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SPAC Deals and IPOE/SoFi Momentum
3 deals on Friday to close out the week, and IPOE surged into the weekend.
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10% to close on the news. It may be the positive endorsement (or short squeeze?) that could spark the market needed for SPAC M&A confidence. Especially since the market didn t exactly eat up the IPOF/Equinox rumor earlier this week. IPOE closed at $16.50.
IPOE, backed by Chamath Palihapitiya, is one of the more high profile SPAC mergers out there. The other media favorite, CCIV, climbed 2% today. Look out for a Lucid Motors appearance on SNL this weekend when Elon Musk is a guest host.
Caribbean News Global
May 7, 2021
Special Meeting to reconvene on May 13, 2021.
Electronic voting cutoff is at 11:59 pm ET on May 12, 2021 – Stable Road is continuing to solicit votes until that time; call centers to remain open over the weekend.
If the Extension Amendment Proposal is not approved, Stable Road will be unable to consummate the proposed business combination with Momentus and all public shares will be redeemed at a price of approximately $10.03 per share within ten business days after May 13, 2021.
Leading independent voting advisory firm Institutional Shareholder Services has recommended stockholders vote “FOR” the Extension Amendment Proposal.
Approximately 60% of outstanding shares have voted in favor of the Extension Amendment Proposal as of market close on Thursday May 6, however, this number is preliminary and subject to change until the Special Meeting reconvenes.
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.
Warren Buffett Piles on SPACs and CF Finance Lowers Deal Valuation
It was a bad day for SPACs as Warren Buffett piled on SPACs; CF Finance lowered their deal valuation with AEye; and today s MAAC deal had no pop.
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May 3, 2021
Stocks were mixed on Monday, the S&P500 was up / NASDAQ down, though this morning s SPAC M&A deal (MAAC) once again underperformed. MAAC closed up just 0.9% and below NAV at $9.95 marking yet another disappointing day-1 pop for newly announced SPAC M&A.
Warren Buffett and Charlie Munger held Berkshire Hathaway s much watched virtual annual meeting over the weekend, and one of the talks of the town today (aside from naming his CEO successor) was his view on killer SPACs: