SPACs Could Use Some Good News
The SPAC market s correction is starting to feel very painful for those that bought during peak SPAC. The next deals and de-SPACs will be watched closely.
Author:
Apr 21, 2021
Tuesday was a painful day for the whole market, but SPAC investors were hit especially hard as there seemed nowhere to hide. 20 SPACs were down over 3%, RICE, THCB, STPK, RSVA, NGA, FSRV, CCIV, and STIC were all down over over 5.5%, and
there are now 244 pre-deal SPACs trading under $10.
The average pre-deal SPAC is now trading at $9.91 which means that there is a lot of opportunity for the yield + optionality play. However, increasingly investors are hesitant to jump in given the feeling that the upside is more limited as deals aren t popping as they used to and both the post deal announcement and post de-SPAC periods are seeing the air let out of the price balloon quickly.
SPACs Falter on Monday 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.
By Reuters Staff
2 Min Read
(Reuters) - A blank-check firm, backed by AmTrust Financial Services Chief Executive Officer Barry Zyskind, is looking to raise $300 million through an initial public offering, a regulatory filing showed on Friday.
Pine Technology Acquisition Corp said it plans to sell 30 million units, made up of shares and warrants, priced at $10 per share on the Nasdaq Capital Market. (bit.ly/37tIFJz)
The special purpose acquisition company (SPAC), founded by current and former senior executives of New York City-based insurer AmTrust, plans to look for targets in the so-called insurance technology, or “insurtech” sector.
The COVID-19 pandemic has increased the insurance sector’s reliance on technology to reach customers, putting the focus on companies such as Lemonade Inc.
AmTrust CEO-backed SPAC files for $300 million IPO reuters.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from reuters.com Daily Mail and Mail on Sunday newspapers.