SPAC Stock Ideas for Friday (and Beware the SPAC Short Sellers)
It may not feel like it, but the SPAC market may be on track to become healthier than ever. It s yield + optionality for the win. But, be careful as the field hasn t cleared yet and short sellers will make life hard for the SPACs and investors who buy into overly hyped financials and technology.
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Yesterday s SPAC deal announcements were met with a tepid response by the market.
D8 (DEH) was only up 0.9% to $10.07 on news of its deal to merge with Vicarious Surgical and
Consonance-HFW Acquisition Corp (CHFW)
The SEC is zeroing in on SPACS. Altimeter (AGC) is taking Grab public in a record breaking $40b dollar SPAC merger. SPACs with announced deals took it on the chin yesterday.
SPAC Wrap: Investors Should be Happy with a Merger-less Monday; Announced Deals Take a Hit
Merger-less Monday was a bit of a surprise today, but given SPACs with announced deals took a hit, that s probably a good thing. Look for activity to pick up as the week progresses though.
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Apr 12, 2021
Even given the otherwise sideways day in the markets (S&P up, DJIA down, Nasdaq 100 down), some investors will be a bit disappointed in the SPAC activity. No deals were announced, SPAC IPOs stayed on the sidelines, and we saw only two prospective new SPACs file S-1s.
Those invested in SPACs with announced deals took a hit today though. The majority of units and common shares were down, with some down significantly (e.g. PSAC / Faraday; see full list below). Investors will need to be careful about deciding when to get in and out of SPACs once the deal is announced. While there have been some good post-deal pops on great execution (e.g. DMYD and MUDS w/ its NFT play announced today),
Proterra Selected In Electric Bus Contract By Washington State Department of Enterprise Services
Transit agencies, universities, and commercial customers can now purchase Proterra battery-electric buses directly from the Washington State Cooperative Purchasing Contract
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BURLINGAME, Calif., April 13, 2021 /PRNewswire/ Proterra Inc ( Proterra ), a leading innovator in commercial vehicle electrification technology, today announced that it has been selected by the Washington State Department of Enterprise Services as a vendor to supply zero-emission battery-electric transit buses and charging infrastructure under the state s regional Cooperative Purchasing Contract.
Proterra was chosen to help streamline local transit agencies access to vehicles that best meet their specific transit system needs. Transit agencies, universities, and other commercial operators can now purchase Proterra battery-electric buses as well as Proterra
SPAC Weekly Wrap: Signs of Life in SPAC Land
The SPAC market has stabilized a bit as things almost got back to normal this week. Several M&A deals were announced with some (RICE, MUDS) performing quite well. Pre-IPO activity remained light though and two were downsized.
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Apr 9, 2021
A bit of return to normalcy this week as it feels like the low point of the SPAC market is behind us. New issues actually traded up (unlike the tail end of March) and several deals were met with investor enthusiasm. Highlights include:
Rice Acquisition RICE soaring day-1 +52% on its announcement of Aria/Archaea