*Updated on June 1 to reflect the termination of the proposed RBAC/SeatGeek merger, and the postponement of the NAAC/TeleSign vote.*
Four SPACs plan to hold votes on their proposed mergers in the short holiday week. De-SPACs typically begin trading under the new symbol within a week of the merger’s approval.
The week’s headliner is warehouse robotics platform Symbotic, merging with SVFC at a $4.8 billion EV. In the case of Symbotic, the deal is all but guaranteed to go through, since the PIPE covers its minimum cash requirement.
Regulatory uncertainty, poor de-SPAC returns, and general market volatility continue to serve as headwinds for SPACs, which have experienced an uptick in redemption rates this year. Four of the six SPACs with merger votes this week finished Tuesday below the $10 redemption price, a sign of the challenging SPAC market, and the fact that redemption dates are passing.
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