PSPC storytelling change: CLOV rises in pre-release, CCIV jumped on Monday
Clover Health Investments (CLOV) is up Tuesday morning before market, up about 35% as of this writing. This marks a big change in the overall CLOV narrative as it will rise almost 100% this month if price levels hold throughout the trading day. As we have already said, Chamath AND the PSPCs will both benefit from a resumption of the story.
Bloomberg reports this Bridgetown 2 Holdings (BTNB) is in advanced talks to merge with Singapore’s PropertyGuru. BTNB is backed by Richard Li and Peter Thiel and has only gone up a few cents from rumored. It closed Monday at $ 10.08.
Shareholders of FinServ Acquisition Corp (FSRV) on Monday approved their merger with Katapult Inc. Since it was trading at a significant premium to net asset value, it was never really in doubt and investors were no longer in doubt. ‘bought back only 6,338 shares during the vote ($ 63,696). It closed the day at $ 13.96.
Big moves to start the week
A number of PSPCs had big moves to start the week. In particular, CCIV (which makes Lucid public) jumped + 10.6% to close at $ 26.50. Investors will have to guess if the catalyst is something inherent in PSPC, the Accord, Lucid, or the fact that it is a favorite (of some) stonk meme. However, investors will remain wary as it remains at around 175% of its highs from the “SPAC peak” days.
10.65% ~ $ 26.50 | CCIV – Churchill Capital Corp IV (Announced)
9.00% ~ $ 11.99 | THCB – Tuscan Holdings Corp. (Ad)
7.49% ~ $ 11.48 | FTCV – FinTech Acquisition Corp. V (Announced)
7.19% ~ $ 16.10 | RSVA – Rodgers Silicon Valley Acquisition Corp (Announced)
6.56% ~ $ 14.29 | LACQ – Leisure Acquisition Corp. (Ad)
6.17% ~ $ 10.67 | AHAC – Alpha Healthcare Acquisition Corp (Announced)
5.78% ~ $ 10.25 | RKTA – Rocket Internet Growth Opportunities Corp. (Pre-Deal)
4.69% ~ $ 11.61 | PDAC – Peridot Acquisition Corp (Announced)
4.65% ~ $ 18.00 | SSPK – Silver Spike Acquisition Corp. (Ad)
4.48% ~ $ 11.89 | CAG – ALTIMETER GROWTH CORP (Announced)
4.40% ~ $ 23.03 | PSTH – Pershing Square Tontine Holdings (Announced)
3.77% ~ $ 10.46 | HOL – Holicity Inc (Announced)
3.66% ~ $ 10.49 | ARYA – Arya Sciences Acquisition Corp III (Announced)
3.10% ~ $ 10.30 | CAPA – HighCape Capital Acquisition Corp (Announced)
SPAC IPOs may fluctuate (mainly) above the NAV
In another sign of a slightly shifting SPAC narrative, May’s SPAC IPOs, which have mostly all been under NAV since their inception, have all come close to NAV’s pennies, more or less. Keep in mind that investors will want to see pre-deal PSPCs trading at $ 10 or less so that they have a real game. Anything that is materially over $ 10 and has no announced deal. ‘offers no return opportunity and no guarantee of rising inventory.
May 27 | $ 10.01 | OTEC – OceanTech Acquisitions I Corp.
May 26th | $ 9.97 | EGGF – EG Acquisition Corp.
May 25 | $ 10.05 | SPAC – Post Holdings Partnership Company
May 25 | $ 9.99 | DYNS – Dynamics Special Purpose Corp.
May 24 | $ 9.96 | FWAC – Fifth Wall Acquisition Corp. III
May 20 | $ 9.96 | GFOR – Graf Acquisition Corp. IV
May 18 | $ 10.00 | GIW – GigInternational1, Inc.
May 18 | $ 10.02 | SKYA – Skydeck Acquisition Corp.
May 18 | $ 10.07 | RAM – Aries I Acquisition Corp
May 17 | $ 10.06 | CPAR – Catalyst Partners Acquisition Corp.
May 17 | $ 10.04 | MCAE – Mountain Crest Acquisition Corp. III
May 17 | $ 10.00 | POND – Angel Pond Holdings Corp
May 14th | $ 9.96 | OSI – Osiris Acquisition Corp.
May 14th | $ 9.97 | ARTA – Artisan Acquisition Corp.
May 12 | $ 10.33 | ORIA – Orion Biotech Opportunities Corp.
May 07 | $ 9.93 | BRIV – B. Riley Principal 250 Fusion Corp.
May 07 | $ 10.11 | DKDCA – Data Knights Acquisition Corp.
May 04 | $ 10.04 | MAQC – Maquia Capital Acquisition Corporation
May 03 | $ 10.05 | VLAT – Valor Latitude Acquisition Corp.
June SPAC Voting Schedule
June is an important month for PSPC votes and a great opportunity for investors to try and pick those that will see increases similar to those of recent PSPC winners.
June 08 | $ 10.49 | ARYA – Arya Sciences Acquisition Corp III -> Nautilus Biotechnology, Inc.
June 09 | $ 10.03 | THBR – Thunder Bridge Acquisition II, Ltd -> Independent semiconductor
June 09 | $ 10.30 | CAPA – HighCape Capital Acquisition Corp -> Quantum-Si
June 10 | $ 9.99 | VGAC – VG Acquisition Corp -> 23andMe, Inc.
June 10 | $ 18.00 | SSPK – Silver Spike Acquisition Corp. -> WM Holding Company, LLC
June 10 | $ 10.07 | CCX – Churchill Capital Corp II -> Software Luxembourg Holding SA
June 11 | $ 19.17 | ACTC – ArcLight Clean Transition Corp -> Proterra Inc
June 15 | $ 10.02 | FAII – Fortress Value Acquisition Corp. II -> ATI physiotherapy
June 16 | $ 10.13 | CRSA – Crescent Acquisition Corp -> LiveVox TopCo, LLC
June 17 | $ 10.00 | ACAC – Acies Acquisition Corp -> PlayStudios, Inc.
June 22 | $ 10.15 | TBD – Thoma Bravo Advantage -> ironSource
June 22 | $ 12.54 | FTIV – FinTech Acquisition Corp. IV -> Perella Weinberg Partners LLC
June 23 | $ 10.10 | FTOC – FTAC Olympus Acquisition Corp -> Payoneer Inc.
June 23 | $ 9.97 | AACQ – Artius Acquisition Inc. -> Original materials
June 24 | $ 10.09 | FRX – Forest Road Acquisition Corp -> Beachbody, LLC
June 28 | $ 10.20 | IACA – ION Acquisition Corp 1 Ltd -> Taboola
June 29 | $ 14.23 | CLII – Real impact of the climate crisis I Acquisition Corp -> EVgo
June 29 | $ 9.97 | ACFC – Falcon Capital Acquisition Corp -> sharecare
June 30 | $ 10.45 | WPF – Foley Trasimeno Acquisition Corp. -> Alight Solutions
June 30 | $ 10.68 | APXT – Apex Technology Acquisition Corporation -> AvePoint, Inc.
June 30 | $ 10.46 | HOL – Holicity Inc -> Astra
Good deals on PSPC stocks?
Most pre-trade SPACs continue to trade below NAV and present opportunities for upward yield + play. Here are some of the smaller SPACS. Click for more details on the sponsors and the team.
-4.00% | GGMC – Glenfarne Fusion Corp. (Pre-agreement)
-3.90% | NBST – Newbury Street Acquisition Corporation (Pre-agreement)
-3.80% | BGSX – Build Acquisition Corp. (Pre-agreement)
-3.80% | GLHA – Glass Houses Acquisition Corp. (Pre-agreement)
-3.70% | NRAC – Noble Rock Acquisition Corporation (Pre-agreement)
-3.60% | RCLF – Rosecliff Acquisition Corp I (Pre-agreement)
-3.60% | AGAC – African Gold Acquisition Company (Pre-agreement)
-3.60% | KSIC – Kadem Sustainable Impact Corporation (Pre-agreement)
-3.60% | ITHX – ITHAX Acquisition Corp. (Pre-agreement)
-3.60% | BYTS – BYTE Acquisition Corp. (Pre-agreement)
-3.60% | QIT – Itiquira Acquisition Corp. (Pre-agreement)
-3.50% | BITE – Bite Acquisition Corp. (Pre-agreement)
-3.50% | FLME – Flame Acquisition Corp. (Pre-agreement)
-3.50% | SHAC – SCP & CO Healthcare Acquisition Company (Pre-agreement)
-3.50% | VELO – Velocity Acquisition Corp (Pre-agreement)
-3.50% | KLAQ – KL Acquisition Corp (Pre-agreement)
-3.50% | PTOC – Pine Technology Acquisition Corp. (Pre-agreement)
-3.50% | GAMC – Golden Arrow Fusion Corp. (Pre-agreement)
-3.50% | TSPQ – TCW Special Purpose Acquisition Corp (Pre-agreement)
-3.50% | GXII – GX Acquisition Corp. II (Pre-agreement)
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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.)