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All Eyes on SPACs and Congress, RIDE Plummets After Hours No new SPAC mergers, IPOs or S-1s on Monday as equity markets rose, though SPACs generally stayed flat-ish to down. Lordstown Motors is falling big after hours. Author:
On a day that there were no new SPAC merger announcements, IPOs or new S-1s there was, however, a hearing in the House targeting the future of SPACs. In short, it could result in new legislation that takes away one of SPAC s perceived advantages over the traditional IPO: safe harbor protections for forward looking statements which could limit SPAC targets freedom to paint rosy financial projections to prospective investors. ....
SPAC Morning: PTK and Legato Strike Deals. Lordstown Continues Dive Two SPAC deals and an IPO to kick off Tuesday. Lordstown Motors continues to fall. Author: PTK Acquisition Corp (PTK) is merging with Valens Semiconductor in a deal valued at $894M, supported by a $125M PIPE Legato Merger Corp (LEGO) struck a deal with Algoma Steel valued at $1.7B EV and supported by a $100M PIPE In Other SPAC News: Lordstown Motors (RIDE) continues to trade demonstrably lower following its earnings call yesterday in which the company slashed production expectations and noted a need for a capital raise. Fifth Wall Acquisition III (FWAC) priced its $250M IPO, no warrants. The SPAC will be targeting Real Estate / PropTech. ....
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? Author:
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: - - 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. ....
SPAC Deals and IPOE/SoFi Momentum 3 deals on Friday to close out the week, and IPOE surged into the weekend. Author:
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. ....
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. Author: 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 ....