US SPAC MONITORJan 11, 2021www.spacalpha.com

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SPAC IPO & Merger ACTIVITY

3

4 1323 28

64

3

51

2016 2017 2018 2019 2020 2021

Number of SPAC Mergers

$7.0$15.6 $23.6 $25.2

$89.0

$4.5

$104.0

2016 2017 2018 2019 2020 2021

Value of SPAC Mergers, $billion

Data source: SPAC Research. Merger is Initial Business Combination.

1334 46 59

248

28

75

2016 2017 2018 2019 2020 2021

Number of SPAC IPOs

$3.5$10.0 $10.8 $13.6

$83.4

$6.7

$18.0

2016 2017 2018 2019 2020 2021

Value of SPAC IPOs, $billion

Filed but pendingIPO Priced/Mergers Closed

CURRENT SPAC PIPELINE

4

Current SPAC Pipeline Number Value, $billion

S-1 Filings 75 18.0

Total Active SPACs 304 93.9

- Searching for Mergers 253 79.0

- Live Mergers 51IPO: 14.8

EV: 103.8

Closed SPAC Mergers 3 4.5

Liquidated SPACs 0 0.0

Data source: SPAC Research

WEEKLY SPAC ACTIVITY

5

SPAC Activity Last Week Number Value, $million

S-1 Filings 22 5,335

IPOs Priced 28 6,707

New Mergers Announced 3IPO: 1,323

EV: 9,304

Mergers Closed 3IPO: 1,152

EV: 4,473

SPACs Liquidated 0 0

Data source: SPAC Research

SPAC IPOs PRICED: LAST WEEK (I)

6Data source: SPAC Research

SPAC TickerIPO Size,

$MIPO Unit Focus Sponsor(s)

PricingDate

Fri Price, $

LightJump Acquisition Corporation LJAQU 100 S+W Technology, US 1st time SPAC team 8-Jan 10.19

Tastemaker Acquisition Corp. TMKRU 240 S+W/2 Travel & Hospitality, US

1st time SPAC team w/members of

Haymaker team8-Jan 10.18

Pioneer Merger Corp. PACXU 350 S+W/3 General, US Falcon Edge Capital, Patriot Global 7-Jan 10.55

Provident Acquisition Corp. PAQCU 200 S+W/2 Technology, Asia Provident Group, Aventis Star 7-Jan 10.65

Locust Walk Acquisition Corp. LWACU 153 S+W/3 Healthcare, US/Europe Locust Walk Partners 7-Jan 10.40

Switchback II Corporation SWBK.U 275 S+W/5 Energy, US 2nd SPAC by Switchback team 7-Jan 11.85

Mountain Crest Acquisition Corp. II MCADU 50 S+R General, US 2nd SPAC by

Mountain Crest team 7-Jan 10.40

KL Acquisition Corp KLAQU 250 S+W/3 Healthcare, US Kennedy Lewis 7-Jan 10.27

Global Synergy Acquisition Corp. GSAQU 225 S+W/2 Technology, US Everstone 7-Jan 10.30

Epiphany Technology Acquisition Corp. EPHYU 350 S+W/3 Technology, US 1st time SPAC team 7-Jan 10.54

SPAC IPOs PRICED: LAST WEEK (II)

7Data source: SPAC Research

SPAC TickerIPO Size,

$MIPO Unit Focus Sponsor(s)

PricingDate

Fri Price, $

SVF Investment Corp. SVFAU 525 S+W/5 Technology, Global Softbank 7-Jan 12.00

Prospector Capital Corp. PRSRU 300 S+W/3 Technology, US 1st time SPAC team 7-Jan 10.61

Empowerment & Inclusion Capital I Corp. EPWR.U 240 S+W/2 General, US PNC Financial, Jefferies 7-Jan 10.28

Powered Brands POWRU 240 S+W/3 Consumer, US Greycroft 7-Jan 10.53

Altimeter Growth Corp. 2 AGCB 400 S Technology, US 2nd SPAC by Altimeter team 7-Jan 12.65

VectoIQ Acquisition Corp. II VTIQU 300 S+W/5 Industrial/Tech, US 2nd SPAC by VectoIQteam 6-Jan 11.17

Bright Lights Acquisition Corp. BLTSU 200 S+W/2 Consumer, US 1st time SPAC team 6-Jan 10.43

Ivanhoe Capital Acquisition Corp. IVAN.U 240 S+W/3 Energy, US 1st time SPAC team 6-Jan 11.67

KludeIn I Acquisition Corp. INKAU 150 S+W/2 Technology, US 1st time SPAC team 6-Jan 10.36

Vickers Vantage Corp. I VCKAU 120 S+W/2 General, Global Vickers Venture Partners 6-Jan 10.25

SPAC IPOs PRICED: LAST WEEK (III)

8Data source: SPAC Research

SPAC TickerIPO Size,

$MIPO Unit Focus Sponsor(s)

PricingDate

Fri Price, $

Omega Alpha SPAC OMEG 120 S Healthcare, US Omega Fund Management 6-Jan 10.47

Poema Global Holdings Corp. PPGHU 300 S+W/2 Technology, Europe/Asia Princeville Capital 6-Jan 10.42

Star Peak Corp II STPC.U 350 S+W/4 General, US 2nd SPAC by Star Peak/Magnetar 5-Jan 11.42

Kairos Acquisition Corp. KAIRU 240 S+W/2 Financial, US 1st time SPAC team 5-Jan 10.38

Sports Ventures Acquisition Corp. AKICU 200 S+W/3 Sports, US 1st time SPAC team 5-Jan 10.60

Crucible Acquisition Corp CRU.U 259 S+W/3 Technology, US Foundry Group 5-Jan 10.80

Benessere Capital Acquisition Corp. BENEU 100 S+W/2 Technology, N. & S.

America 1st time SPAC team 4-Jan 10.56

Fortress Value Acquisition Corp. III FVT.U 230 S+W/5 General, US 4th SPAC by Fortress

team 4-Jan 10.80

SPAC S-1 FILINGS: LAST WEEK (I)

9Data source: SPAC Research

SPAC TickerFiled IPO Size, $M

IPO Unit Focus Sponsor(s)FilingDate

D and Z Media Acquisition Corp. DNZ.U 250 S+W/3Media &

Entertainment/Tech, US

1st time SPAC team 8-Jan

Foresight Acquisition Corp. FOREU 275 S+W/3 Tech/Healthcare, US 1st time SPAC team 8-Jan

B. Riley Principal 150 Merger Corp. BRPM.U 150 S+W/3 General, US 3rd SPAC by B. Riley team 8-Jan

Constellation Acquisition Corp CSTA.U 300 S+W/3 General, US 1st time SPAC team 8-Jan

ITHAX Acquisition Corp. ITHXU 175 S+W/2 Travel & Hospitality, US 1st time SPAC team 8-Jan

DiamondHead Holdings Corp. DHHCU 300 S+W/4 General, US 2nd SPAC by members of DiamondPeak team 8-Jan

Science Strategic Acquisition Corp. Alpha SSAAU 225 S+W/3 Consumer/Media &

Entertainment, USScience Partners

Management 8-Jan

Decarbonization Plus Acquisition Corporation II DCRNU 200 S+W/3 General, US

2nd SPAC by Decarbonization team,

Riverstone8-Jan

CF Acquisition Corp. V CFVU 250 S+W/3 General, US 5th SPAC by Cantor Fitzgerald team 8-Jan

Climate Real Impact Solutions II Acquisition Corporation CLIM.U 210 S+W/3 General, US

2nd SPAC by Climate Real Impact team,

PIMCO8-Jan

SPAC S-1 FILINGS: LAST WEEK (II)

10Data source: SPAC Research

SPAC TickerFiled IPO Size, $M

IPO Unit Focus Sponsor(s)FilingDate

LMF Acquisition Opportunities, Inc. LMAOU 75 S+W Financial, US LM Funding America, Inc. 8-Jan

CA Healthcare Acquisition Corp. CAHCU 100 S+W/2 Healthcare, US Pleasant Bay Capital Partners 8-Jan

African Gold Acquisition Corporation AGAC.U 300 S+(3/4)W Materials, Global 1st time SPAC team 7-Jan

Fortistar Sustainable Solutions Corp. FSSIU 200 S+W/2 Energy/Industrial, US Fortistar Capital 6-Jan

Primavera Capital Acquisition Corporation PV.U 300 S+W/2 General, Asia Primavera Capital

Group 6-Jan

Northern Star Investment Corp. II NSIC.U 300 S+W/4 Consumer, US2nd SPAC by Northern Star team, Jonathan

Ledecky6-Jan

Apollo Strategic Growth Capital II APGB.U 400 S+W/4 General, US 2nd SPAC by Apollo team 6-Jan

One Equity Partners Open Water I Corp. OPEWU 300 S+W/3 General, US One Equity Partners 6-Jan

Atlas Crest Investment Corp. II ACII.U 250 S+W/3 General, US 2nd SPAC by Atlas Crest team, Moelis 5-Jan

North Atlantic Acquisition Corporation NAACU 300 S+W/3 General, US/Europe 1st time SPAC team 4-Jan

SPAC S-1 FILINGS: LAST WEEK (III)

11Data source: SPAC Research

SPAC TickerFiled IPO Size, $M

IPO Unit Focus Sponsor(s)FilingDate

RMG Acquisition Corp. III RMGCU 350 S+W/3 General, US 3rd SPAC by RMG team 4-Jan

European Sustainable Growth Acquisition Corp. EUSGU 125 S+W/2 General, Europe Lucerne Capital

Management 4-Jan

LIVE MERGERS (I)

12Data source: SPAC Research

SPAC Ticker Target Focus EV, $M EV/IPOMergers

AnnouncedFri Price, $

GX Acquisition Corp. GXGX Celularity Healthcare, US 1,293 4.5x 8-Jan 10.45

Ace Convergence Acquisition Corp. ACEV Achronix Technology,

US 1,761 7.7x 7-Jan 11.44

Social Capital Hedosophia Holdings Corp. V IPOE SoFi Financial,

US 6,250 7.7x 7-Jan 18.74

FinTech Acquisition Corp. IV FTIV Perella Weinberg Partners

Financial,US 975 4.2x 30-Dec-2020 10.97

Altimar Acquisition Corporation ATAC Owl Rock Capital/

Dyal CapitalFinancial,

US 12,702 46.2x 23-Dec-2020 10.73

Colonnade Acquisition Corp. CLA Ouster Industrial,US 1,570 7.9x 22-Dec-2020 13.33

Juniper Industrial Holdings, Inc. JIH Janus International

GroupIndustrial,

US 1,930 5.6x 22-Dec-2020 11.37

Deerfield Healthcare Technology Acquisitions Corp. DFHT CareMax Medical/IMC

MedicalHealthcare,

US 692 4.8x 18-Dec-2020 16.29

FinServ Acquisition Corp. FSRV Katapult Technology,US 993 4.0x 18-Dec-2020 14.62

Northern Star Acquisition Corp. STIC BARK Consumer,

US 1,642 6.5x 17-Dec-2020 14.75

LIVE MERGERS (II)

13Data source: SPAC Research

SPAC Ticker Target Focus EV, $M EV/IPOMergers

AnnouncedFri Price, $

New Providence Acquisition Corp. NPA AST SpaceMobile Technology,

US 1,392 6.0x 16-Dec-2020 12.69

Thunder Bridge Acquisition II, Ltd. THBR indie Semiconductor Technology,

US 982 2.8x 15-Dec-2020 13.39

Experience Investment Corp. EXPC Blade Industrial,US 450 1.6x 15-Dec-2020 12.27

Big Rock Partners Acquisition Corp. BRPA NeuroRx Healthcare,

US 525 7.6x 14-Dec-2020 30.46

Collective Growth Corporation CGRO Innoviz Industrial,

US 1,033 6.9x 11-Dec-2020 13.89

Forum Merger III Corporation FIII Electric Last Mile Industrial,US 1,196 4.8x 11-Dec-2020 13.80

TPG Pace Beneficial Finance Corp. TPGY EVBox Industrial,

Europe 969 2.8x 10-Dec-2020 24.17

GigCapital3, Inc. GIK Lightning eMotors Automotive,US 651 3.2x 10-Dec-2020 14.93

Silver Spike Acquisition Corp. SSPK WM Holding Company Consumer,US 1,398 5.6x 10-Dec-2020 16.71

Vesper Healthcare Acquisition Corp. VSPR HydraFacial Consumer,

US 1,140 2.5x 9-Dec-2020 11.23

LIVE MERGERS (III)

14Data source: SPAC Research

SPAC Ticker Target Focus EV, $M EV/IPOMergers

AnnouncedFri Price, $

Foley Trasimene Acquisition Corp. II BFT Paysafe Financial,

General 9,000 6.1x 7-Dec-2020 15.05

Star Peak Energy Transition Corp. STPK Stem Industrial,

US 829 2.2x 4-Dec-2020 25.49

CF Finance Acquisition Corp. II CFII View Technology,US 1,628 3.3x 30-Nov-2020 11.70

Northern Genesis Acquisition Corp. NGA Lion Electric Automotive,

US 1,505 4.7x 30-Nov-2020 23.10

INSU Acquisition Corp. II INAQ Metromile Technology,US 956 4.2x 24-Nov-2020 16.46

GigCapital2, Inc. GIX UpHealth/Cloudbreak Health

Healthcare,US 1,350 7.8x 23-Nov-2020 10.97

Apex Technology Acquisition Corporation APXT AvePoint Technology,

US 1,738 5.0x 23-Nov-2020 14.63

Longview Acquisition Corp. LGVW Butterfly Network Healthcare,US 1,500 3.6x 20-Nov-2020 20.35

CIIG Merger Corp. CIIC Arrival Automotive, US 5,400 20.8x 18-Nov-2020 27.52

Roth CH Acquisition I Co. ROCH PureCycle Industrial,US 826 10.7x 16-Nov-2020 15.50

LIVE MERGERS (IV)

15Data source: SPAC Research

SPAC Ticker Target Focus EV, $M EV/IPOMergers

AnnouncedFri Price, $

Newborn Acquisition Corp. NBAC Nuvve Industrial,US 132 2.3x 12-Nov-2020 20.00

Jaws Acquisition Corp. JWS Cano Health Healthcare,US 4,400 6.4x 12-Nov-2020 15.65

InterPrivate Acquisition Corp. IPV Aeva Industrial,US 1,803 7.5x 2-Nov-2020 17.76

Alberton Acquisition Corporation ALAC SolarMax Energy,

US/Asia 300 2.6x 28-Oct-2020 13.34

dMY Technology Group, Inc. II DMYD Genius Sports Technology, General 1,500 5.4x 27-Oct-2020 16.00

Longevity Acquisition Corporation LOAC 4D pharma Healthcare,

Europe 38 0.9x 22-Oct-2020 12.49

Acamar Partners Acquisition Corp. ACAM CarLotz Technology,

US 827 2.7x 22-Oct-2020 11.24

Panacea Acquisition Corp. PANA Nuvation Bio Healthcare, US 1,319 9.2x 21-Oct-2020 11.02

South Mountain Merger Corp. SMMC Billtrust Financial, US 1,293 5.2x 19-Oct-2020 16.90

FS Development Corp. FSDC Gemini Therapeutics Healthcare, US 266 2.2x 15-Oct-2020 12.11

LIVE Mergers (V)

16Data source: SPAC Research

SPAC Ticker Target Focus EV, $M EV/IPOMergers

AnnouncedFri Price, $

CC Neuberger Principal Holdings I PCPL E2Open Technology,

US 2,565 6.2x 14-Oct-2020 10.80

Churchill Capital Corp II CCX Skillsoft & Global Knowledge

Technology, General 1,037 1.5x 13-Oct-2020 10.50

AMCI Acquisition Corp. AMCI Advent Technologies Energy, US 358 1.6x 13-Oct-2020 15.94

Replay Acquisition Corp. RPLA Finance of America Financial,US 2,012 7.0x 13-Oct-2020 10.39

Stable Road Acquisition Corp. SRAC Momentus Industrial, US 1,200 6.9x 7-Oct-2020 16.28

Oaktree Acquisition Corp. OAC Hims Consumer, US 1,592 7.9x 1-Oct-2020 17.21

Mountain Crest Acquisition Corp MCAC Playboy Consumer,

US 413 7.2x 1-Oct-2020 11.00

Novus Capital Corporation NOVS AppHarvest Industrial, US 550 5.5x 29-Sep-2020 19.15

Switchback Energy Acquisition Corporation SBE ChargePoint Industrial,

US 2,400 7.6x 24-Sep-2020 42.38

East Stone Acquisition Corporation ESSC Ufin Financial,

Asia 450 3.2x 23-Sep-2020 10.23

LIVE Mergers (VI)

17Data source: SPAC Research

SPAC Ticker Target Focus EV, $M EV/IPOMergers

AnnouncedFri Price, $

Gores Holdings IV, Inc. GHIV United Wholesale Mortgage

Financial, US 15,125 37.9x 23-Sep-2020 12.70

CLOSED MERGERS IN 2021

18Data source: SPAC Research

SPACNew

TickerTarget Focus EV, $M EV/IPO

Mergers Closed

Fri Price, $

LF Capital Acquisition Corp. LSEA Landsea Homes Real Estate, US 631 4.1x 7-Jan 10.15

Social Capital Hedosophia Holdings Corp. III CLOV Clover Health Healthcare,

US 3,702 4.5x 7-Jan 15.90

Megalith Financial Acquisition BMTX BankMobile Financial, US 140 0.8x 5-Jan 14.03

IPO UNDERWRITERS: LEAGUE TABLE YTD

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Rank by Vol Sold

UnderwritersBookrunner Volume,

$M1 % ShareBookrunner

Count % Share

1 Citigroup 1,248 18.6% 6 13.6%2 Goldman Sachs 1,133 16.9% 5 11.4%3 Credit Suisse 786 11.7% 4 9.1%4 Cantor Fitzgerald 678 10.1% 3 6.8%5 Morgan Stanley 583 8.7% 4 9.1%6 Deutsche Bank 490 7.3% 3 6.8%7 Jefferies 294 4.4% 3 6.8%8 Stifel Nicolaus 240 3.6% 1 2.3%9 Cowen 150 2.2% 1 2.3%

10 UBS 150 2.2% 1 2.3%11 BTIG 150 2.2% 1 2.3%12 EarlyBirdCapital 120 1.8% 1 2.3%13 Maxim 120 1.8% 1 2.3%14 BofA Securities 115 1.7% 1 2.3%15 JP Morgan 113 1.7% 1 2.3%16 Kingswood 100 1.5% 1 2.3%17 Chardan 50 0.7% 1 2.3%18 Blaylock Van 34 0.5% 1 2.3%19 Samuel A. Ramirez & Company 34 0.5% 1 2.3%20 Academy Securities 34 0.5% 1 2.3%

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

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