<!DOCTYPE html><html><head></head><body><h3><strong>Terms Tracker for the Week Ending December 2nd, 2022</strong></h3>
<p><em>Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings.</em></p>
<p>As we slide into December, and the holiday season, we recognized two new S-1 registration statements and zero IPOs. The two new S-1s consisted of Network 1 Financial Securities’ <a href="https://www.spacinsider.com/spac/horizon-space-acquisition-i-corp" target="_blank" rel="noopener">Horizon Space Acquisition I Corp.</a> (HSPO) and Cantor Fitzgerald’s <a href="https://www.spacinsider.com/spac/alchemy-investments-acquisition-corp-1" target="_blank" rel="noopener">Alchemy Investments Acquisition Corp 1</a> (ALCY). The month of November ended up with five new S-1 registration statements, four more than last month and two more than the month prior to that.</p>
<p>As we slide into December, we noticed the total number of SPACs in registration fell slightly from 93 to 90 while the total number of SPACs searching for targets fell from 500 to 475.</p>
<p>Clearly, the number of liquidations throughout the back half of 2022 has been on a steady incline, and December appears to be no different. The month of November ended with 11 liquidations (eight less than the month prior) while the first three days of December has already produced 10 liquidations. The rest of the month has 18 more liquidations on the calendar, which technically brings the number of liquidations (including pending liquidations) to 457; however, this number still does not yet include the SPACs headed for an <strong>early liquidation vote</strong>.&nbsp; As such, there are a further 43 SPACs on the calendar waiting to hold their early liquidation vote, which, after completed, will move these SPACs to pending liquidation as well.</p>
<p>If we include all of those figures and assume all pending liquidations have already occurred, the number of SPACs out searching currently stands at 414.</p>
<p>[Read here for a <a href="https://spacinsider.com/2020/12/30/launching-our-spac-ipo-terms-tracker/" target="_blank" rel="noopener">refresher on our methodology</a>]</p>
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<h3><strong>Terms Tracker Data</strong></h3>
<p>In comparison to last week (which had zero changes to terms), the Terms Diffusion Index took a slight dip from 50.00 to 49.78. The slight dip can be attributed to two changes from Israel Acquisitions Corp (ISRL) downsizing from $150M to $125M and overfunding from 101.8% to 102.0%.</p>
<p>As we approach the end of 2022, we can expect the Terms Tracker to remain relatively consistent with little to no weekly changes to terms.</p>
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<ul>
<li><em>The Terms Diffusion Index oscillates around 50.0, assigning a 1.0 value to all positive changes, a 0.5 value to “no changes”, and a 0.0 value to negative changes. Therefore, readings above 50.0 would indicate SPAC terms were loosening on the week, while a reading below 50.0 signals tightening.</em></li>
</ul>
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<h3><strong>IPO Performances from Last Week</strong></h3>
<p>As mentioned above, there was not a single IPO this week, leaving the total for November at just one with <a href="https://www.spacinsider.com/spac/plutonian-acquisition-corp" target="_blank" rel="noopener">Plutonian Acquisition Corp.</a> (PLTN).</p>
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<p><em>Note: Based on the unit’s (or share’s) day-1 VWAP.</em></p>

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SPAC IPO Terms Tracker: Uptick in New S-1s

Data

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Funding Table

Lockups & Earnouts

Corporate Actions

SPAC Performance

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