Apr 28, 2021
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Hope for positive deal flow and pops fizzled a bit today as both new SPAC deal announcements received disappointing reactions from the market.
Marquee Raine Acquisition Corp (MRAC) fell -0.3% to $9.89 and
Galileo Acquisition Corp (GLEO) fell -0.5% to $10.02. This continues yesterday's theme of underwhelming deal announcement enthusiasm.
It could still be the case of a back and forth broader stock market, fed speak, and investor attention focused on a deluge of corporate earnings. However, if I'm a SPAC waiting to announce a deal based on market conditions then today's results don't instill confidence to move ahead.
Here's a look at how other recently announced SPAC deals ended the day: