SPACs Get Beat Up Again
SPACs are getting increasingly battered as IPOs are scarce, pre-deal SPACs fall consistently below NAV, and announced deals continue to weaken. EV SPACs got hammered as two deals closed.
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Another rough day for SPACs as
the average price for a pre-deal SPAC is now down to $9.88. SPACs with announced deals fared even worse with
almost 85% trading down today.
This morning did see one M&A announcement (see below), but that brings the week s total to just two announced and neither impressed.
It s clear the pace will remain slow until peak deal - i.e. when the 420+ SPACs that are searching for targets and feeling the pressure - forces the hand of the SPACs. Those SPACs are trading at an
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Two companies going public via SPAC are using electric school buses in a test of vehicle to grid deployments for one of the largest utility companies in the U.S.
Northern Genesis Acquisition Corp (NYSE: NGA), announced its electric school bus achieved vehicle to grid deployment with
Consolidated Edison Inc (NYSE: ED).
Why It’s Important: The vehicle to grid technology takes electricity generated from electric buses and supplies it back to Con Edison’s utility customers.
The company behind the vehicle to grid technology is Nuvve, which is set to go public via SPAC Newborn Acquisition Corp (NASDAQ: NBAC).
Electric vehicle company Lion Electric is set to go public through a SPAC merger, confirming rumors from Bloomberg in October.
What Happened: Lion Electric announced a merger with SPAC Northern Genesis Acquisition Corp (NYSE: NGA). Shareholders in Northern Genesis will own 20.5% of the new. Read More. Don t Miss Any Updates! News Directly in Your Inbox Subscribe to: