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?
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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:
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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.
Pine Technology Acquisition Corp Announces the Separate Trading of its Class A Common Stock and Warrants, Commencing May 3, 2021 streetinsider.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from streetinsider.com Daily Mail and Mail on Sunday newspapers.
Thursday s SPAC Opportunities: Is SPAC + Crypto Next? Another Good Deal Pop Shows a Healthier SPAC Market
It may start to feel boring for investors, but the SPAC market is getting healthy and that continues to provide opportunities for patient yield + optionality plays. BCTG had a good deal pop of almost 8%. VIH / Bakkt took a big hit (-12%) following the Coinbase IPO.
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BCTG Acquisition Corp (BCTG) taking
Tango Therapeutics public in a $350M deal and then a rare late afternoon announcement from
Roth CH Acquisition II (ROCC) who is taking music company
Reservoir public in a $788M deal.
BCTG was well received popping 7.94% through the close and up another 1.65% in after hours trading.
Pine Technology Acquisition Corp. Completes $345 Million Initial Public Offering
AURORA, OHIO, March 15, 2021 (GLOBE NEWSWIRE) Pine Technology Acquisition Corp. (the “Company”) today announced the closing of its initial public offering of 34,500,000 units, which includes 4,500,000 units issued pursuant to the exercise by the underwriters of their over-allotment option. The offering was priced at $10.00 per unit, resulting in gross proceeds of $345,000,000, before deducting underwriting discounts and commissions and other offering expenses payable by the Company.
The units are listed on The Nasdaq Capital Market (“Nasdaq”) under the symbol “PTOCU” and began trading on March 11, 2021. Each unit consists of one share of Class A common stock of the Company and one-third of one redeemable warrant, each whole warrant entitling the holder thereof to purchase one share of Class A common stock at an exercise price of $11.50 per share. Once the securities constituting the unit