I selected 200 #ImpactSPACs and #DeSPACs from 4Q2020 to 4Q2022. The #SPACBoom. Affordable public equity <10US$ listed on US stockmarkets. Almost 90% holdpromise of postive impact eg #Electrification #Biotech #Sustainability #ESG. I added #PIPEs as a catalyst for impact investing. <60B US$ Almost as much as raised with SPAC IPOs. > 60B US$ I looked at present yields (ignoring maturity), impact themes invbestor presentations, company websites ESG rating & recommendations. Next Thought Piece will be on their Impact reporting: best practive. preferred metrics and more.

1. ImpactSPACS from the SPAC Boom, Accelerating the Impact Economy FACTS & FIGURES
This is part 1 of a series on ImpactSPACS, ImpactPIPES &Impact Reporting during the SPAC Boom
My Database: 200 ImpactDeSPACs
I selected SPACs launched after 2Q2020* & DeSPACed between 4Q2020 and 3Q2022. Starting with
DeSPACs at 4Q202 seems early, but DeSPAC speed sped up considerably during the SPAC Boom.
SPACtrack shows for 4Q2020: 4 DeSPACs, 2021: 138 DeSPACs & 2022: 88 DeSPACs = 230DeSPACs in this
timespace. *Timeslot: the Pandemic had a huge effect on public stock markets, but also Mergers & Acquisitions &
Venture Capital investments, alternative ways for (Impact) companies to get funding. And SPACS boomed.
I limited the timezone to + 2,5 years = the (SPAC lifetime of 2 years + extension(s) also the end of the SPAC Boom.
Best data sources: SPACtrack, SPACinsider Houlihan Lokey (PIPEs)
HIGH IMPACT
The number of 200 ImpactDeSPACs is high, almost 90% of the SPACs. Mainly because of the high
technology characteristic which holds great promise to create ‘’disruptive’’ positive impact and lower
negative impacts. Or ‘’Decouple’’: growing companies & sectors without growing negative impacts.
CAPITAL RAISED: ImpactSPACs/ImpactDeSPACs 4Q2020-4Q2022
Cumulative > 60 B US$ (61486M US$)
Average > 300 M US$ (307M US$) Average priced Impact SPACs: 15
Under 100M US$: 10 - Between 100-200M US$: 89 - 200-400MUS$ priced Impact SPACs: 115
Smallest SPAC 10MioUS$ Meten EdTech $METX
Biggest SPAC: 2 BUS$ Lucid $LCID
Over 1BUS$: 6
I De-Selected traditional vice sectors such as AGTAF*, crypto and other companies without positive impact
intentions or application of the technology for impact (sectors). *AGTAF: Alcohol, Gambling, Tobacco, Adult
Entertainment (porn), Firearms.. I did not deselect cannabis companies & servicers (fintech) because of medical use of
Drs Alcanne J Houtzaager MA,Inclusive2
Impact Investing, Tools & Thought Pieces p. 1

2. sometimes diversified suppliers, so including recreational, & purposeful (?) cannabis use. Neither did I deselect Defense suppliers
because of the state of the world and actions & threats of autocratic regimes. Nor did I deselect technology serving negative/no
net impact sectors as long as they offered sustainability & serving (high) impact sectors e.g. agriculture, security ‘solutions’.’
#Transition & #Mission (without Drift please….)
Impact Intended SPACs: New were impact target themes such as ESG/Sustainability, Decarbonization.
Already present before the Boom was Electrification: Electric Vehicles 2,4, 6-8 wheels, batteries, charging,
storage, metals: mining & recycling. Always a strong presence has Life Science, Health including biotech,
medical care & platformtech connecting carergivers & clients. Wow: AI as foundation for new treatments
for ADHD, Dementia, Depression,COVID fog….
Many SPAC launchers kept their ‘options open’ naming multiple themes. Of course some themes are
combined in one company: electrification requires metals (mining) but combined with recollecting,
recycling & reusing is also a Sustainable company. Better care: outcomes, patient satisfaction, at lower
cost and larger scale and professionals back up & support definately meets impact intended criteria.
Impact Investing CATALYST: Private Investment in Public Equity
200 ImpactSPACs DeSPACed with ImpactPIPEs commitment, to be precise 226 PIPEs, so a few multiple
PIPEs. PIPEs make up the complete merger deal amount. PIPEs are made by larger, institutional, investors
and based on more information (Lazard) than eg in the merger investor presentation. 4 ImpactSPACs
DeSPACed without a PIPE. 5% Best source Houlihan Lokey PIPE report 2020-21 & online search.
220 ImpactPIPE Deals
Cumulative < 60BillionUS$ (58017MUS$)
Average > 200MioUS$ (207MUS$)
Average priced Impact SPACs: 18
Under 100M US$: 58
Between 100-200M US$: 114 Between 201-400MUS$ priced Impact SPACs: 52
Drs Alcanne J Houtzaager MA,Inclusive2
Impact Investing, Tools & Thought Pieces p. 2

3. >1B US$ ImpactPIPEs: 10
Biggest 2 BUS$ GRAB Holdings (Mobility, Delivery, Finance) $GRAB
Smallest 6 MioUS$ Clever Leaves (Med. Canabis) $CVLR
>20 ImpactSPACs with 1, or 3: $AEVA & $LFG ImpactPIPEs
ImpactSPAC & ImpactPIPE size
EQUAL Size
ImpactPIPE US$ size = ImpactSPAC US$ size: 4 <2%
LARGER Size
Impact PIPES US$ size > ImpactSPAC US$ size: 30 13% of 226 PIPEs 12 serial SPAC launchers. 40% of 30
MUCH LARGER sized ImpactPIPE, in Millions US$ or Double
x2 than the ImpacSPAC 18 8% (of 226 PIPEs)
Of which 12 serial SPAC launchers. 66% of 18
Triple, Quadruple sized ImpactPIPEs
3x (2) & 4x (4) larger than the ImpactSPAC 6 <3%
All serial SPAC launchers 100%
ImpactPIPES size smaller than ImpactSPAC size make up the rest about 140.
Since many DeSPACs did poorly some received further PIPE investments
PROFITABLE ImpactDeSPACS (2021 data, Yahoo Finance)
21 ImpactDeSPACS 10%
No Dividend payment (YF) yet
Listing can be inspired by the ambition to acquirefunds to buy/acquire companies to add marketshare, revenues, e.g.
a competitor, supplier, distrubutor or invest in growth: capacity, manufacturing, staff etc…
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Impact Investing, Tools & Thought Pieces p. 3

4. 130 LOSSMAKING ImpactDeSPACs
37 with little revenues compared to losses (2021 YF)
93 with serious revenues compared to losses (2021 YF)
5 losses about the same amount as revenues
CASHBURNERS no Revenues (2021 YF)
35 of which 17 biotech/therapies and 2 other medical services
20 Not yet reporting: recently listed DeSPACS, foreign, in trouble
2 Delisted. Bankrupt, Acquired
EXCHANGE RATES of ImpactDeSPACs* 90% of researched SPACs universe
Average* <4 US$ (3,60 US$).
High 52 weeks >40US$ (41,11 US$)
52 Lows <4 US$ (3,79 US$)
WINNERS recent data
34 US$ $MP Material corp Rare earth Mining in California, USA. Rated Severe (Operational) Risk by Sustaialytics.
29 US$ $CERE, Clinical stage therapies for neuroscience diseases
26 US$ $LFG Archaea Energy,a renewable natural gas (RNG) & renewable electricity producer in USA. Rated Medium
(Operational) Risk by Sustainalytics. (ESG Research transparent company database, sector reports)
BEST PERFORMERS recent data
> 10US$ 9 < 9 US$ 4 < 8 US$ 6
MEDIOCRE*
< 7 US$ 7 < 6 US$ 5
AVERAGE DeSPAC loss 33%* Harvard Law research into 48 pre Boom DeSPAC IPOs focusing on costs & short term returns
A sober look at SPACs (Nov 2020). Klausner, Ohlrogge, Ruan https://corpgov.law.harvard.edu/2020/11/19/a-sober-look-at-spacs/
Drs Alcanne J Houtzaager MA,Inclusive2
Impact Investing, Tools & Thought Pieces p. 4

5. OUCH*
< 5 US$ 16 < 4 US$ 17 < 3 US$ 37
< 2 US$ 36 < 1 US$ 35
2 DeSPACs Delisted & 1 because it was acquired itself.
*These Exchange rates vary in maturity, some ImpactDeSPACs listed late 2020 almost 24 months and some just
recently. Present exchange rates have changed ↑&↓ as I dont have access to up to date collected from September
to mid November. Noet that penny stock > 5US$ is extra volatile.
PREMLIMINARY THOUGHTS
As ImpactDeSPACs are 90% of the DeSPAC universe, poor yields are hardly surprising. It would be
unnerving to know,conclude that ImpactDeSPACS perform worse than Net negative of Non Impact
DeSPAC. Or because (De)SPACs as an investment got a bad wrap. #yield #reputation
NOAC Natural order AC seeking a plant based food company just redeemed my shares
explaining their reason of which c) is ‘’the volatility in capital markets and in deSPAC
transactions, which dissuaded good companies from accessing the markets’.
Worse if speculants have targetted the SPAC universe due to its accessible price range and thus
destroyed value of Impact Companies or halting, stunting their growth. Missed opportunities for
technology advancement in Electrification, LifeScience sector and exciting niche sector success.
Especially as most ImpactDeSPAC companies’ websites & Investor Presentations show legacy industry,
sector leaders support: backing them as investors, partners, clients etc. Investing in innovation, boosting
impact in the supply chain. And Shareholder profiles show large percentages of institutional investors
(SimplyWallstreet) The tech crackdown, geopolitical turmoil caused by totalitarian regimes and the War
against Ukraine and populist anti Woke/ESG sentiment have not helped stock markets and certainly
Growth Stock..
Questions & Comments are Welcome
Drs Alcanne J Houtzaager MA,Inclusive2
Impact Investing, Tools & Thought Pieces p. 5

6. Next thought Piece
I will look at the Impact Ambitions & Reporting of Impact DeSPACs. Some great Best Practice
exemplary companies publish Global Impact Reports, tailored (per) Global Goal contributions, great
ESG performance & ambitions (reports), SASB sector Material Sustainability issues, prioritised in
Materiality Matrices, Carbon Disclosure emissions saved! (E :), SWOTs, Underserved Populations, Market
potential… Sometimes a pay off says it all. Tip: Often company website Career pages share their culture
of Diversity, Equality & Inclusion with employee blogs/experiences, celebrations…
Questions & Comments are Welcome
Please connect through https://www.linkedin.com/in/alcannehoutzaager
Drs Alcanne J Houtzaager MA,Inclusive2
Impact Investing, Tools & Thought Pieces p. 6