SPAC Weekly: Altimeter Grabs the Spotlight. SPAC Scrutiny Heightens, but Market is Getting Healthier
Altimeter Growth Corp struck the largest SPAC merger ever agreeing to take Grab public in a $40B deal. Elsewhere the SEC continued to show its focus on SPACs and short sellers begin to emerge.
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Apr 16, 2021
It was a quiet week on the new issue front as no new SPAC IPOs priced this week, the first such week with no new supply in a quite a while. New S-1s were also slow as only 3 new SPACs filed (for a total of $350M) in another sign that the market is heading back towards normalcy. However, it was a bit of a return to more normal M&A activity as 5 new deals announced, including the largest deal ever with Altimeter Growth Merging with Grab.
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.
Leshi is fined 240.6 million yuan, and Jia is fined 241 million yuan for falsifying earnings, misreporting facts in IPO documentsFines come after Jia’s EV start-up FF, which has merged with a blank-cheque company, attempts to raise money in US
The SEC is zeroing in on SPACS. Altimeter (AGC) is taking Grab public in a record breaking $40b dollar SPAC merger. SPACs with announced deals took it on the chin yesterday.
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.
Author:
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),