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. Author: ** 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.