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SPAC Deals are at a Standstill

SNII set to close 3/2 with no other SPACs voting this week as deal pacing remains slow.

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With over 600 SPACs searching for deals, the story remains the same: not enough M&A activity is getting done. Times are tough right now for SPACs that are searching, as they are facing a number of impediments, to name a few:

  • ice cold PIPE market
  • skyrocketing redemptions
  • broader tech market selloff
  • DeSPAC negativity and poor performance

These factors aren't exactly marking a spree of SPAC activity. That being said, the market can turn quite quickly if sentiment begins to improve. For the time being, activity remains low. With just 21 deals announced in 2022 so far, ~10 a month is not nearly enough to clear out the backlog. 

Just one vote this week (Supernova and Rigetti today), though the pace will pick up slightly in march. 

Pre-Deal SPACs remain trading near all time low discounts

Source: Boardroom Alpha

Source: Boardroom Alpha

Elsewhere in SPACs

  • FTAC Athena (FTAA) terminated its business combination agreement with Pico due to "Pico’s failure to deliver financial information as required." It is the 8th SPAC termination thus far in 2022
  • IPO withdrawals: Fifth Wall Acquisition II, Makara Strategic Acquisition, VIDA Flash Acquisitions
  • SPK Acquisition Corp (SPK) and Varian Pharmaceuticals released an investor presentation for their proposed merger

Today's Price Action

Biggest Gainers

6.44% ~ $ 9.91 | - Supernova Partners Acquisition Company II, Ltd. (Announced)
2.88% ~ $ 92.05 | - Digital World Acquisition Corp. (Announced)
1.47% ~ $ 11.06 | - Gores Guggenheim, Inc (Announced)
1.44% ~ $ 9.84 | - Swiftmerge Acquisition Corp. (Pre-Deal)
1.30% ~ $ 10.91 | - Healthcare Capital Corp. (Announced)
.93% ~ $ 9.80 | - Trajectory Alpha Acquisition Corp. (Pre-Deal)
.78% ~ $ 10.29 | - USHG Acquisition Corp. (Announced)
.62% ~ $ 9.81 | - Warburg Pincus Capital Corporation I—B (Pre-Deal)
.61% ~ $ 9.90 | - Broad Capital Acquisition Corp (Pre-Deal)
.61% ~ $ 9.96 | - Dynamics Special Purpose Corp. (Announced)
.51% ~ $ 9.80 | - ARYA Sciences Acquisition Corp IV (Pre-Deal)
.51% ~ $ 9.89 | - Sagaliam Acquisition Corp (Pre-Deal)
.51% ~ $ 9.90 | - Aurora Acquisition Corp. (Announced)
.51% ~ $ 9.93 | - Global Technology Acquisition Corp. I (Pre-Deal)
.50% ~ $ 9.98 | - Magnum Opus Acquisition Limited (Announced)
.41% ~ $ 9.81 | - Worldwide Webb Acquisition Corp. (Pre-Deal)
.41% ~ $ 9.81 | - Gesher I Acquisition Corp. (Pre-Deal)
.41% ~ $ 9.83 | - Dila Capital Acquisition Corp (Pre-Deal)
.41% ~ $ 9.84 | - Pearl Holdings Acquisition Corp (Pre-Deal)
.41% ~ $ 9.85 | - Blue Ocean Acquisition Corp (Pre-Deal)

- Arbor Rapha Capital Bioholdings Corp. I (Pre-Deal)
-2.75% ~ $ 12.37 | - CF Acquisition Corp. VI (Announced)
-1.19% ~ $ 9.98 | - Social Capital Hedosophia Holdings Corp IV (Pre-Deal)
-1.04% ~ $ 10.49 | - East Stone Acquisition Corporation (Announced)
-.92% ~ $ 9.73 | - FTAC Athena Acquisition Corp. (Pre-Deal)
-.62% ~ $ 9.62 | - Concord Acquisition Corp II (Pre-Deal)
-.61% ~ $ 9.75 | - Springwater Special Situations Corp. (Pre-Deal)
-.61% ~ $ 9.79 | - Rosecliff Acquisition Corp I (Announced)
-.52% ~ $ 9.64 | - EG Acquisition Corp. (Pre-Deal)
-.51% ~ $ 9.73 | - Riverview Acquisition Corp. (Pre-Deal)
-.51% ~ $ 9.83 | - Sierra Lake Acquisition Corp. (Pre-Deal)
-.50% ~ $ 9.86 | - InterPrivate III Financial Partners Inc. (Announced)
-.50% ~ $ 10.04 | - Alpine Acquisition Corp. (Pre-Deal)
-.46% ~ $ 9.79 | - Silver Crest Acquisition Corporation (Announced)
-.41% ~ $ 9.61 | - Enphys Acquisition Corp. (Pre-Deal)
-.41% ~ $ 9.63 | - TortoiseEcofin Acquisition Corp. III (Pre-Deal)
-.40% ~ $ 9.85 | - New Providence Acquisition Corp. II (Pre-Deal)
-.40% ~ $ 9.92 | - Games & Esports Experience Acquisition Corp. (Pre-Deal)
-.36% ~ $ 10.18 | - Globis Acquisition Corp. (Announced)
-.31% ~ $ 9.67 | - Catalyst Partners Acquisition Corp. (Pre-Deal)

More from Boardroom Alpha

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