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Two Big SPAC Deals (SRNG, AURC) After Monday s Mess
Monday was a painful day for SPAC investors with 75% of pre-deal SPACs dropping farther and 3 deals actually dropping on the news. Will today s deals from SRNG and AURC turn the tide?
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At the close yesterday the average pre-deal SPAC was at $9.87 even further from NAV than investors have seen in a long time. Even worse, the three morning deals all closed lower:
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LIV Capital (LIVK) -0.1% to $9.99
Today s two deal announcements are mega deals and could potentially turn the tide, but given the market s overall state and SPACs still being clogged, it will take a lot.
LOKB, STWO, LSAQ Announce SPAC Deals
An unusually busy SPAC Friday with three deals and GAMC announcing full over-allotment exercised by underwriters. Will it be enough to change the narrative?
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More on the deals here:
Could 3 Positively Received Deals Change the Narrative?
We ve been saying that it will take multiple positive events for the SPAC mood and overall narrative to change. Is it possible that a triple of deals on Friday will all be positively received and start to turn the narrative? GAMC announcing that their full over-allotment was exercised could also boost the narrative a bit.
That said, it will be a tough shift as yesterday the average pre-deal SPAC closed at $9.88, well off of NAV and almost 85% of SPACs with announced deals traded down.