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?
Author:
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.
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.
Author:
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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Lordstown is an automotive company founded for the purpose of developing and manufacturing light duty electric trucks targeted for sale to fleet customers. Lordstown s purported flagship vehicle is the Endurance, an electric full-size pickup truck. DiamondPeak was structured as a special purpose acquisition company.
The complaint alleges that, throughout the Class Period, the defendants made false and/or misleading statements and/or failed to disclose that: (1) Lordstown s purported pre-orders were non-binding; (2) many of the would-be customers who made these purported pre-orders lacked the means to make such purchases and/or would not have credible demand for the Endurance; (3) Lordstown is not and has not been on track to commence production of the Endurance in September 2021; (4) the first test run of the Endurance led to
LORDSTOWN MOTORS CORP. CLASS ACTION ALERT: Wolf Haldenstein Adler Freeman & Herz LLP reminds investors that a securities class action lawsuit was filed on behalf of the shareholders of Lordstown Motors Corp. in the United States District Court for the Northern District of Ohio
05/07/2021 | 02:32pm EDT
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RAPIDLY APPROACHING LEAD PLAINTIFF FILING DEADLINE IS MAY 17, 2021
NEW YORK, May 07, 2021 (GLOBE NEWSWIRE) Wolf Haldenstein Adler Freeman & Herz LLP, a preeminent national shareholder rights law firm, announces that a federal securities class action lawsuit has been filed in the United States District Court for the Northern District of Ohio on behalf of investors who purchased or otherwise acquired Lordstown Motors Corp. (“Lordstown” or the “Company”) (NASDAQ: RIDE) securities between August 3, 2020 and March 24, 2021, inclusive (the “Class Period”).
ETFs to ride on an electric vehicle boom theglobeandmail.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from theglobeandmail.com Daily Mail and Mail on Sunday newspapers.