investors will want the SPAC market to be one where the rules are well understood, charlatans and scammers are kept out, and quality sponsors, targets, and investors can all make money in a rational market. So, while the latest news on the SEC looking at warrant accounting treatment will cause some headaches and slow the pace some more, it is an overall positive going forward. 

In fact, many investors will want to see warrants to be removed from the standard SPAC formula as it contributes to overall value leakage. So, if warrants were removed and sponsor promote becomes tied to longer term de-SPAC targets (like AGC / Brad Gerstner’s team did with the Grab deal) you’d likely see additional excitement from SPAC investors. 

Recent SPAC IPOs Now Trading BetterLooking for bargains in the recently IPO’d SPAC vintages is getting harder. Below is a quick look at those SPACs (Units) that IPO’d since the start of March and are trading below, at, or just above NAV.

** Recent SPAC IPOs Below NAV **-.7% ~ $ 9.93 | PTOC – Pine Technology Acquisition Corp.-.6% ~ $ 9.94 | TBSA – TB SA Acquisition Corp-.6% ~ $ 9.94 | NBST – Newbury Street Acquisition Corporation-.5% ~ $ 9.95 | PDOT – Peridot Acquisition Corp. II-.5% ~ $ 9.95 | ATSP – Archimedes Tech SPAC Partners Co-.5% ~ $ 9.95 | KSIC – Kadem Sustainable Impact Corporation-.5% ~ $ 9.95 | AFAQ – AF Acquisition Corp.-.5% ~ $ 9.95 | DHCA – DHC Acquisition Corp-.4% ~ $ 9.96 | GGMC – Glenfarne Merger Corp.-.3% ~ $ 9.97 | MBAC – M3-Brigade Acquisition II Corp-.3% ~ $ 9.97 | IPVI – InterPrivate IV InfraTech Partners Inc.-.3% ~ $ 9.97 | DISA – Disruptive Acquisition Corp I-.3% ~ $ 9.98 | ATHN – Athena Technology Acquisition Corp.-.2% ~ $ 9.98 | ACAH – Atlantic Coastal Acquisition Corp.-.2% ~ $ 9.98 | IPVF – InterPrivate III Financial Partners Inc.-.2% ~ $ 9.98 | NGCA – NextGen Acquisition Corp. II-.2% ~ $ 9.98 | GLSPT – Global SPAC Partners Co.-.1% ~ $ 9.99 | LEGA – Lead Edge Growth Opportunities, Ltd-.1% ~ $ 9.99 | CLAA – Colonnade Acquisition Corp. II-.1% ~ $ 9.99 | GAPA – G&P Acquisition Corp.-.1% ~ $ 9.99 | ROSS – Ross Acquisition Corp II

** Recent SPAC IPOs at NAV **$ 10.00 | TETC – Tech and Energy Transition Corporation$ 10.00 | GAMC – Golden Arrow Merger Corp.$ 10.00 | OPA – Magnum Opus Acquisition Limited$ 10.00 | OHPA – Orion Acquisition Corp.$ 10.00 | AGGR – Agile Growth Corp.$ 10.00 | FTEV – FinTech Evolution Acquisition Group$ 10.00 | VPCC – VPC Impact Acquisition Holdings III, Inc.$ 10.00 | ISOS – Isos Acquisition Corp.$ 10.00 | BGSX – Build Acquisition Corp.$ 10.00 | MACC – Mission Advancement Corp.$ 10.00 | DTOC – Digital Transformation Opportunities Corp.

** Recent SPAC IPOs Just Above NAV **

.1% ~ $ 10.01 | GGPI – Gores Guggenheim, Inc.1% ~ $ 10.01 | TSPQ – TCW Special Purpose Acquisition Corp.1% ~ $ 10.01 | FRXB – Forest Road Acquisition Corp. II.1% ~ $ 10.01 | ATAQ – Altimar Acquisition Corp. III.1% ~ $ 10.01 | ADF – Aldel Financial Inc..1% ~ $ 10.01 | ATAQ – Altimar Acquisition Corp. III.1% ~ $ 10.01 | NSTD – Northern Star Investment Corp. IV.2% ~ $ 10.02 | SCAQ – Stratim Cloud Acquisition Corp..2% ~ $ 10.02 | GXII – GX Acquisition Corp. II.2% ~ $ 10.02 | SPKB – Silver Spike Acquisition Corp II.2% ~ $ 10.02 | ESM – ESM Acquisition Corporation.2% ~ $ 10.02 | AAQC – Accelerate Acquisition Corp..2% ~ $ 10.02 | STRE – Supernova Partners Acquisition Company III, Ltd.2% ~ $ 10.02 | CRZN – Corazon Capital V838 Monoceros Corp.3% ~ $ 10.03 | HERA – FTAC Hera Acquisition Corp.3% ~ $ 10.03 | LCA – Landcadia Holdings IV, Inc..3% ~ $ 10.03 | FZT – FAST Acquisition Corp. II.3% ~ $ 10.03 | RXRA – RXR Acquisition Corp.4% ~ $ 10.04 | FVIV – Fortress Value Acquisition Corp. IV.4% ~ $ 10.04 | FRWA – PWP Forward Acquisition Corp. I.4% ~ $ 10.05 | HYAC – Haymaker Acquisition Corp. III.5% ~ $ 10.05 | TIOA – Tio Tech A.5% ~ $ 10.05 | ARRW – Arrowroot Acquisition Corp..5% ~ $ 10.05 | SBII – Sandbridge X2 Corp.5% ~ $ 10.05 | ROCR – ROTH CH ACQUISITION III CO.5% ~ $ 10.05 | DCRC – Decarbonization Plus Acquisition Corporation III.5% ~ $ 10.05 | LCAAU – L Catterton Asia Acquisition Corp.5% ~ $ 10.05 | LVRA – Levere Holdings Corp.6% ~ $ 10.06 | GBRG – Goldenbridge Acquisition Limited.6% ~ $ 10.06 | NSTC – Northern Star Investment Corp. III.6% ~ $ 10.06 | AMPI – Advanced Merger Partners, Inc..6% ~ $ 10.06 | AMAO – American Acquisition Opportunity Inc.6% ~ $ 10.06 | DHBC – DHB Capital Corp..7% ~ $ 10.07 | SNII – Supernova Partners Acquisition Company II, Ltd..7% ~ $ 10.07 | BYTS – BYTE Acquisition Corp..7% ~ $ 10.07 | AURC – Aurora Acquisition Corp..7% ~ $ 10.07 | VGII – Virgin Group Acquisition Corp. II.8% ~ $ 10.08 | FRON – Frontier Acquisition Corp..8% ~ $ 10.08 | TRCA – Twin Ridge Capital Acquisition Corp..9% ~ $ 10.09 | TWNT – Tailwind Two Acquisition Corp..9% ~ $ 10.09 | ANZU – Anzu Special Acquisition Corp I

Biggest Pre-Deal SPACs Stock DiscountsDespite the SPAC market stabilizing there are still over 180 pre-deal SPACs trading under $10. That number has decreased and overall prices have come back toward NAV, but still lots of opportunity for bargain hunting. Recent IPOs, though scarce, have started trading better as well. 

-3.50% ~ $ 9.65 | PMGM – Priveterra Acquisition Corp. (Pre-Deal)-3.10% ~ $ 9.69 | AGAC – African Gold Acquisition Corporation (Pre-Deal)-3.00% ~ $ 9.70 | GIGG – GigCapital4, Inc. (Pre-Deal)-3.00% ~ $ 9.70 | POW – Powered Brands (Pre-Deal)-3.00% ~ $ 9.70 | RCLF – Rosecliff Acquisition Corp I (Pre-Deal)-3.00% ~ $ 9.70 | OSTR – Oyster Enterprises Acquisition Corp. (Pre-Deal)-2.90% ~ $ 9.71 | BITE – Bite Acquisition Corp. (Pre-Deal)-2.90% ~ $ 9.71 | ZWRK – Z-Work Acquisition Corp. (Pre-Deal)-2.80% ~ $ 9.72 | EUSG – European Sustainable Growth Acquisition Corp. (Pre-Deal)-2.80% ~ $ 9.72 | ASAX – Astrea Acquisition Corp. (Pre-Deal)-2.70% ~ $ 9.73 | CLAS – Class Acceleration Corp. (Pre-Deal)-2.70% ~ $ 9.73 | BOAS – BOA Acquisition Corp. (Pre-Deal)-2.70% ~ $ 9.73 | PUCK – Goal Acquisitions Corp. (Pre-Deal)-2.70% ~ $ 9.73 | ENVI – Environmental Impact Acquisition Corp. (Pre-Deal)-2.60% ~ $ 9.74 | HCCC – Healthcare Capital Corp. (Pre-Deal)

Buy the Dip? SPACs the Most Off Their 52-Week Highs (units)

** SPACs with Announced Deals **

-64.8% ~ $ 23.96 | CCIV – Churchill Capital Corp IV-62.4% ~ $ 12.01 | SRAC – Stable Road Acquisition Corp.-57.4% ~ $ 15.57 | THCB – Tuscan Holdings Corp.-54.7% ~ $ 18.56 | NGA – NORTHERN GN ACQ-50.9% ~ $ 12.61 | CLII – Climate Change Crisis Real Impact I Acquisition Corp-50.4% ~ $ 12.84 | CAPA – HighCape Capital Acquisition Corp-48.7% ~ $ 45.64 | BRPA – Big Rock Partners Acquisition Corp-47.6% ~ $ 12.00 | HOL – Holicity Inc-47.2% ~ $ 18.00 | TPGY – TPG Pace Beneficial Finance Corp-47.2% ~ $ 13.77 | GHVI – Gores Holdings VI Inc

** Pre-Deal SPACs **

-39.4% ~ $ 11.71 | BTWN – Bridgetown Holdings Ltd-39.1% ~ $ 11.71 | IPOD – Social Capital Hedosophia Holdings Corp IV-35.0% ~ $ 10.40 | THCA – Tuscan Holdings Corp. II-34.3% ~ $ 10.68 | ZNTE – Zanite Acquisition Corp.-34.2% ~ $ 11.36 | IPOF – Social Capital Hedosophia Holdings Corp VI-31.4% ~ $ 11.28 | LEAP – Ribbit LEAP Ltd-30.2% ~ $ 11.20 | HAAC – Health Assurance Acquisition Corp-29.9% ~ $ 10.99 | ALTU – Altitude Acquisition Corp.-29.2% ~ $ 10.60 | PIPP – Pine Island Acquisition Corp

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