Risk Off, Tech Off, SPACs Off
With so many SPACs fitting the mold of technology companies sensitive to interest rates it was no surprise they fell alongside the broader tech sell-off.
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With so many SPACs fitting the mold of technology companies sensitive to interest rates it was no surprise they fell alongside the broader tech sell-off.
Pre-Deal SPACs are trading near their lowest levels ever, and newly announced deals are mostly underperforming.
The improved SPAC narrative continues with June's deal votes going smoothly, CCIV getting a vote date, CCIV/Lucid setting a vote date, and the Russell 3k welcoming a number of de-SPACs to its ranks.
More momentum for SPACs with Pre-Deal SPACs creeping towards NAV and SPACs surging near vote dates. Today's three mergers are trading well.
The improving narrative is supported by stable, positive market dynamics. Don't be surprised to see retail and others getting back into SPACs if the market continues this way.