The SPAC Update + Weekly & 2023 Annual Review

2023 Annual SPAC Stats

SPAC Deals

• 157 Mergers Announced, of which 109 are still in the DA stage, 29 closed the merger, and 19 terminated

  • -6% YoY and -38% from the 2021 Peak

    • 2022: 167

    • 2021: 253

    • 2020: 97

• 98 Mergers Closed

  • -4% YoY and -51% from the 2021 Peak

    • 2022: 102

    • 2021: 200

    • 2020: 64

• 66 Terminations

SPAC IPOs

• 31 IPOs

  • -64% YoY and -95% from the 2021 Peak

    • 2022: 86

    • 2021: 613

    • 2020: 248

• 32 filed registrations to go public in 2023

  • 18 of which have IPO’d and 14 are in the pre-IPO pipeline

• There are currently 32 SPACs that are in the pre-IPO pipeline (filed to go IPO, but have yet to launch or have not yet withdrawn their registration statements).

SPAC Liquidations

• 197 liquidations (+37% YoY)

  • 2022: 144

  • 2021: 1

  • 2020: 2

  • There are currently no SPACs in the liquidation process.

• There were 531 Active SPACs at the beginning of 2023. This brings the 2023 liquidation rate to 37%.

Current SPAC Market Stats

SPAC Weekly Review

Activity last Week (Dec 26 - Dec 29):

Deals

• 3 new mergers announced:

  • $PWUP & Visiox Pharmaceuticals

  • $AIB & PSI Group

  • $TWLV & Crystal Lagoons

• 4 mergers closed:

  • EGGF & flyExclusive ($FLYX)

  • IOAC & Zoomcar ($ZCAR)

  • ADEX & GRIID Infrastructure ($GRDI - NEO)

  • BYN & Pinstripes ($PNST)

• 6 deals in limbo (merger approved by shareholders, pending closing):

  • $ACAX & HWH International

  • $QFTA & Atlas Clear

  • $MCAF & CH-Auto

  • $NUBI & Honeycomb Battery Company

  • $ATAK & DIH

  • $APAC & DigiAsia

IPOs and New S-1s

• 1 new IPOs: $IROH-U

• No new registrations.

Liquidations

• Last week: no new liquidations were announced, 3 SPACs delisted ahead of their liquidations, and 1 SPAC reversed its liquidation decision.

SPAC Daily Gainers & Losers (prev. session)

De-SPAC Daily Gainers & Losers (prev. session)

News & De-SPAC Updates

• Roche to buy part of LumiraDx ($LMDX) diagnostics platform for $295M — Reuters

  • “It will additionally pay up to $55 million in reimbursements to fund the platform until the deal closes. LumiraDx said the sale's proceeds would not be distributed to its shareholders, but would be used to repay some of its debt.”

The Deals

1) Twelve Seas II ($TWLV) & Crystal Lagoons — SF

• Valuation: $350M Pre-money equity value

• Pending press release and investor presentation

LOIs:

• Crixus BH3 ($BHAC) entered into an LOI with XCF Global Capital, a New York-based producer of sustainable fuels. The transaction would value the company at $1.75B. — PR

SPAC Updates

Merger Votes / Completions

• Banyan ($BYN) & Pinstripes: merger closed. Pinstripes will begin trading as PNST starting Tues, Jan 2. — PR

• Adit EdTech ($ADEX) & Griid Infrastructure: merger closed. GRIID's common stock will begin trading in Canada on the NEO exchange as GRDI starting Tuesday, Jan 2. The company is working on listing its common stock and warrants on a US exchange. — PR

• Deep Medicine ($DMAQ) & TruGolf set the merger vote date for Jan 19. — SF

• Denali Capital ($DECA) & Longevity Biomedical postponed the merger vote from Jan 4 to Jan 9. — SF

Extensions

Upcoming Vote Updates:

• Spring Valley II ($SVII) reported it will contribute to the trust if the proposal is approved. — SF

• dMY Squared Technology Group ($DMYY) reported preliminary redemption results ahead of the vote scheduled for Jan 2: 72% redeemed, leaving 1,739,586 public SPAC shares, before any potential reversals, which will be accepted with the company's consent up to the time of the meeting. — SF

Shareholder Approvals:

• GigCapital5 ($GIA) was approved to extend up to Mar 2024. ~0% of the public SPAC shares were redeemed. Remaining in trust: ~$23.0M / 2,112,593 shares. — SF

• SK Growth Opportunities ($SKGR): up to Sep 2024. ~52% of the public SPAC shares were redeemed. Remaining in trust: ~$109.5M / 10,056,597 shares. — SF

Key Filings

Extensions:

• Western Acquisition Ventures Corp. ($WAVS) — DEF

• FTAC Emerald Acquisition Corp. ($EMLD) — DEFR

• Armada Acquisition Corp. I ($AACI) — PRE

• Mars Acquisition Corp. ($MARX) — PRE

• Pono Capital Two, Inc. ($PTWO) — PRE

• Northern Revival Acquisition Corporation ($NRAC) — PRE

• Alpha Partners Technology Merger Corp. ($APTM) — PRE

S-4 Filings*:

• GigCapital5, Inc. ($GIA) & QT Imaging — S-4/A

• OceanTech Acquisitions I Corp. ($OTEC) & Regentis Biomaterials — S-4/A

• Nocturne Acquisition Corp. ($MBTC) & Cognos Therapeutics — S-4/A

• SEP Acquisition Corp. ($SEPA) & SANUWAVE Health (OTC: SNWV) — S-4/A

• Catcha Investment Corp ($CHAA) & Crown LNG Holdings AS — F-4/A

• Chenghe Acquisition Co. ($CHEA) & Taiwan Color Optics — F-4/A

Post-Merger S-1 Filings**:

• Estrella Immunopharma ($ESLA) — EFFECT

• Banzai International ($BNZI) — S-1

• African Agriculture ($AAGR) — S-1

*Latest S-4 filings are found in the “Deal Details” view under the column “S-4 Link”

**including PIPE resale registrations where applicable — latest post-merger S-1 filings are found in the “De-SPAC" view under the column “Post-Close S-1”

Key Event Calendar:

See the full calendar with proxy links and view it in a sortable table form here.