What s Next for SPACs
With prices, mood, interest, IPO valuation, and deal valuations all coming down, SPAC investors are asking what comes next.
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SPACs joined Tuesday s tech selloff with the average price of a pre-deal SPAC hitting $9.90 that s 10 cents below NAV. It s ironic that in a SPAC market that is much more rational (and tradable) than during peak SPAC earlier this year investors have lost much of their enthusiasm.
Volume across the board has gone down for SPACs with an
average daily volume dropping from 580,000 in February dropping to 104,000 in April. In some ways this is good as the higher volumes were partly a sign of some irrational SPAC exuberance, but at these levels investors will be very worried about efficiently pricing as they get in / out of SPACs.
May 04, 2021
CANONSBURG, Pa. Archaea Energy (“Archaea” or the “Company”), an emerging leader in the development of renewable natural gas (“RNG”), announced today that Eric Javidi has been appointed Chief Financial Officer (“CFO”) to lead the Company’s financial operations and strategy and help drive its financial performance and strategic growth. Prior to joining Archaea, Mr. Javidi served as the CFO of CrossAmerica Partners (NYSE: CAPL), a leading wholesale fuels distributor and owner and lessor of real estate in the retail distribution of motor fuels.
With Mr. Javidi’s appointment as CFO, Brian McCarthy, Archaea’s Co-Founder who spearheaded long-term fixed-price arrangements with strategic off-take partners, will transition from the role of CFO and take on the newly created role as Chief Investment Officer (“CIO”). He will continue to lead Archaea’s commercial and investment strategy that has helped shape the vision for Archaea’s future.
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SPAC issuance in April has plunged 90% from its March peak, according to investor Julian Klymochko.
He attributes the slowdown to a glut of supply, a regulatory overhang, and a PIPE financing decline.
He also shares why the dip can translate into arbitrage opportunities and three SPACs on his radar.
April is indeed the cruelest month, especially for the SPAC market.
Despite some 308 SPACs raising a total of $100 billion this year, the proceeds raised from SPACs coming to market in April have plunged more than 90% month-over-month as of Monday, according to data shared with Insider by Accelerate Fintech.
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