SPAQ Stock –
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SPACs had a rough day Monday, along with the broader stock market, and it had us asking this morning, what comes next for SPACs? If we’re past the irrationality exhibited earlier this year, what’s the catalyst to bring some positivity back? Today wasn’t as bad, yet the average pre-deal SPAC is still trading ~$9.89. So much for enthusiasm.
The Honest Company (HNST) – the personal beauty products company founded by Jessica Alba – was the toast of the town today, rising 44% in its IPO giving the company a valuation of over $2B on a fully diluted basis. It’s a reclamation story for the unicorn turned not unicorn, which now has crystallized a multi-billion dollar valuation. Begs the question, how would a public debut like this have been received if the company chose the SPAC route? If they had shown strong growth projections (vs. only historicals) would investors have been more skeptical?
Honest Company Revenue + Gross Margin
SPACs, traditional IPOs, and direct listings are all here to stay as vehicles for bringing companies to the public markets… though the path those companies choose remains up for grabs. The investment decision shouldn’t be based on the vehicle chosen for going public…but your conviction in that company’s prospects and valuation.
Rumors of a potential $7B dollar deal with luxury gym company Equinox sent Social Capital Hedosophia VI (IPOF) shares tumbling almost 3%. There was a time that rumors of a deal with a SPAC in Chamath’s line would incite a massive rally…how times have changed. The valuation would price Equinox ~22x EBITDA (per CNBC). IPOF is one of the largest SPACs out there with a $1.15B trust.
Experience Investment Corp (EXPC) shareholders approved its merger with Blade Urban Mobility. Shares closed down 2.7% to $9.72. Merger is expected to close May 7, with trading subsequently as BLDE.
Today’s sole SPAC IPO, Maquia Capital Acquisition (MAQCU), which was downsized by $40M, traded up 2 cents to $10.02.
Biggest SPAC Gainers
6.37% ~ $ 17.03 | TPGY – TPG Pace Beneficial Finance Corp (Announced)
5.00% ~ $ 10.50 | AURC – Aurora Acquisition Corp. (Pre-Deal)
4.21% ~ $ 11.38 | FWAA – Fifth Wall Acquisition Corp. I (Announced)
3.07% ~ $ 12.09 | THCB – Tuscan Holdings Corp. (Announced)
2.42% ~ $ 11.83 | PSAC – Property Solutions Acquisition Corp (Announced)
2.37% ~ $ 15.10 | RICE – Rice Acquisition Corp. (Announced)
2.28% ~ $ 12.58 | FST – FAST ACQ CP (Announced)
2.16% ~ $ 12.32 | CMII – CM Life Sciences II Inc. (Announced)
2.09% ~ $ 11.26 | ARYD – ARYA Sciences Acquisition Corp IV (Pre-Deal)
2.06% ~ $ 17.30 | NGA – NORTHERN GN ACQ (Announced)
Biggest SPAC Decliners
-13.41% ~ $ 31.50 | BRPA – Big Rock Partners Acquisition Corp (Announced)
-4.46% ~ $ 12.42 | AGC – ALTIMETER GROWTH CORP (Announced)
-3.95% ~ $ 11.92 | GHVI – Gores Holdings VI Inc (Announced)
-3.90% ~ $ 15.54 | IPOE – Social Capital Hedosophia Holdings Corp V (Announced)
-3.85% ~ $ 10.24 | SVFB – SVF Investment Corp. 2 (Pre-Deal)
-3.64% ~ $ 7.94 | GIK – GigCapital3 Inc (Announced)
-3.53% ~ $ 13.13 | RSVA – Rodgers Silicon Valley Acquisition Corp (Announced)
-2.80% ~ $ 9.72 | EXPC – Experience Investment Corp (Announced)
-2.70% ~ $ 12.59 | CMLF – CM Life Sciences Inc (Announced)
-2.70% ~ $ 12.60 | TDAC – Trident Acquisitions Corp (Announced)
-2.68% ~ $ 10.15 | IPOF – Social Capital Hedosophia Holdings Corp VI (Pre-Deal)
$ 15.63 | ACTC – ArcLight Clean Transition Corp | Announced -> Proterra Inc
$ 10.39 | IPOD – Social Capital Hedosophia Holdings Corp IV | Pre-Deal
$ 15.54 | IPOE – Social Capital Hedosophia Holdings Corp V | Announced -> Social Finance, Inc.
$ 10.15 | IPOF – Social Capital Hedosophia Holdings Corp VI | Pre-Deal
$ 9.92 | RAAC – Revolution Acceleration Acquisition | Announced -> Berkshire Grey
$ 9.99 | RMGB – RMG Acquisition Corporation II | Announced -> ReNew Power
$ 10.03 | SPRQ – Spartan Acquisition Corp II | Announced -> Sunlight Financial LLC
$ 10.24 | TSIA – TS Innovation Acquisitions Corp | Announced -> Latch, Inc.
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(Disclaimers: this is not investment advice. The author may be long one or more stocks mentioned in this report.)
SPAQ Stock –
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