Small Signs of Life in New Issue Market
There’s been a lot of chatter about the slowdown in SPAC new issuance, contributing to the negative sentiment surrounding SPACs. However, as we’ve discussed, 2021 IPO issuance is still at record highs and the slowdown is welcome given there are over 420 SPACs that are already trading and searching for targets.
Prior to last night there had been only 3 SPAC IPOs in May. Down from 13 in April and 107 for peak SPAC in March. While it is expected that slower IPO volumes will continue, let us not forget that there are 270+ SPACs on file who are waiting to price and if a deal can get done those sponsors will be keen to price.
On that note, last night, Orion Biotech Opportunities (ORIA), a biotech focused SPAC sponsored by Michael Dell’s Family office and VC firm Panacea, priced its $200M IPO. The units were sold with 1/5 of a Warrant. The SPAC will target a biotech or life sciences co in the US. It is the second SPAC for MSD Partners (Dell’s family Office): MSD Acquisition Corp (MSDAU) is trading ~$10.06 and raised $575M.
Recently Priced SPAC IPOs
$ 10.09 | DKDCA – Data Knights Acquisition Corp.
$ 9.98 | MAQC – Maquia Capital Acquisition Corp.
$9.99 | VLAT – Valor Latitude Acquisition Corp.
In addition, Maquia Capital Acquisition Corp., announced that their underwriters exercised over-allotment for an additional 1.3M units, or ~$13M additional proceeds for a total of $173M.
Yesterday’s Biggest Gains
Pershing Square Tontine Holdings gained the most following comments from Bill Ackman.
7.73% ~ $ 24.38 | PSTH – Pershing Square Tontine Holdings (Pre-Deal)
4.06% ~ $ 26.64 | BRPA – Big Rock Partners Acquisition Corp (Announced)
3.35% ~ $ 11.11 | CMLF – CM Life Sciences Inc (Announced)
2.25% ~ $ 10.43 | WALD – Waldencast Acquisition Corp. (Pre-Deal)
1.95% ~ $ 12.02 | BOWX – BowX Acquisition Corp (Announced)
1.86% ~ $ 9.88 | CENH – Centricus Acquisition Corp. (Announced)
1.73% ~ $ 10.02 | SRSA – Sarissa Capital Acquisition Corp (Pre-Deal)
1.61% ~ $ 10.11 | ROCC – Roth CH Acquisition II Co. (Announced)
1.51% ~ $ 10.10 | HYAC – Haymaker Acquisition Corp. III (Pre-Deal)
1.40% ~ $ 13.08 | LACQ – Leisure Acquisition Corp. (Announced)
Yesterday’s Biggest Losers
-8.63% ~ $ 13.23 | MUDS – Mudrick Capital Acquisition Corporation II (Announced)
-7.41% ~ $ 11.50 | AGC – ALTIMETER GROWTH CORP (Announced)
-7.07% ~ $ 14.45 | SSPK – Silver Spike Acquisition Corp. (Announced)
-6.03% ~ $ 7.32 | EXPC – Experience Investment Corp (Announced)
-6.00% ~ $ 11.91 | RSVA – Rodgers Silicon Valley Acquisition Corp (Announced)
-5.60% ~ $ 13.15 | TPGY – TPG Pace Beneficial Finance Corp (Announced)
-5.55% ~ $ 10.55 | LCY – Landcadia Holdings III Inc (Announced)
-5.26% ~ $ 10.81 | BCTG – BCTG Acquisition Corp. (Announced)
-5.15% ~ $ 10.68 | FTCV – FinTech Acquisition Corp. V (Announced)
-4.30% ~ $ 17.80 | CCIV – Churchill Capital Corp IV (Announced)
-4.15% ~ $ 14.09 | ACTC – ArcLight Clean Transition Corp (Announced
More from Boardroom Alpha
For on-going 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.)