Key Facts:
Beyond Meat (NASDAQ:BYND) was the largest firm on a market cap basis to set a new 52-week low.
The smallest company by market cap to set a new 52-week low was
Skillful Craftsman (NASDAQ:EDTK).
Orphazyme (NASDAQ:ORPH) s stock fell the most, as it traded down 28.42% to reach a new 52-week low.
During the first half-hour of trading on Friday, the following stocks set new 52-week lows:
Beyond Meat (NASDAQ:BYND) stock broke to a new 52-week low of $106.91 on Friday. Shares of the company traded down 3.57%.
JFrog (NASDAQ:FROG) shares were down 14.49% for the day, having made a 52-week low of $34.80.
Dive Brief:
Roivant Sciences, an unusual holding company with roughly a dozen biotech subsidiaries, will go public through a merger with a blank-check entity in a deal that values the company at $7.3 billion.
Roivant will get $611 million in cash by merging with Montes Archimedes Acquisition Corp., a special purpose acquisition company, or SPAC, formed by Patient Square Capital. That figure includes $411 million already in a Montes Archimedes Trust and a commitment by Patient Square and other investors to buy $200 million in Roivant stock at $10 apiece.
The agreement will leave Roivant, whose subsidiaries have had both high-profile successes as well as failures, with $2.3 billion in cash upon going public. The deal, one of the larger SPAC mergers in biotech, comes amid signs the boom in such deals may be waning. Returns are down, while many SPACs are in competition for takeover targets. Federal oversight, meanwhile, appears to be increasing.
SPAC Weekly Wrap: Signs of Life in SPAC Land
The SPAC market has stabilized a bit as things almost got back to normal this week. Several M&A deals were announced with some (RICE, MUDS) performing quite well. Pre-IPO activity remained light though and two were downsized.
Author:
Apr 9, 2021
A bit of return to normalcy this week as it feels like the low point of the SPAC market is behind us. New issues actually traded up (unlike the tail end of March) and several deals were met with investor enthusiasm. Highlights include:
Rice Acquisition RICE soaring day-1 +52% on its announcement of Aria/Archaea
/PRNewswire/ Medicus Sciences Acquisition Corp. (the "Company," or "MSAC") announced today the closing of its initial public offering of 9,200,000 units,.
Medicus Sciences Acquisition Corp. (the "Company," or "MSAC") announced today the pricing of its initial public offering of 8,000,000 units, at a price to the public of $10.00 per unit, for aggregate gross proceeds of $80,000,000. Each unit consists of (i) one Class A ordinary share, (ii) one-ninth of one redeemable warrant, and (iii) a contingent right to receive, in certain circumstances, at least two-ninths of one redeemable warrant following the initial business combination. The units are expected to begin trading on the Nasdaq Capital Market on February 16, 2021 under the symbol "MSAC.U". The offering is expected to close on February 18, 2021, subject to customary closing conditions.