SPAC Stock Ideas for Friday (and Beware the SPAC Short Sellers)
It may not feel like it, but the SPAC market may be on track to become healthier than ever. It s yield + optionality for the win. But, be careful as the field hasn t cleared yet and short sellers will make life hard for the SPACs and investors who buy into overly hyped financials and technology.
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Yesterday s SPAC deal announcements were met with a tepid response by the market.
D8 (DEH) was only up 0.9% to $10.07 on news of its deal to merge with Vicarious Surgical and
Consonance-HFW Acquisition Corp (CHFW)
SPAC Wrap: Investors Should be Happy with a Merger-less Monday; Announced Deals Take a Hit
Merger-less Monday was a bit of a surprise today, but given SPACs with announced deals took a hit, that s probably a good thing. Look for activity to pick up as the week progresses though.
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Apr 12, 2021
Even given the otherwise sideways day in the markets (S&P up, DJIA down, Nasdaq 100 down), some investors will be a bit disappointed in the SPAC activity. No deals were announced, SPAC IPOs stayed on the sidelines, and we saw only two prospective new SPACs file S-1s.
Those invested in SPACs with announced deals took a hit today though. The majority of units and common shares were down, with some down significantly (e.g. PSAC / Faraday; see full list below). Investors will need to be careful about deciding when to get in and out of SPACs once the deal is announced. While there have been some good post-deal pops on great execution (e.g. DMYD and MUDS w/ its NFT play announced today),
Star Peak Corp II (NYSE: STPC) raised over $400 million in its offering.
Better World Acquisition: With its low offering size, Better World Acquisition Corp (NASDAQ: BWAC) could be a long shot to land Impossible Foods. The company is targeting a company in the healthy living segment with strong ESG profiles. Impossible Foods could fit into those categories.
Jaws SPACs: Barry Sternlicht is a well-known name in the SPAC space with several deals announced. Sternlicht teamed up with Serena Williams on
Jaws Spitfire Acquisition Corporation (NYSE: SPFR), which is bringing Velo3D public.
Williams is an investor in Impossible Foods, and her relationship with Sternlicht could help him land Impossible Foods with one of his other SPACs.
Jaws Spitfire Acquisition Corporation Appoints Serena Williams to Board of Directors
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MIAMI BEACH, Fla., Dec. 22, 2020 /PRNewswire/ Jaws Spitfire Acquisition Corporation (NYSE: SPFR.U) ( Jaws Spitfire or the Company ), a special purpose acquisition company formed for the purpose of entering into a combination with one or more businesses, today announced that professional tennis player, dedicated philanthropist and accomplished investor Serena Williams has joined its Board of Directors, effective immediately. Ms. Williams joins Andy Appelbaum and Mark Vallely, previously announced members of Jaws Spitfire s Board of Directors. We are excited to have Serena join our Board and look forward to working with her to identify a great company for Jaws Spitfire to partner with and take public, said Barry Sternlicht, Chairman of Jaws Spitfire Acquisition Corporation. Not only is Serena one of the greatest athletes of our time, h