The PSPC market remains saturated, the pace of transactions must accelerate to fade away

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Only 4 new SPAC M&A deals were announced this week, after just 3 and 2 for the previous two weeks respectively. At this rate, the market won’t be close to eliminating the more than 450 PSPCs looking for deals. So who will win in the end, and who might eventually be forced to liquidate (and actually lose venture capital)? The signs would probably point to the more inexperienced sponsors.

As Bloomberg’s Crystal Kim reports, the peak of the PSPC boom saw a large number of PSPC being formed by many people with little or no relevant experience. Including some incredibly young individuals. As we have said, the market will inevitably clear up, most likely in favor of those with the relevant experience.

In fact, Betsy Cohen, one of the original and most successful SPAC serial sponsors, predicts that up to 30% of PSPC will be liquidated. While it’s impossible to know how precise that is, we share the view that the market will eventually shift to a place where there will be fewer sponsors.

Other PSPC News

Billy Beane’s Redball Acquisition Corp (RBAC) confirmed he was in talks with SeatGeek after an apparent leak from his corporate website. Last year, it was rumored that RBAC was in talks to buy Fenway Sports Group before the talks collapsed. RBAC closed slightly higher at $ 9.87.

Recent PSPC IPOs

MEKA continues to be the unicorn in a universe of SPAC IPOs that are mostly pretty mediocre.

Oct 08 | $ 9.86 | HWKZ – Hawks Acquisition Corp
07 Oct | $ 9.88 | IXAQ – IX Acquisition Corp.
07 Oct | $ 9.92 | SAMA – Schultze Special Purpose Acquisition Corp. II
October 05 | $ 10.12 | PBAX – Phoenix Biotech Acquisition Corp.
October 05 | $ 9.97 | BHAC – Crixus BH3 Acquisition Corp.
October 05 | $ 9.83 | NFYS – Enphys Acquisition Corp.
October 05 | $ 10.04 | AVAC – Avalon Acquisition Inc.
October 04 | $ 10.08 | RNER – Mount Rainier Acquisition Corp.
Sep 30 | $ 10.14 | DMYS – dMY Technology Group, Inc. VI
Sep 30 | $ 10.17 | MTRY – Monterey Bio Acquisition Corp
Sep 30 | $ 9.94 | GATE – Marblegate Acquisition Corp.
Sep 29 | $ 10.03 | ARTE – Artemis Strategic Investment Corporation
Sep 29 | $ 12.37 | MEKA – MELI Kaszek Pioneer Corp

Mergers and acquisitions announced

07 Oct | $ 9.88 | FMAC – FirstMark Horizon Acquisition Corp -> Starry, Inc.
October 05 | $ 9.85 | SNII – Supernova Partners Acquisition Company II, Ltd. -> Rigetti Co, Inc.
October 04 | $ 10.00 | HLXA – HELIX ACQUISITION CORP -> MoonLake Immunotherapeutics AG
October 04 | $ 9.89 | GBRG – Goldenbridge Acquisition Limited -> AgiiPlus
Sep 29 | $ 10.01 | ARYD – ARYA Sciences Acquisition Corp IV -> Amicus Therapeutics Inc
Sep 28 | $ 9.82 | TUGC – TradeUP Global Corp -> SAITECH
Sep 27 | $ 10.15 | GGPI – Gores Guggenheim, Inc -> Polestar
Sep 21 | $ 9.86 | GSQD – G Squared Ascend I Inc. -> Transfix
Sep 20 | $ 9.88 | GLBL – Cartesian Growth Corporation -> The Tiedemann and Alvarium Groups

PHAC Calendar

October 12 | $ 9.98 | LOKB – Live Oak Acquisition Corp. II -> Navitas Semiconductor
October 13 | $ 9.49 | MRAC – Marquee Raine Acquisition Corp. -> Enjoy Technology, Inc.
October 14th | $ 9.57 | HIV – VPC Impact Acquisition Holdings -> BAKKT Holdings, LLC
October 14th | $ 9.97 | HZAC – HORIZON ACQ CP -> Sièges Vivid Inc.
October 14th | $ 10.63 | LEGO – LEGATO MERGER CORP. -> Algoma Steel
October 19 | $ 9.99 | GSAH – GS Acquisition Holdings Corp II -> Mirion Technologies
October 19 | $ 9.98 | BOWX – BowX Acquisition Corp -> WeWork
October 20 | $ 9.98 | KURI – Alkuri Global Acquisition Corp. -> Babylon
October 20 | $ 10.08 | BCYP – Big Cypress Acquisition Corp. -> SAB Biotherapeutics
October 20 | $ 10.08 | SGAM – Seaport Global Acquisition Corp -> Redbox

Today’s price action

The biggest winners

7.46% ~ $ 8.21 | STWO – ACON S2 Acquisition Corp (Announced)
1.95% ~ $ 9.92 | MCAF – Mountain Crest Acquisition Corp. IV (Pre-agreement)
1.14% ~ $ 10.63 | LEGO – LEGATO MERGER CORP. (Announcement)
1.13% ~ $ 9.81 | OSI – Osiris Acquisition Corp. (Pre-Deal)
1.13% ~ $ 9.82 | EBAC – European Biotech Acquisition Corp. (Pre-Deal)
1.13% ~ $ 9.83 | BYTS – BYTE Acquisition Corp. (Pre-agreement)
1.02% ~ $ 9.90 | WINV – WinVest Acquisition Corp. (Pre-Deal)
.92% ~ $ 9.85 | ESM – ESM Acquisition Corporation (Pre-Deal)
0.82% ~ $ 9.80 | SDAC – Développement Durable Acquisition I Corp. (Pre-Deal)
0.70% ~ $ 10.00 | HLXA – HELIX ACQUISITION CORP (Announced)
0.69% ~ $ 10.17 | ACBA – Ace Global Business Acquisition Limited (Announced)
0.62% ~ $ 9.75 | HWEL – Healthwell Acquisition Corp. I (Pre-Deal)
0.62% ~ $ 9.75 | GFOR – Graf Acquisition Corp. IV (Pre-Deal)
0.62% ~ $ 9.77 | TETC – Tech and Energy Transition Corporation (Pre-Deal)
0.62% ~ $ 11.42 | ALAC – Alberton Acquisition Corporation (Announced)
0.62% ~ $ 9.80 | AAQC – Accelerate Acquisition Corp. (Pre-Deal)
0.62% ~ $ 9.80 | BSAQ – Black Spade Acquisition Co (Pre-Deal)
0.57% ~ $ 9.75 | GLHA – Glass Houses Acquisition Corp. (Pre-Deal)
0.52% ~ $ 9.75 | EVOJ – Evo Acquisition Corp. (Pre-Deal)

The biggest losers

-4.90% ~ $ 9.50 | KCAC – Kensington Capital Acquisition Corp. II (Announced)
-4.62% ~ $ 9.49 | MRAC – Marquee Raine Acquisition Corp. (Announcement)
-4.30% ~ $ 9.57 | HIV – VPC Impact Acquisition Holdings (Announced)
-2.83% ~ $ 9.96 | AMAO – American Acquisition Opportunity Inc (Pre-Deal)
-2.83% ~ $ 9.62 | APMI – AxonPrime Infrastructure Acquisition Corp (Pre-Deal)
-2.03% ~ $ 8.20 | ITAC – Industrial Tech Acquisitions Inc (Announced)
-1.86% ~ $ 10.02 | DCRC – Decarbonization Plus Acquisition Corporation III (Announced)
-1.81% ~ $ 9.78 | FTVI – FinTech Acquisition Corp. VI (Pre-Deal)
-1.51% ~ $ 12.37 | MEKA – MELI Kaszek Pioneer Corp (Pre-Deal)
-1.12% ~ $ 9.69 | JUGG – Jaws Juggernaut Acquisition Corporation (pre-transaction)
-0.90% ~ $ 9.91 | VPCC – VPC Impact Acquisition Holdings III, Inc. (Announced)
-0.85% ~ $ 10.54 | TPGY – TPG Pace Beneficial Finance Corp (Announced)
-0.82% ~ $ 9.67 | TWLV – Twelve Seas Investment Company II (Pre-Deal)
-0.80% ~ $ 9.92 | GLEE – Gladstone Acquisition Corporation (pre-transaction)
-0.75% ~ $ 10.23 | ACKIT – ACKRELL SPAC Partners I Co. (Pre-Deal)
-0.72% ~ $ 9.70 | DISA – Disruptive Acquisition Corp I (Pre-Deal)
-0.71% ~ $ 9.81 | GIIX – GORES HOLDINGS VIII, INC. (Pre-agreement)
-0.67% ~ $ 9.67 | TBSA – TB SA Acquisition Corp (Pre-Deal)