SPACs Hit Hard on Merger Monday
Four deals were announced, but performance was underwhelming. Given the overall market s bad day, it s no surprise 75% of pre-deal SPACs declined and now average $9.87.
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Merger Monday returned with four new announced SPAC deals, but ultimately ended in a bit of a thud as all three SPAC stocks that announced this morning fell on the day. More broadly, 75% of Pre-Deal SPACs declined, closing at an
average of $9.87.
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LIV Capital (LIVK) -0.1% to $9.99
The deal selloffs came amid a broader market decline as well - so it s tough to attribute the lack of performance solely on deal conviction - yet most of newly announced deals have not been trading with much enthusiasm. However, as we ve been saying, given there are
SPAC Deals and IPOE/SoFi Momentum
3 deals on Friday to close out the week, and IPOE surged into the weekend.
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10% to close on the news. It may be the positive endorsement (or short squeeze?) that could spark the market needed for SPAC M&A confidence. Especially since the market didn t exactly eat up the IPOF/Equinox rumor earlier this week. IPOE closed at $16.50.
IPOE, backed by Chamath Palihapitiya, is one of the more high profile SPAC mergers out there. The other media favorite, CCIV, climbed 2% today. Look out for a Lucid Motors appearance on SNL this weekend when Elon Musk is a guest host.
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
Katapult partners with mobile device retailer Wing
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PLANO, Texas, April 29, 2021 /PRNewswire/ Katapult, the leading provider of eCommerce point-of-sale ( POS ) lease-purchase options for nonprime US consumers, today announced it is a checkout option with new and pre-owned wireless provider and mobile phone retailer, Wing.
Wing offers wireless service, including 5G plans as well as mobile phones to customers looking for a reliable, cost-effective provider. Katapult s lease-purchase solution provides consumers with no or developing credit a way to access Wing s many phone brands, including Apple and Samsung. Katapult is excited to be a part of the retailer s goal to save customers money on plans and devices while valuing service and quality. Katapult offers its lease-purchase solution that integrates seamlessly with online platforms to retailers across several durable goods industries. Funding is quick, so retailers spend
Furniture World News By Nic Ledoux on 4/22/2021
Katapult, the provider of eCommerce point-of-sale ( POS ) lease-purchase options for nonprime US consumers, recently announced that Tahmineh Tammy Maloney has joined the organization as General Counsel. Ms. Maloney is responsible for legal compliance throughout the company while working alongside Derek Medlin, Katapult s COO. I am excited that Tammy has joined our organization as General Counsel, said Medlin. Her experience at leading financial services organizations and important regulatory agencies will support our strong focus on innovation and growth while maintaining our laser focus on compliance and great consumer experiences.
Prior to joining Katapult, Ms. Maloney served as General Counsel of E Trade Bank, where she was responsible for advising on federal and state banking regulations, M&A, investments, cryptocurrency, banking products and activities, and paymen