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SPACs End Week on a High (Kind of) The SPAC market is still stuck in a kind of stasis with most SPACs meaningfully below NAV, or for a rare few with deals fighting to stay above, but at least it didn t get worse today. Author:
Investors saw the broader market rebound from a dismal few days with the S&P up 1.49% and the NASDAQ up 2.32% and even SPACs showed some lift. That said, the average pre-deal SPAC is still trading at $9.83 well below NAV. Yesterday we pointed out that the pitchforks are out for Chamath and SPACs and today will have been a nice, if minor, respite for both. ....
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. 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. ....
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? Author:
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: - - 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. - - 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 ....