IPOB Stock – SPAC Wrap: RICE stock takes off, TWCT is muted on Deal Announcements. IPOs Take a Rest Day
While M&A pops had returned a bit, it’s been awhile since we’ve seen a massive rally on a SPAC name after announcing an M&A deal, which is exactly what happened today with Rice Acquisition Corp (RICE) up 52%. Rice is combining Aria Energy and Archaea Energy and taking them public in a $1.15 billion merger. That will make the combined company into a leading renewable natural gas platform.
The deal is supported by a $300 million PIPE included The Baupost Group, BNP Paribas Energy Transition Fund, CIBC, Goldman Sachs Asset Management LP, and Wellington Management.
The second deal of the day saw True Wind Capital’s TWC Tech Holdings II strike a $1.8B EV deal with Cellebrite. TWCT closed the day essentially flat down (0.1)%.
See here for our full deal recap of True Wind & Cellebrite
After yesterday saw a couple nice performing SPAC IPOs (namely CM Life Sciences III), one may have expected others to follow suit today…but that was not the case. We saw just 1 (Tio Tech $300M TIOU) price a deal which closed flat. Perhaps tonight / tomorrow we’ll see another wave of IPOs price.
Notable SPAC S-1s:
Clover Leaf Capital Corp (CLOE): $125M, cannabis
Perception Capital II (PCCT): $250M, Tech
Tetragon Acquisition Corporation I (TACQ): $500M, Alternative asset managment
Biggest SPAC Gainers
51.68% ~ $ 15.32 | RICE – Rice Acquisition Corp. (Announced)
21.97% ~ $ 17.49 | RSVA – Rodgers Silicon Valley Acquisition Corp (Announced)
14.35% ~ $ 29.17 | STPK – Star Peak Energy Transition Corp (Announced)
13.18% ~ $ 12.11 | BTWN – Bridgetown Holdings Ltd (Pre-Deal)
7.39% ~ $ 14.10 | AGC – ALTIMETER GROWTH CORP (Pre-Deal)
6.52% ~ $ 12.09 | APXT – Apex Technology Acquisition Corporation (Announced)
6.16% ~ $ 14.81 | VIH – VPC Impact Acquisition Holdings (Announced)
5.92% ~ $ 14.86 | PSAC – Property Solutions Acquisition Corp (Announced)
5.47% ~ $ 18.14 | IPOE – Social Capital Hedosophia Holdings Corp V (Announced)
5.08% ~ $ 13.66 | FTCV – FinTech Acquisition Corp. V (Announced)
Biggest SPAC Decliners
-8.72% ~ $ 10.78 | NPA – New Providence Acquisition Corp (Announced)
-6.67% ~ $ 19.86 | DMYD – dMY Technology Group, Inc. II (Announced)
-3.88% ~ $ 10.41 | HLXA – HELIX ACQUISITION CORP (Pre-Deal)
-3.11% ~ $ 10.27 | HSAQ – Health Sciences Acquisitions Corporation 2 (Pre-Deal)
-2.65% ~ $ 9.70 | FORE – Foresight Acquisition Corp. (Pre-Deal)
-1.95% ~ $ 10.07 | N(BA) – New Beginnings Acquisition Corp (Announced)
-1.93% ~ $ 12.20 | SRAC – Stable Road Acquisition Corp. (Announced)
-1.72% ~ $ 10.87 | HOL – Holicity Inc (Announced)
-1.66% ~ $ 10.69 | MUDS – Mudrick Capital Acquisition Corporation II (Announced)
-1.64% ~ $ 13.77 | CLII – Climate Change Crisis Real Impact I Acquisition Corp
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