Last week featured three announced SPAC deals. The week also had earnings from several well-known former SPACs. Here is a look back at the week that was .
SPACs Close Down Again on a Sleepy Friday
SPACs closed down on the day again, with the average pre-deal SPAC trading at $9.80. No new deals today, with just 4 announced on the week.
Author:
It s definitely been a sad May for SPACS with little good news to get investors excited. That being said, we continue to reiterate our view that the slowdown is positive for the longterm health of the broader SPAC market.
Little activity today with no new mergers getting announced, and just one new IPO traded with
Graf Acquisition Corp. closing down 0.7%. SPACs slid lower, once again, and the average pre-deal SPAC is now trading at $9.80 a steep discount to NAV.
TPGY/EVBox Deal Falling Apart Would be a Big Blow to SPACs
The most concerning news is that the TPGY/EVBox SPAC deal may fall apart. Altimar s Blue Owl is expected to close May 19. Today s 3 IPOs traded down as expected.
Author:
This morning we discussed the 3 new IPOs that were set to trade today, and there were no surprises with each closing at or below NAV. Some thought probably more hoped than truly believed that
Catalyst Partners (CPAR), utilizing Goldman s shareholder friendly SOAR structure, would have traded up yet it closed down slightly.
It was an overall risk-off day in equity markets broadly, thus it s tough to read to much into day-1 closing prices. But, what is clear is that the market is not yet ready for more SPAC IPOs, and rather want the market to clear. So, the fast money IPO trade will remain a distant memory for the foreseeable future.
SPAC Market is Healthier Than Most Think thestreet.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thestreet.com Daily Mail and Mail on Sunday newspapers.
Mid-Morning Market Update: Markets Mixed; Walmart Tops Q1 Expectations benzinga.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from benzinga.com Daily Mail and Mail on Sunday newspapers.