The Nightcap from SPAC Track

The Nightcap newsletter: SPAC Track’s nightly recap of the action in the SPAC world. (October 26, 2021)

Discover and track all of the SPACs at spactrack.net.

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The Stats:

The Deals:

None today.

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News:

Trump-Linked SPAC Falls as Retail Trading Frenzy Loses Steam

The euphoria surrounding shares in Digital World Acquisition Corp., the SPAC tied to former President Donald Trump, is showing signs of fizzling out.

Shares of the special purpose acquisition company fell for a second day on Tuesday after skyrocketing as much as 1,225% last week, as retail traders shifted their focus to other corners of the stock market. Digital World, which is set to merge with Trump’s new social media platform, Trump Media & Technology Group, declined 30% to $59.07. It fell nearly 11% on Monday.

Digital World was still trending on trader chatroom Stocktwits and was among the most mentioned tickers across Reddit’s WallStreetBets. It was also among the most actively traded assets on Fidelity’s platform in Tuesday’s session, but sell orders balanced the number of buys.

In contrast, investors favored Bakkt Holdings Inc., the digital asset marketplace, as well as tech heavyweights Tesla Inc. and Facebook Inc.

The two-day decline also came after short-seller Iceberg Research warned of risks for investors and said “Trump will renegotiate at the expense of DWAC retail holders.” Shares of the blank-check company have lost roughly two-thirds of their value from an Oct. 22 peak of $175.

Tracking De-SPAC S-1s (including PIPE resale registrations):

S-1s that went effective today:

424B3 filings (S-1 likely to go effective tomorrow):

Quick News:

  • Digital World Acquisition Corp. (DWAC) filed an 8-K with additional information on its merger with Trump Media & Technology Group, including that the SPAC may raise a PIPE for the transaction

IPOs to Begin Trading Tomorrow*:

1) Pyrophyte Acquisition Corp. Announces Pricing of $175 Million Initial Public Offering (PHYT-U)

2) Deep Medicine Acquisition Corp. Announces Pricing of Upsized $110 Million Initial Public Offering (DMAQ-U)

3) OPY Acquisition Corp. I Announces Pricing of Upsized $110 Million Initial Public Offering (OHAA-U)

4) Innovative International Acquisition Corp. Announces Pricing of $200 Million Initial Public Offering (IOAC-U)

*priced as of this writing

New S-1s (2):

  • $200M, 1/2 Warrant

  • Focus: Tech, media, and telecom (TMT) and tech-empowered consumer

  • $250M, 1/2 Warrant

  • Focus: Tech and Cybersecurity

  • Directors:Vincent Stewart (Former Deputy Director at United States Cyber Command)Shawn Henry (CSO of CrowdStrike)Stacey Abrams (Former State Representative of the Georgia General Assembly)

  • Advisors:Sandra Campos (Former CEO of Diane Von Furstenberg)Rashaun Williams (Co-founder of Queensbridge Venture Partners)

Upcoming Dates:

This Week’s Announced Shareholder Meetings, Unit Splits, Warrant Redemptions, and Expected Ticker Changes

See the full calendar here.

Thanks for reading,

SPAC Track

Note: Share prices only included if 5%+ moves and for all De-SPAC PIPE entries
DISCLAIMER: The information provided in this newsletter is for your convenience only and is not intended to be treated as financial, investment, tax, or other advice.