The recent SPAC deal momentum lacks any punch as 10 of 11 May deals are trading below $10. Today s deals (SWBK, CENH) not likely to break the trend. Expect more credit investors to join as it is all about yield now.
SPAC Stocks Continue Slide Despite M&A Activity
New deals from SRNG and AURC both dropped following announcement. Pre-Deal SPACs dropped to an average trading value of $9.86.
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A similar story played out today as yesterday, an active morning that saw two large SPAC M&A deals get announced, only for those deals to underperform in trading along with the broader equity market.
The good news? Deals are getting done to chip away at the mountain of
420+ plus SPACs searching for targets. The bad news? Deal enthusiasm remains on the sidelines, for the moment, in congruence with the risk-off trade the markets are seeing elsewhere.
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.
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.
Author:
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
Irving-based tech firm AgileThought going public via Mexican pension-backed SPAC
The North Texas firm will combine with a blank check company and trade on Nasdaq.
Irving-based AgileThought has 2,200 employees in the U.S., Mexico, Brazil, Argentina and Costa Rica.
By Staff and wire reports
1:05 PM on May 11, 2021 CDT
Irving-based IT services company AgileThought Inc. has reached a deal to go public through a merger with a blank-check company focused on finding a Mexico-related target.
AgileThought, combined with the special purpose acquisition company LIV Capital Acquisition Corp., will have a market value of about $491 million after the deal, the companies said Monday. The transaction includes a $43 million private placement.