SPAC Track
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Tracking SPACs & De-SPACs: the good, the bad, and of course, the ugly! ListingTrack's SPAC coverage.
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Stoked to announce the launch of !
ListingTrack features a significantly improved user experience and expanded data coverage: more initial public listings, from traditional IPOs and SPACs to spinoffs and direct listings, as well as pre-IPO companies
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After another 12 SPACs liquidated last week, there are now under 400 Active SPACs.
The last time we were under 400 was back in February 2021.
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New De-SPACs trading on Monday:
$UPTD --> $ESLA
$GFOR --> $NKGN
$MPRA --> $NVNI
$ANZU --> $COCH
Other mergers approved this week, pending closing announcements:
$ACAQ & Next.e.Go
$MOBV & SRIVARU
$JGGC & GLAAM
$FZT & Falcon's Beyond
Approved limbo:
$CFFE & XBP Europe
$ACAX & HWH
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Better Mortgage $BETR CEO watching his stock's price action on the first day of trading:
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BREAKING: Priveterra has changed its name to Adjournment Acquisition Corp.
$PMGM
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The 6
#SPAC
deals in Limbo (approved / pending completion)
$RNER $ADRA $DCRD $LION $PONO $CENQ
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Liquidating in 2023:
- Announce your SPAC is liquidating
- Delay
- Wait for an offer from a serial sponsor group with a less-than-stellar track record to buy you out
- Cancel the liquidation plan
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Something liberating about having less than a couple hundred followers. Feels like the good old days of SPAC days 2020!
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Quick morning
#SPAC
brief (7/26/23):
Will send these out a few times a week. All of this plus much more detail in the Morning Update newsletters () sent early AM on every trading day as a benefit for SPAC Track Pro subscribers ().
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3 SPAC mergers closed today thus far:
$DTOC + American Oncology --> $AONC
$VHNA + Roadzen --> $RDZN
$MBSC + Greenfire Resources --> $GFR
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$ACAQ filed a prelim proxy to extend the deadline to Jan 2024. ACAQ previously reported that closing conditions for the Next.e.GO merger haven't been met, thus it's uncertain the deal will close by the Oct 22 deadline.
This is a preliminary proxy, not definitive. If the deal
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Chinese SPAC game plan in 2023-2024?
- IPO with an explicit mandate to not target Chinese companies
- Hold a vote to amend the charter to allow for targeting of Chinese companies
- Merge with a Chinese company
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SPACs with an upcoming hard deadline in March and no extension vote set (or prelim proxies filed):
$LDHA, $RKTA, $CRZN, $NGC, $MSDA.
$KVSC is coming up as well but gets an auto extend with an LOI, so probably a last-minute 8-K.
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$TRCA announces 99% of shareholders redeemed in connection with its upcoming shareholder vote for its merger with Carbon Revolution, leaving 63,037 public SPAC shares, prior to potential reversals. The vote will be delayed again to shoot for more redemption reversals.
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6 approved SPAC deals pending closing, including all 4 noted in the post below from August 28th...
$ACAX + HWH
$UPTD + Estrella Biopharma
$VHNA + Roadzen
$CFFE + XBP Europe
$PIAI + Cheche Technology
$MBSC + Greenfire Resources
How many of these call it quits?
Now there are 4 SPAC deals that have been approved by shareholders but are pending closing.
$ACAX + HWH
$UPTD + Estrella Biopharma
$VHNA + Roadzen
$CFFE + XBP Europe
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De-SPAC reverse split bonanza this month:
$MNTS, $METX (for the 2nd time), $SUNL, $SMX, $LTRY, $OTMO.
$WE next.
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The Forum Merger SPACs
Forum I: ConvergeOne (Acquired)
Forum II: Tattooed Chef (Chapter 11 Bankruptcy) $TTCF
Forum III: Electric Last Mile (Bankrupt)
Forum IV: SPAC is liquidating
$TTCF files for Chapter 11
Gifting shares to your vendors only goes so far...
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$KVSA Khosla Ventures Acquisition gets the nod to extend to Dec 8 with 97% of shareholders redeeming. 929k shares remain.
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Thanks for hosting last night's Space,
@spacanpanman
and
@stocktalkweekly
!
That discussion had me thinking... What was the wildest SPAC bonanza event for YOU?
If yours isn't listed below (there were so many) drop it in the replies!
$CCIV & Lucid rumor
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$DWAC & Trump announced
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Citron goes long $XL
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$NKLA mkt cap ups Ford's
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Vietnam Tycoon’s EV Arm VinFast Inks $23 Billion SPAC Deal with Black Spade $BSAQ
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$ACAQ merger with Next.e.GO approved. 91% redeemed, leaving 81,460 public SPAC shares remaining.
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PSA: There are very few low float De-SPACs that do not absolutely crater at some point in the days/weeks following ticker change.
If an overwhelming percentage of the SPAC investors pulled their money out at the time of the merger vote, the deal was rejected (either the company
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Arrival $ARVL cuts 50% of its remaining workforce. The graphic design team is unaffected.
🚨NEW: Arrival to cut *another* 800 jobs🚨
⚡️Digital head Igor Torgov named as new CEO
⚡️Job losses mostly in UK/Georgia
⚡️Cuts "give more time" to bring in investment, he tells me
⚡️Strategy is fine but may need "tweaks", he says
$ARVL
Full story:
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Reminiscing... Graphic from Feb 2021
Most of these names had some good days last week. Today so far, not so much.
$QS $NKLA $LCID $HYLN $DKNG
#spac
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My boss thinks I'm an AI genius (I'm not). All I do is add the letters "AI" to my SPAC deal press release!
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Now there are 4 SPAC deals that have been approved by shareholders but are pending closing.
$ACAX + HWH
$UPTD + Estrella Biopharma
$VHNA + Roadzen
$CFFE + XBP Europe
$FWAC + Mobile Infrastructure Corp deal closed. Now trading as $BEEP.
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At least 61 De-SPACs listed since 2019 have reported going concern warnings over the past two quarters.
- 7 of those have since filed for bankruptcy
- 1 announced acquisition & 2 merged
- 7 enacted a reverse stock split
- All are down at least 69% from SPAC IPO
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ICYMI: $DMAQ announced on Friday at 10pm EST that it will merge with TruGolf.
Reminds me of July 2020 when $CCX was rumored to be in talks with Topgolf.
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Quick morning
#SPAC
brief (7/27/23):
Will send these out a few times a week. All of this with source links & much more detail in the Morning Update newsletters sent early AM on every trading day as a benefit for SPAC Track Pro subscribers ().
De-SPAC:
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Upcoming
#SPAC
merger vote ex-redemption dates for this week (could change with vote postponements):
$BYTS today, 12/4
$ATAK 12/13
$EGGF 12/13
$APAC 12/14
$BYN 12/15
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$GSRM & Bitcoin Depot deal closing PR. Will trade as $BTM on Monday, July 3.
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FYI, if you haven't checked out the website in some time, we have made some updates and launched new free tools:
- Active List . Quickly search and navigate to SEC filings.
- De-SPAC List (2019-)
Coming soon: Warrant Screener.
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Upcoming
#SPAC
merger vote ex-redemption dates for this week (could change with vote postponements):
$EFHT today, 12/4
$EGGF 12/4
$SMAP 12/5
$NETC 12/8
$PRSR 12/8
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$DMYS enters into FPA with Meteora for up to 6M shares in connection with its Rainwater Tech deal.
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$MURF merger with Conduit Pharmaceuticals is closed. Will trade as $CDT on Monday.
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De-SPAC earnings for the week ahead with Friday's close:
$SOFI $6.19
$LICY $5.72
$LVWR $6.01
Which has the best chance to get back to $10 in the coming months? Which is most likely to head down towards the dollar De-SPAC club?
@DJohnson_CPA
@SPACspin
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$WE WeWork is now trading at $0.11 per share, or down 98.9% from its listing.
The company effected a 1-for-40 reverse stock split and will start trading on an adjusted basis on Tuesday.
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$MLAC terminates Its merger with INDIEV and will close up shop.
Shares are to be canceled on June 16 with an estimated redemption price of $10.53.
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$SPARC is nearing the finish line (+ starting line)!
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500 followers - Thank you!
Speaking of 500...
The number of active SPACs will finally dip below that number within a few weeks. Haven't been below 500 since *613* of these bad boys hit the market in 2021!
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$BSGA closes merger with Bitdeer. Will trade as $BTDR starting tomorrow.
It is the first blockchain company to successfully close a SPAC merger since April 2022.
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$PMGM reports redemption results from its merger vote:
1,681,348 shares were redeemed.
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$MTAL Metals Acquisition Limited Closes Purchase of the CSA Copper Mine.
The combined company will trade under the same ticker, $MTAL.
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Okada Manila & $ADER terminated, per Universal Entertainment release
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Re-Arrival $KCGI
$KCGI ReSPACing $ARVL
Same structure as $USCT deal. Will be interesting if these deals get done and can act as capital raising vehicles for public companies
#SPAC
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AeroVanti Club, a private jet club based in Sarasota, announced it is launching AeroVanti Yacht Club.
The CEO "expressed interest in going public by Q2 of 2023, telling the Business Journal in October it will likely be through a SPAC."
✈️
Users will be able to charter luxury yachts, including one used in a James Bond film.
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PONO Capital $PONO & AERWINS are expected to close the merger with the combined company trading as early as Friday, per Bloomberg. Though, a company rep noted that listing details have yet to be decided.
$PONO Pono Capital to close acquisition of Japanese flying bike maker, with stock to trade this week: Bloomberg
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$PLTN to merge with Big Tree Cloud, a company "devoted to the development, production and sales of personal care products and other consumer goods in China."
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$ALLG Warrant exchange offer: 0.23 shares per Warrant.
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Pre-close vs. Post-close... $AWIN
Happens every single time...
#SPACs
/ De-SPACs with heavy redemptions may soar due to low float speculation (gambling), but they will come back down - viciously. Be safe out there.
BB probably has these 2nd articles pre-written at this point!
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Vast Solar agrees to merge with Nabors Energy Transition $NETC, per Reuters. DA pending.
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$GSRM "discloses that the Proxy Statement is still under review by the SEC and that the Company will not hold the Special Meeting" to vote on the merger with Bitcoin Depot
"until the SEC has completed its review process and will not solicit proxies until that time"
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What a wild week for
#SPACs
& De-SPACs with 15 of them halted at least once.
$CRGO $ALTI $RNER $BAER $HOLO $SATX $RKLY $CHPT
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$VHNA closed the merger with Roadzen and will trade under the new ticker, $RDZN, tomorrow. Halted up twice today.
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$USCT filed their definitive proxy seeking an extension up to Oct 2024 -- all mention of $WEJO was removed.
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Daily De-SPAC Gainers & Losers (Nov 28, 2023)
$HNRA $CREV $ESGL $SATL $HOLO $MLGO
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@PKRTOR
@BillAckman
13 amendments in... Ackman is clearly still trying to make it happen. With the IPO window potentially opening, would be good timing if it made it through at some point this year.
@BillAckman
getting close?
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Where do we think $LCAA would be trading at rn if it announced the Lotus deal back in the EV SPAC glory days of 2020-2021?
Most of these names below down 50-100% from that
@TornikeLaghidze
graphic!
With the infrastructure bill looming, many EV SPAC / De-SPAC names posted strong performance today, with $LCID closing the day up 31%.
Here’s a graphic from the GOAT,
@TornikeLaghidze
,
with the electric vehicle companies that have taken the
#SPAC
route.
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$BTWN & MoneyHero merger is now closed. To trade as $MNY tomorrow.
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Four more would-be-SPACs abandoned their IPO plans, leaving 38 still in the backlog.
Of these, 50% count either EF Hutton or Ladenburg Thalmann as the lead left. When some of these SPACs hit the market, buckle up. Elite X-Force targets inbound.
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Upcoming
#SPAC
ex-redemption dates for this week (could change with merger vote postponements):
$CLIN today, 11/29
$JAQC 11/30
$NUBI 11/30
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$PTWO very softly announces its $1.2B merger with SBC Medical.
HeartCore, a Japanese software co that offers a "Go IPO" consulting service to bring companies public on Nasdaq, announced SBC as a client in Nov (its 5th client).
Over/under on the other 4 announcing SPAC deals?
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$RNER from
@Calcalistech
Show me the money: Investors in Hub Security’s SPAC still haven't deposited the money.
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Switcheroo... $BMAQ files an amended 8-K saying they actually won't liquidate...
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Bridger Aerospace $BAER is quick on the draw! Post-close S-1 just dropped.
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@SPACspin
@OddDiligence
Thank you
@OddDiligence
and
@SPACspin
! Means a lot from two of the best Fintwit accounts covering SPACs for sure! 🙏👊👊
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In honor of the $AURC + Better deal finally the shareholder nod today (822 days after the announcement), here are the next 4 oldest active SPAC deals:
Aug 2021: $IPVF + Aspiration
Oct 2021: $ADER + Okada Manila (contested)
Oct 2021: $DWAC + Trump MTG
Nov 2021: $ADEX + Griid
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Daily SPAC Gainers & Losers (Nov 29, 2023)
$PACI $VCXA $CFFE $BRLI $DUNE $DWAC $ADEX $CLIN
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$VHNA + Roadzen approved. Closing expected "in the third quarter of 2023".
Will trade as $RDZN upon closing.
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$OXAC & Jet Token deal closed. The combined company was renamed to and will trade under the new ticker, $JTAI, starting tomorrow.
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Quanergy $QNGY entered into an Asset Purchase Agreement with ROLISI, LLC to sell substantially all of its assets pursuant to a sale conducted under Section 363 of the U.S. Bankruptcy Code, for aggregate consideration in the amount of up to $3,150,000.
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$ARCK files for early liquidation
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LeddarTech, an automotive software company, set to merge with $PRSR, per Bloomberg.
The deal values the company at a $348M pro-forma equity and includes a $43M PIPE.
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We lost one fighter today... Quick stats on the other two since listing (post-SPAC merger closing).
- Both changed company names and tickers.
- One down 96% since IPO (~$33B -> $1.2B).
- The other down 99.9% since IPO (~$300M -> $4.7M).
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And another one: $VFS. They changed the photo (slightly) this time, though ha
Yesterday vs. Today.
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Master Wayne, why do we liquidate? So we can return investor funds with a decent return instead of forcing a bad deal through with a -98% collapse in stock price within a couple of months of closing.
Unfortunately, the "Batman SPAC" suffered an unfortunate demise and will liquidate Jan 27th
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$KVSC did not report an LOI to extend-- instead opts to liquidate at appx. $10.12 per public share.
SPACs with an upcoming hard deadline in March and no extension vote set (or prelim proxies filed):
$LDHA, $RKTA, $CRZN, $NGC, $MSDA.
$KVSC is coming up as well but gets an auto extend with an LOI, so probably a last-minute 8-K.
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Had a typo in this tweet/post below. Meant to ask which is the first to hit $100. $CCG 🤯
6 approved SPAC deals pending closing, including all 4 noted in the post below from August 28th...
$ACAX + HWH
$UPTD + Estrella Biopharma
$VHNA + Roadzen
$CFFE + XBP Europe
$PIAI + Cheche Technology
$MBSC + Greenfire Resources
How many of these call it quits?
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$GBBK announces DA with Cardea, "a cross-border wealth advisory, asset and investment management firm."
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Avila Energy $VIK (CSE) announces the non-binding LOI with Insight Acquisition Corp $INAQ
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$BETR profile from Forbes giving mini-Neumann vibes:
"One reprieve provided by Thursday’s SPAC was a much needed $500 million cash infusion provided by SoftBank. Better .com lost more than $1 billion in the last two years, according to its SPAC prospectus — losses that continued
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Otonomo $OTMO (closed today's session at $0.50) to merge in an all-stock deal with Urgently.
OTMO investors will own 33% of the combined company.
Upon closing, OTMO will be a subsidiary of Urgently and the combined company will trade as $ULY.
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$GOGN completes Its merger with Lifezone Metals. Trading as $LZM today.
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Better $BETR now down 93% to $1.16 the day after closing its SPAC merger. Low of $0.77. Yikes.
Another listing heavily backed by SoftBank that took a wrong turn. Very quickly. Even WeWork $WE took 1 year after listing to drop to $1.
Probably the most brutal ticker change crash ever $AURC / $BETR
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