Chamath Files 4 New Biotech SPACs
Today s SPAC highlight came post market as Chamath dropped four new SPAC S-1s for $800M total. JWS vote passes, with TSIA and JIH set to vote tomorrow.
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In another win on Day-1 of new De-SPAC ticker trading,
BARK, which just closed its merger with Northern Star Acquisition Co. (STIC) rose nearly 7%. One more example of a recent De-SPAC that has traded up shortly after, following SOFI early this week and others last month. Investors will be sure to watch this price action for future De-SPACs, and, with over 20 this month there are plenty to keep an eye out for (list below).
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.
SPACs Get Beat Up Again
SPACs are getting increasingly battered as IPOs are scarce, pre-deal SPACs fall consistently below NAV, and announced deals continue to weaken. EV SPACs got hammered as two deals closed.
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Another rough day for SPACs as
the average price for a pre-deal SPAC is now down to $9.88. SPACs with announced deals fared even worse with
almost 85% trading down today.
This morning did see one M&A announcement (see below), but that brings the week s total to just two announced and neither impressed.
It s clear the pace will remain slow until peak deal - i.e. when the 420+ SPACs that are searching for targets and feeling the pressure - forces the hand of the SPACs. Those SPACs are trading at an
Chamath Defends His SPAC Record Following CLOV Short Squeeze
SPACs were down on Monday in a quiet news day. With the CLOV short squeeze going, Chamath is back to promoting his SPACs and FinTwit is less than welcoming.
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Apr 20, 2021
It was a quiet news day for SPACs on Monday with the CompoSecure / DBDR deal a disappointing +0.2% up on the announcement. The mania of Merger Mondays is gone and only good deals will get rewarded. Investors may not have liked CompoSecure s aggressive growth forecasts or they may be a little scared off from crypto with Bitcoin s (modest) crash back down to the mid $50k range. Regardless, they didn t bite.
Contributed Report
PETERSBURG - The Cameron Foundation has made $806,447 in new awards to 25 nonprofits serving the Tri-Cities region, resulting from requests in the Foundation’s October responsive grant cycle.
Beyond its regular funding cycles offered each year, during 2020, the Foundation also has launched a series of special initiatives in response to the pandemic. “These various tools reflect the Foundation’s active efforts to keep pace with our community’s current needs,” noted Cameron’s Board Chair, Pam Martin Comstock.
For school systems across the region, the Foundation has launched two separate funding initiatives. The School System Technology Infrastructure Grant Program was announced in the spring to provide one-time financial assistance of up to $50,000 per division to help schools transition to delivering instruction virtually. Cameron awarded a total of $314,355 to seven school districts to assist with technology needs.