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NextGen Acquisition Corp. II Stockholders Approve Business Combination With Virgin Orbit, the Responsive Launch and Space Solutions Company; Virgin Orbit Expected to List on the NASDAQ Stock... | December 29, 2021
The SPAC market is weakening alongside the broader market as IPOs are struggling to hold NAV, deSPACs are dropping, warrants are dropping and the press is back with a negative narrative.
No primary market activity for SPACs, which remain below NAV on average. Ackman returns with Friday SPARC filing for Pershing Square.
With the SoFi vote in the rearview focus turns to execution, and will IPOD/IPOF find deals soon? Today's mergers, PACX and LWAC, rose slightly.
SPAC IPOs Mixed, DCRN Deal Slightly Rises, IPOE/SoFi Up Next IPOE fell ahead of its vote tomorrow, while DCRN rose slightly on its deal with Tritium. Of today's SPAC IPOs: 1 rose, and 2 fell. Author: This morning Decarbonization Plus II (DCRN) announced a deal to take Tritium, an Australian EV charge company, public in a $1.4B SPAC deal. The deal has no PIPE and they currently have $403M in trust. The market was, somewhat, pleased with the deal as DCRN rose modestly +1.4%, though it still trades at a sizable discount to NAV at $9.79. This represents a potential ~6% yield opportunity if you ...