- ListingTrack
- Posts
- A SPAC Pop for the Ages
A SPAC Pop for the Ages
The Nightcap newsletter: SPAC Track’s nightly recap of the action in the SPAC world. (October 21, 2021)
Discover and track all of the SPACs at spactrack.net.
If you haven’t subscribed to this Free nightly newsletter, you can do so below.
The Stats:
#SPAC Volume Leaders (10/21)
$DWAC 477M (Deal with Trump Media & Technology Group, +357% -- how's that for a SPAC pop?)
$GOGN-U 12.1M*
$GTAC-U 9.8M*
$XFIN-U 9.8M*
$ENER-U 9M*
$AGC 8.8M
$GGPI 5.4M
$SGAM 4.9M (Redbox merger approved yesterday, +33%)
$FPAC 4.2M
$CND 2.9M*New IPO
— SPAC Track (spactrack.io) (@SPACtrack)
8:43 PM • Oct 21, 2021
The Deals:
$DWAC
All the SPAC sponsors that were about to come out with a deal announcement today...
— SPAC Track (spactrack.io) (@SPACtrack)
7:29 PM • Oct 21, 2021
News:
Shares of Trump-linked SPAC close up 350% following news of social media deal (CNBC)
The stock price of SPAC company Digital World Acquisition Corp. (DWAC: $45.50 +356.83%) skyrocketed on extremely heavy trading volume Thursday after news of a merger that would launch former President Donald Trump’s planned social media platform.
DWAC’s stock surged 356.8% to close at $45.50 per share. Trading in the SPAC was halted multiple times due to volatility. At one point, the stock was up more than 400% to hit a high of $52.
Digital World Acquisition was the single most actively traded stock on the Fidelity platform Thursday, and was by far the most traded name on the consolidated tape of New York Stock Exchange and Nasdaq listings.
DWAC is a so-called special purpose acquisition company set up to raise capital in the public markets to purchase private firms.
More than 470 million shares of DWAC changed hands during Thursday’s session, according to FactSet. In comparison, SPY, the exchange-traded fund that tracks the S&P 500, only traded about 32 million shares.
In a press release Wednesday night, Trump’s new company, Trump Media & Technology Group, said it and DWAC “have entered into a definitive merger agreement, providing for a business combination that will result in Trump Media & Technology Group becoming a publicly listed company, subject to regulatory and stockholder approval.”
Trump also said he would roll out a platform called “TRUTH Social,” which he claimed will “stand up to the tyranny of Big Tech.”
Trump has been banned by social media giants Twitter and Facebook since early this year after he was accused of inciting the Jan. 6 Capitol riot by a mob of his supporters. The violence interrupted the confirmation of Trump’s Electoral College loss to President Joe Biden.
Merger Votes/ Completions:
Seaport Global Acquisition Corp. (SGAM) shareholders approved the merger with Redbox yesterday
12.7M public shares were redeemed (~88%)
Alkuri Global Acquisition Corp. (KURI) completed its merger with Babylon Holdings.
Babylon received gross proceeds of ~$460M
Ticker change to BBLN set for tomorrow
If you find this newsletter useful, feel free to share it with a friend and suggest they subscribe:
Tracking De-SPAC S-1s (including PIPE resale registrations):
S-1 filings:
Velo3D (VLD: $8.55 +4.40%)
S-1/A filings:
Shapeways Holdings (SHPW: $9.58 -11.54%)
424B3 filings (S-1 likely to go effective tomorrow):
Sarcos Technology & Robotics Corp (STRC: $6.33 -1.56%)
Archaea Energy (LFG: $17.96 -0.17%)
IPOs to begin trading tomorrow*:
1) M3-Brigade Acquisition III Corp. Announces Pricing of Upsized $261 Million Initial Public Offering (MBSC-U)
*Priced at the time of this writing
New S-1s:
None today.
Upcoming Dates:
This Week’s Announced Shareholder Meetings, Unit Splits, Warrant Redemptions, and Expected Ticker Changes
See the full calendar here.
Thanks for reading,