US SPAC MONITOR

www.spacalpha.com Dec 21, 2020

DISCLAIMER

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SPAC IPO & IBC ACTIVITY
IPO Priced/IBCs Closed Filed but pending

Number of SPAC IPOs Value of SPAC IPOs, $billion

$9.0
47

$81.4
242

13 59 $3.5
34 46 $10.0 $10.8 $13.6

2016 2017 2018 2019 2020 2016 2017 2018 2019 2020

Number of SPAC IBCs Value of SPAC IBCs, $billion

58 $92.3

53 $78.5
4 23 28 $7.0
13 $15.6 $23.6 $25.2

2016 2017 2018 2019 2020 2016 2017 2018 2019 2020

Data source: SPAC Research. IBC is Initial Business Combination. 3

CURRENT SPAC PIPELINE

Current SPAC Pipeline Number Value, $billion

S-1 filings 47 9.0

Total active SPACs 284 88.5

- Searching for IBCs 226 72.7

IPO: 15.8
- Live IBCs 58
EV: 92.3

Closed SPAC IBCs 53 78.5

Liquidated SPACs 2 0.2

Data source: SPAC Research 4

WEEKLY SPAC ACTIVITY

SPAC Activity Last Week Number Value, $million

S-1 filings 19 3,945

IPOs priced 12 3,128

IPO: 1,567
New IBCs announced 7
EV: 6,676
IPO: 1,412
IBCs closed 5
EV: 8,736

SPACs liquidated 0 0

Data source: SPAC Research 5

SPAC IPOs PRICED: LAST WEEK (I)

IPO Size, Pricing

SPAC Ticker IPO Unit Focus Sponsor(s) Fri Price, $
$M Date

3rd SPAC by INSU team,

INSU Acquisition Corp. III IIIIU 218 S+W/3 Financials, US 17-Dec 10.40
Daniel Cohen

Seven Oaks Acquisition Corp. SVOKU 225 S+W/2 General, US 1st time SPAC team 17-Dec 10.16

MedTech Acquisition
MTACU 220 S+W/3 Healthcare, US 1st time SPAC team 17-Dec 10.36
Corporation

Golden Falcon Acquisition

GFX.U 300 S+W/2 Technology, Global 1st time SPAC team 17-Dec 10.29
Corp.

Dune Acquisition Corporation DUNEU 150 S+W/2 Technology, US 1st time SPAC team 17-Dec 10.12

Corner Growth Acquisition

COOLU 350 S+W/3 Technology, US Corner Ventures 16-Dec 10.35
Corp.

ScION Tech Growth I SCOAU 500 S+W/3 Financials, US ION Investment Group 16-Dec 10.18

5th SPAC by M. Klein

Churchill Capital Corp V CCV.U 450 S+W/4 General, US 15-Dec 10.40
and Co. team

KINS Technology Group Inc. KINZU 240 S+W/2 Technology, US 1st time SPAC team 15-Dec 10.23

Blue Water Acquisition Corp. BLUWU 50 S+W Healthcare, US/Europe 1st time SPAC team 15-Dec 10.25

6
Data source: SPAC Research
SPAC IPOs PRICED: LAST WEEK (II)

IPO Size, Pricing

SPAC Ticker IPO Unit Focus Sponsor(s) Fri Price, $
$M Date

Americas Technology
ATA.U 100 S+W/2 Technology, US Fifth Partners 14-Dec 10.21
Acquisition Corp.

Marquee Raine Acquisition Raine Group, Tom

MRACU 325 S+W/4 Technology, US 14-Dec 10.54
Corp. Ricketts

7
Data source: SPAC Research
SPAC S-1 FILINGS: LAST WEEK (I)

Filed IPO Filing

SPAC Ticker IPO Unit Focus Sponsor(s)
Size, $M Date

LightJump Acquisition Corporation LJAQU 100 S+W Technology, US 1st time SPAC team 18-Dec

Technology,
Poema Global Holdings Corp. PPGHU 250 S+W/2 Princeville Capital 18-Dec
Europe/Asia

Healthcare,
Locust Walk Acquisition Corp. LWACU 130 S+W/3 Locust Walk Partners 18-Dec
US/Europe

Industrial/Tech, 2nd SPAC by

VectoIQ Acquisition Corp. II VTIQU 300 S+W/3 18-Dec
US VectoIQ team

2nd SPAC by
Star Peak Corp II STPC.U 350 S+W/3 General, US 18-Dec
Star Peak team

Bright Lights Acquisition Corp. BLTSU 200 S+W/2 Consumer, US 1st time SPAC team 18-Dec

Ivanhoe Capital Acquisition Corp. IVAN.U 200 S+W/3 Energy, US 1st time SPAC team 18-Dec

2nd SPAC by
Switchback II Corporation SWBK.U 250 S+W/5 Energy, US 18-Dec
Switchback team

Industrial/Consumer,
Rotor Acquisition Corp. ROT.U 200 S+W/2 1st time SPAC team 18-Dec
US

Global Synergy Acquisition Corp. GSAQU 225 S+W/2 Technology, US Everstone 18-Dec

8
Data source: SPAC Research
SPAC S-1 FILINGS: LAST WEEK (II)

Filed IPO Filing

SPAC Ticker IPO Unit Focus Sponsor(s)
Size, $M Date

Crucible Acquisition Corp CRU.U 200 S+W/3 Technology, US Foundry Group 18-Dec

Venus Acquisition Corp VENU 40 S+W+R General, Asia 2nd SPAC by team 18-Dec

Prospector Capital Corp. PRSRU 250 S+W/3 Technology, US 1st time SPAC team 18-Dec

Hamilton Lane Alliance Holdings I, Inc. HLAHU 200 S+W/3 General, US Hamilton Lane 18-Dec

2nd SPAC by Altimeter

Altimeter Growth Corp. 2 AGCB 200 S Technology, US 17-Dec
team

KL Acquisition Corp KLAQU 250 S+W/3 Healthcare, US Kennedy Lewis 17-Dec

Vickers Venture
Vickers Vantage Corp. I VCKAU 100 S+W/2 General, Global 15-Dec
Partners

Epiphany Technology Acquisition Corp. EPHYU 350 S+W/3 Technology, US 1st time SPAC team 15-Dec

KludeIn I Acquisition Corp. INKAU 150 S+W/2 Technology, US 1st time SPAC team 15-Dec

Global Synergy Acquisition Corp. GSAQU 225 S+W/2 Technology, US Everstone 18-Dec

9
Data source: SPAC Research
LIVE IBCs (I)

IBCs
SPAC Ticker Target Focus EV, $M EV/IPO Fri Price, $
Announced

Deerfield Healthcare CareMax Medical/IMC Healthcare,

DFHT 692 4.8x 18-Dec 14.35
Technology Acquisitions Corp. Medical US

Technology,
FinServ Acquisition Corp. FSRV Katapult 993 4.0x 18-Dec 14.25
US

Northern Star Acquisition Consumer,

STIC.U BARK 1,642 6.5x 17-Dec 13.50*
Corp. US

New Providence Acquisition Communication,

NPA AST SpaceMobile 1,392 6.0x 16-Dec 11.00
Corp. US

Thunder Bridge Acquisition II, Technology,

THBR indie Semiconductor 982 2.8x 15-Dec 10.50
Ltd. US

Industrials,
Experience Investment Corp. EXPC Blade 450 1.6x 15-Dec 10.66
US

Big Rock Partners Acquisition Healthcare,

BRPA NeuroRx 525 7.6x 14-Dec 15.40
Corp. US

Collective Growth Industrials,

CGRO Innoviz 1,033 6.9x 11-Dec 12.00
Corporation US

Industrials,
Forum Merger III Corporation FIII Electric Last Mile 1,196 4.8x 11-Dec 11.30
US

TPG Pace Beneficial Finance Industrials,

TPGY EVBox 969 2.8x 10-Dec 25.00
Corp. Europe

10
Data source: SPAC Research *Unit price
LIVE IBCs (II)

IBCs
SPAC Ticker Target Focus EV, $M EV/IPO Fri Price, $
Announced

Auto,
GigCapital3, Inc. GIK Lightning eMotors 651 3.2x 10-Dec 10.96
US

Consumer,
Silver Spike Acquisition Corp. SSPK WM Holding Company 1,398 5.6x 10-Dec 12.50
US

Vesper Healthcare Acquisition Consumer,

VSPR HydraFacial 1,140 2.5x 9-Dec 10.92
Corp. US

Foley Trasimene Acquisition Financials,

BFT Paysafe 9,000 6.1x 7-Dec 13.92
Corp. II Global

Star Peak Energy Transition Industrials,

STPK Stem 829 2.2x 4-Dec 18.06
Corp. US

Technology,
CF Finance Acquisition Corp. II CFII View 1,628 3.3x 30-Nov 10.60
US

Northern Genesis Acquisition Auto,

NGA Lion Electric 1,505 4.7x 30-Nov 15.00
Corp. US

Technology,
INSU Acquisition Corp. II INAQ Metromile 956 4.2x 24-Nov 14.11
US

UpHealth/Cloudbreak Healthcare,
GigCapital2, Inc. GIX 1,350 7.8x 23-Nov 10.34
Health US

Apex Technology Acquisition Technology,

APXT AvePoint 1,738 5.0x 23-Nov 14.38
Corporation US

11
Data source: SPAC Research
LIVE IBCs (III)

IBCs
SPAC Ticker Target Focus EV, $M EV/IPO Fri Price, $
Announced

Healthcare,
Longview Acquisition Corp. LGVW Butterfly Network 1,500 3.6x 20-Nov 14.79
US

Auto,
CIIG Merger Corp. CIIC Arrival 5,400 20.8x 18-Nov 29.08
US

Industrials,
Roth CH Acquisition I Co. ROCH PureCycle 826 10.7x 16-Nov 14.27
US

Industrials,
Newborn Acquisition Corp. NBAC Nuvve 132 2.3x 12-Nov 16.95
US

Healthcare,
Jaws Acquisition Corp. JWS Cano Health 4,400 6.4x 12-Nov 13.87
US

Industrials,
InterPrivate Acquisition Corp. IPV Aeva 1,803 7.5x 2-Nov 13.05
US

Alberton Acquisition Energy,

ALAC SolarMax 300 2.6x 28-Oct 10.96
Corporation US/China

Technology,
dMY Technology Group, Inc. II DMYD Genius Sports 1,500 5.4x 27-Oct 15.30
Global

Longevity Acquisition Healthcare,

LOAC 4D pharma 38 0.9x 22-Oct 10.88
Corporation UK

Acamar Partners Acquisition Technology,

ACAM CarLotz 827 2.7x 22-Oct 10.32
Corp. US

12
Data source: SPAC Research
LIVE IBCs (IV)

IBCs
SPAC Ticker Target Focus EV, $M EV/IPO Fri Price, $
Announced

Healthcare,
Panacea Acquisition Corp. PANA Nuvation Bio 1,319 9.2x 21-Oct 10.30
US

Financials,
South Mountain Merger Corp. SMMC Billtrust 1,293 5.2x 19-Oct 15.46
US

Healthcare,
FS Development Corp. FSDC Gemini Therapeutics 266 2.2x 15-Oct 10.31
US

CC Neuberger Principal Technology,

PCPL E2Open 2,565 6.2x 14-Oct 10.39
Holdings I US

Skillsoft & Global Technology,

Churchill Capital Corp II CCX 1,037 1.5x 13-Oct 10.18
Knowledge Global

Energy,
AMCI Acquisition Corp. AMCI Advent Technologies 358 1.6x 13-Oct 12.85
US

Financials,
Replay Acquisition Corp. RPLA Finance of America 2,012 7.0x 13-Oct 10.28
US

Industrials,
Stable Road Acquisition Corp. SRAC Momentus 1,200 6.9x 7-Oct 14.71
US

Social Capital Hedosophia Healthcare,

IPOC Clover Health 3,702 4.5x 6-Oct 12.08
Holdings Corp. III US

Industrial,
RMG Acquisition Corp. RMG Romeo Power 993 4.2x 5-Oct 21.95
US

13
Data source: SPAC Research
LIVE IBCs (V)

IBCs
SPAC Ticker Target Focus EV, $M EV/IPO Fri Price, $
Announced

Industrial,
Live Oak Acquisition Corp. LOAK Danimer Scientific 525 2.6x 5-Oct 18.00
US

Consumer,
Oaktree Acquisition Corp. OAC Hims 1,592 7.9x 1-Oct 12.05
US

Mountain Crest Acquisition Consumer,

MCAC Playboy 413 7.2x 1-Oct 10.33
Corp US

Agriculture,
Novus Capital Corporation NOVS AppHarvest 550 5.5x 29-Sep 16.07
US

Healthcare,
LifeSci Acquisition Corp. LSAC Vincera Pharma 77 1.2x 29-Sep 16.74
US

Switchback Energy Industrials,

SBE ChargePoint 2,400 7.6x 24-Sep 35.99
Acquisition Corporation US

East Stone Acquisition Financials,

ESSC Ufin 450 3.2x 23-Sep 9.99
Corporation China

United Wholesale Financials,

Gores Holdings IV, Inc. GHIV 15,125 37.9x 23-Sep 10.72
Mortgage US

Pivotal Investment Auto,

PIC XL Fleet 1,087 4.7x 18-Sep 15.32
Corporation II US

Consumer,
Haymaker Acquisition Corp. II HYAC ARKO Holdings 2,000 5.0x 9-Sep 9.33
US

14
Data source: SPAC Research
LIVE IBCs (VI)

IBCs
SPAC Ticker Target Focus EV, $M EV/IPO Fri Price, $
Announced

Tottenham Acquisition I Healthcare,

TOTA Clene Nanomedicine 543 11.8x 2-Sep 11.11
Limited US

Real Estate,
LF Capital Acquisition Corp. LFAC Landsea Homes 631 4.1x 31-Aug 10.81
US

Hennessy Capital Acquisition Auto,

HCAC Canoo 1,840 6.1x 18-Aug 19.29
Corp. IV US

Financials,
Megalith Financial Acquisition MFAC BankMobile 140 0.8x 6-Aug 12.71
US

Technology,
PropTech Acquisition PTAC Porch.com 523 3.0x 31-Jul 11.51
US

Rush Street Gaming,

dMY Technology Group DMYT 1,780 7.7x 27-Jul 20.60
Interactive US

Golden Nugget Consumer,

Landcadia Holdings II LCA 745 2.4x 29-Jun 21.26
Online Gaming US

Industrials,
Monocle Acquisition MNCL AerSale 367 2.1x 9-Dec-2019 10.98
US

15
Data source: SPAC Research
CLOSED IBCs IN 2020 (I)

New
SPAC Target Focus EV, $M EV/IPO IBCs Closed Fri Price, $
Ticker

Social Capital Hedosophia Technology,

OPEN Opendoor 4,768 11.5x 18-Dec 29.50
Holdings Corp. II US

Schultze Special Purpose Consumer,

CLVR Clever Leaves 206 1.6x 18-Dec 13.00
Acquisition US

Consumer,
Opes Acquisition BFI BurgerFi 143 1.2x 16-Dec 16.00
US

Technology,
Flying Eagle Acquisition Corp. SKLZ Skillz 3,500 5.1x 16-Dec 20.92
US

Reviva Healthcare,
Tenzing Acquisition RVPH 119 1.9x 14-Dec 7.92
Pharmaceuticals US

Industrials,
Trine Acquisition Corp. DM Desktop Metal 1,800 6.0x 10-Dec 16.09
US

Energy,
HL Acquisitions HTOO Fusion Fuel 97 1.7x 9-Dec 16.16
Europe

Auto,
Gores Metropoulos, Inc. LAZR Luminar 2,900 7.3x 2-Dec 27.62
US

Kensington Capital Auto,

QS QuantumScape 3,321 14.3x 27-Nov 73.73
Acquisition Corp. US

Technology,
Legacy Acquisition Corp. ID Onyx 331 1.1x 20-Nov 4.72
US

16
Data source: SPAC Research
CLOSED IBCs IN 2020 (II)

New
SPAC Target Focus EV, $M EV/IPO IBCs Closed Fri Price, $
Ticker

Materials,
Fortress Value Acquisition MP MP Materials 1,000 2.9x 18-Nov 32.51
US

Financials,
CF Finance Acquisition GCMG GCM Grosvenor 2,175 7.7x 17-Nov 12.69
US

Real Estate,
Orisun Acquisition UK Ucommune 765 17.3x 17-Nov 6.50
China

B. Riley Principal Merger Energy,

EOSE Eos Energy Storage 550 3.1x 16-Nov 14.56
Corp. II US

Financials,
Netfin Acquisition TRIT Triterras 674 2.7x 11-Nov 8.45
Singapore

Healthcare,
KBL Merger IV ATNF 180 Life Sciences 175 1.5x 6-Nov 2.77
US

Healthcare,
Healthcare Merger Corp. TLMD SOC Telemed 720 2.3x 30-Oct 8.07
US

Spartan Energy Acquisition Auto,

FSR Fisker 1,900 3.4x 29-Oct 16.13
Corp. US

Conyers Park II Acquisition Consumer,

ADV Advantage Solutions 5,200 11.6x 28-Oct 12.72
Corp. US

ARYA Sciences Acquisition Healthcare,

CERE Cerevel Therapeutics 847 5.7x 27-Oct 17.12
Corp II US

17
Data source: SPAC Research
CLOSED IBCs IN 2020 (III)

New
SPAC Target Focus EV, $M EV/IPO IBCs Closed Fri Price, $
Ticker

Auto,
DiamondPeak Holdings Corp. RIDE Lordstown Motors 965 3.4x 23-Oct 18.72
US

Financials,
FinTech Acquisition III PAYA Paya 1,300 3.8x 16-Oct 13.37
US

Consumer,
Forum Merger II TTCF Ittella 482 2.4x 15-Oct 22.16
US

Technology,
Software Acquisition Group CURI CuriosityStream 331 2.2x 14-Oct 10.53
Global

Technology,
Insurance Acquisition SFT Shift Technologies 416 2.8x 13-Oct 8.64
US

Healthcare,
Churchill Capital Corp III MPLN MultiPlan 11,138 10.1x 8-Oct 9.62
US

Auto,
Tortoise Acquisition Corp. HYLN Hyliion 1,097 4.7x 1-Oct 17.51
US

8i Enterprises Acquisition Financials,

EQOS Diginex 296 5.1x 30-Sep 9.30
Corp China

Industrials,
Graf Industrial Corp. VLDR Velodyne Lidar 1,566 6.4x 29-Sep 20.07
US

Far Point Acquisition Technology,

GB Global Blue 2,600 4.1x 28-Aug 12.50
Corporation Switzerland

18
Data source: SPAC Research
CLOSED IBCs IN 2020 (IV)

New
SPAC Target Focus EV, $M EV/IPO IBCs Closed Fri Price, $
Ticker

Consumer,
Collier Creek Holdings UTZ Utz 1,560 3.5x 28-Aug 21.96
US

Energy,
Pure Acquisition Corp. HPK HighPeak Energy 845 2.0x 21-Aug 14.00
US

Digital Media Technology,

Leo Holdings DMS 757 3.8x 15-Jul 11.13
Solutions US

Real Estate,
Gordon Pointe Acquisition HOFV HOF Village 421 3.2x 1-Jul 1.29
US

Immatics Healthcare,
Arya Sciences Acquisition IMTX 315 2.2x 1-Jul 10.07
Biotechnologies Germany

Consumer,
Act II Global Acquisition FREE Whole Earth Brands 439 1.5x 25-Jun 11.47
US/Global

Financials,
Proficient Alpha Acquisition LGHL Lion Financial Group 125 1.1x 16-Jun 2.23
China

Financials,
Nebula Acquisition LPRO Open Lending 1,080 3.9x 10-Jun 31.81
US

Auto,
VectoIQ Acquisition NKLA Nikola 3,324 14.5x 3-Jun 17.08
US

Materials,
Mudrick Capital Acquisition HYMC Hycroft Mining 615 8.6x 29-May 7.95
US

19
Data source: SPAC Research
CLOSED IBCs IN 2020 (V)

New
SPAC Target Focus EV, $M EV/IPO IBCs Closed Fri Price, $
Ticker

Technology,
Wealthbridge Acquisition SJ Scienjoy 187 3.3x 7-May 9.39
China

Technology,
Diamond Eagle Acquisition DKNG DraftKings 2,700 6.8x 24-Apr 53.90
US

American Virtual Technology,

Pensare Acquisition AVCT 65 0.2x 7-Apr 5.19
Cloud Tech US

Education,
EdtechX Holdings Acquisition METX Meten Education 614 9.7x 30-Mar 2.00
China

International General Financials,

Tiberius Acquisition IGIC 550 3.2x 17-Mar 7.90
Insurance Middle East

Consumer,
DD3 Acquisition BWMX Betterware 366 6.6x 12-Mar 33.43
Mexico

ChaSerg Technology Technology,

GDYN Grid Dynamics 407 1.9x 5-Mar 11.23
Acquisition US

Technology,
TKK Symphony Acquisition GSMG Glory Star 529 2.1x 15-Feb 2.80
China

Atlas Technical Industrials,

Boxwood Merger ATCX 654 3.3x 14-Feb 6.80
Consultants US

Industrials,
B. Riley Principal Merger ALTG Alta Equipment 540 3.8x 14-Feb 8.95
US

20
Data source: SPAC Research
CLOSED IBCs IN 2020 (VI)

New
SPAC Target Focus EV, $M EV/IPO IBCs Closed Fri Price, $
Ticker

Industrials,
Gores Holdings III PAE PAE 1,551 3.9x 10-Feb 9.30
US

Industrials,
GS Acquisition Holdings VRT Vertiv 5,318 7.7x 7-Feb 19.19
US

Industrials,
Mosaic Acquisition VVNT Vivint Smart Home 4,197 12.2x 17-Jan 21.75
US

21
Data source: SPAC Research
IPO UNDERWRITERS: LEAGUE TABLE YTD

Rank by Bookrunner Volume, Bookrunner

Underwriters % Share % Share
Vol Sold $M1 Count

1 Credit Suisse 13,324 16.4% 41 10.7%

2 Citigroup 10,431 12.8% 40 10.4%
3 Goldman Sachs 7,801 9.6% 31 8.1%
4 Jefferies 5,673 7.0% 23 6.0%
5 Cantor Fitzgerald 5,636 6.9% 23 6.0%
6 UBS 5,227 6.4% 22 5.7%
7 Morgan Stanley 4,920 6.1% 23 6.0%
8 Deutsche Bank 4,571 5.6% 23 6.0%
9 JP Morgan 3,604 4.4% 17 4.4%
10 BofA Securities 3,381 4.2% 18 4.7%
11 Barclays 2,075 2.6% 14 3.7%
12 Wells Fargo 1,571 1.9% 7 1.8%
13 Cowen 1,482 1.8% 9 2.3%
14 EarlyBirdCapital 1,301 1.6% 10 2.6%
15 BTIG 1,218 1.5% 8 2.1%
16 B. Riley FBR 923 1.1% 5 1.3%
17 Evercore 828 1.0% 2 0.5%
18 Chardan 779 1.0% 9 2.3%
19 Mizuho 779 1.0% 3 0.8%
20 RBC Capital Markets 745 0.9% 6 1.6%

1. Credit for Bookrunner Volume is awarded to the sole bookrunner or split equally among joint bookrunners 22
Data source: SPAC Research
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