SPAC Recap: 5 Merger Announcements, Merger Votes, New ETF Highlights Busy Week

Merger Votes

Along with the new SPAC mergers that were announced, the past week saw several SPAC merger votes.

  • Opendoor (OPEN) will begin trading Monday under a new ticker after completing its merger with Social Capital Hedosophia Holdings Corp II (IPOB).
  • Clever Leaves Holdings (CLVR) completed its merger with Schultze Special Purpose Acquisition Corp. (SAMA).
  • BurgerFi International (BFI) began trading under a new ticker last week after a successful merger with OPES Acquisition Corp. (OPES).
  • Mobile esports and betting company Skillz Inc. (SKLZ) completed its merger with Flying Eagle Acquisition Corp. (FEAC).
  • Lancadia Holdings II (LCA) shares fell Friday on news that they did not get enough votes to complete their deal. A new vote will now be held on December 29.

New SPAC ETF

A new actively managed SPAC ETF was also launched with the SPAC and New Issues ETF SPCX from Tuttle Tactical Management. The ETF will hold units, common shares, and possibly warrants.

The ETF holds SPACs with good management teams that have not announced deals yet. Churchill Capital Corp IV (CCIV) is the largest of 42 holdings, making up 6.7% of assets. Bill Foley’s Foley Transimene Acquisition (WPF) is the second largest holding. Social Capital Hedosophia Holdings VI (IPOF) and Social Capital Hedosophia Holdings V (IPOE) also are both in the top 10.

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