SPAC M&A heats up with 3 more deals (RCLF, CPTK, VTAQ)

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It certainly feels like a more active SPAC M&A market that has been relatively quiet this fall. 3 new deals were announced today, bringing the total to 7 for the week. Today’s transactions:

  • Rosecliff Acquisition Corp I (RCLF), $ 1 billion deal for OBTAIN. + 0.6%
  • Ventoux CCM Acquisition Corp (VTAQ), $ 817 million deal for Presto. -0.6%
  • Crown PropTech Acquisitions (CPTK), $ 808 million deal for Brivo. + 1.1%

Even though 2/3 got a modest pop, none of them scream above the NAV. Additionally (see tweet below), the low trading volume would signal a potentially difficult path to contain increased repayments. Still a long way to go, but interesting to see the first reactions.

That being said, the M&A pace is still unbroken trumped by the SPAC IPO pace which valued another 6 deals today, bringing the previous total for the week to November 9th, has already hit a high of $ 6 billion.

Is it healthy now if more M&A deals are announced? Surely. However, the PIPE market still seems to be pretty tough (the majority of PIPEs today include some form of convertible funding) and it is certainly becoming more and more likely that we will see a wave of SPAC liquidations at some point, similar to what we did ~ 15 years ago .

In addition, deals are broken off again and again, as with BBQ Guys and Velocity Acquisition.

Recent SPAC IPOs

November 09 | $ 10.18 | BCSA – Blockchain Coinvestors Acquisition Corp. I.
November 09 | $ 10.06 | CBRG – Chain Bridge I
November 09 | $ 10.09 | GVCI – Green Visor Financial Technology Acquisition Corp I.
November 09 | $ 10.07 | AFAC – Arena Fortify Acquisition Corp.
November 09 | $ 10.09 | ACDI – Ascendant Digital Acquisition Corp. III
November 09 | $ 10.07 | RCF – RCF Acquisition Corp.
Nov 08 | $ 10.10 | HTAQ – Hunt Companies Acquisition Corp. I.
Nov 08 | $ 10.06 | DPCS – DP Cap Acquisition Corp I.
Nov 08 | $ 10.08 | APN – Apeiron Capital Investment Corp.

Today’s price action

Biggest winner

1.75% ~ $ 58.30 | DWAC – Digital World Acquisition Corp. (Announcement)
1.45% ~ $ 10.52 | BRPM – B. Riley Principal 150 Merger Corp. (Announcement)
1.13% ~ $ 9.86 | RACB – Research Alliance Corp. II (pre-deal)
1.12% ~ $ 9.89 | CPTK – Crown PropTech Acquisitions (Announced)
0.87% ~ $ 9.84 | LDHA – LDH Growth Corp I (Pre-Deal)
0.71% ~ $ 9.93 | ARTA – Artisan Acquisition Corp. (Announcement)
0.71% ~ $ 9.95 | MCAE – Mountain Crest Acquisition Corp. III (pre-deal)
0.69% ~ $ 9.95 | DALS – DA32 Life Science Tech Acquisition Corp. (Pre-deal)
0.62% ~ $ 9.77 | EGGF – EG Acquisition Corp. (Pre-deal)
0.62% ~ $ 9.78 | PMGM – Priveterra Acquisition Corp. (Pre-deal)
0.62% ~ $ 9.79 | EOCW – Elliott Opportunity II Corp. (Pre-deal)
0.61% ~ $ 9.85 | RCLF – Rosecliff Acquisition Corp I (Announcement)
0.51% ~ $ 9.82 | NSTD – Northern Star Investment Corp. IV (pre-deal)
0.51% ~ $ 12.88 | MEKA – MELI Kaszek Pioneer Corp (Pre-Deal)
0.50% ~ $ 10.05 | HLXA – HELIX ACQUISITION CORP (Announcement)
0.41% ~ $ 9.71 | PFTA – PORTAGE FINTECH ACQUISITION CORP. (Pre-deal)
0.41% ~ $ 9.72 | XPAX – XPAC Acquisition Corp (Pre-Deal)
0.41% ~ $ 9.73 | TETC – Tech and Energy Transition Corporation (Pre-Deal)

Biggest Loser

-7.47% ~ $ 11.02 | DCRC – Decarbonization Plus Acquisition Corporation III (Announcement)
-4.73% ~ $ 10.67 | GGPI – Gores Guggenheim, Inc (Announcement)
-4.38% ~ $ 10.27 | IVAN – Ivanhoe Capital Acquisition Corp (Announcement)
-3.51% ~ $ 10.46 | SNII – Supernova Partners Acquisition Company II, Ltd. (Announcement)
-2.82% ~ $ 15.16 | AGC – Altimeter Growth Corp. (Announcement)
-2.71% ~ $ 12.56 | CND – Concord Acquisition Corp (Announcement)
-2.65% ~ $ 11.02 | SEAH – Sports Entertainment Acquisition Corp (Announcement)
-2.55% ~ $ 12.98 | XPDI – Power & Digital Infrastructure Acquisition Corp. (Announcement)
-2.48% ~ $ 10.23 | DMYQ – dMY Technology Group, Inc. IV (Announcement)
-1.50% ~ $ 10.51 | FPAC – Far Peak Acquisition Corp (announced)
-1.45% ~ $ 10.18 | CBAH – CBRE Acquisition Holdings, Inc. (Announcement)
-1.44% ~ $ 10.29 | HUGS – USHG Acquisition Corp. (Announcement)
-1.40% ~ $ 9.86 | ARYE – ARYA Sciences Acquisition Corp V (Pre-Deal)
-1.37% ~ $ 10.09 | SBEA – SilverBox Engages in Fusion Corp I (Announced)
-1.19% ~ $ 12.50 | FSII – FS Development Corp. II (announcement)
-1.14% ~ $ 10.37 | MCMJ – Merida Merger Corp. I (announcement)
-1.02% ~ $ 9.74 | FTPA – FTAC Parnassus Acquisition Corp. (Pre-deal)
-92% ~ $ 9.69 | GOBI – Gobi Acquisition Corp. (Pre-deal)

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(Disclaimers: This is not investment advice. The author may be long on one or more of the stocks mentioned in this report.)


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