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De-SPACs Aren t as Bad as You Think
SPACs and De-SPACs continue to get a bad rap as media points to % off all-time highs. Investors who look deeper will see opportunity as most are providing positive returns since IPO.
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The Media Paints a Bleaker Picture than Reality
Axios put out a bit today discussing how EV stocks have lost their luster. Yes, it s true, that SPAC EV stocks are down demonstrably from their ridiculous highs. SPACs were frothy, and the highs that these companies hit were a product of a combination of Peak SPAC and EV euphoria, and not necessarily rational market behavior.
SPACs End Week on a High (Kind of)
The SPAC market is still stuck in a kind of stasis with most SPACs meaningfully below NAV, or for a rare few with deals fighting to stay above, but at least it didn t get worse today.
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Investors saw the broader market rebound from a dismal few days with the S&P up 1.49% and the NASDAQ up 2.32% and even SPACs showed some lift. That said, the average pre-deal SPAC is still trading at $9.83 well below NAV.
Yesterday we pointed out that the pitchforks are out for Chamath and SPACs and today will have been a nice, if minor, respite for both.
The recent SPAC deal momentum lacks any punch as 10 of 11 May deals are trading below $10. Today s deals (SWBK, CENH) not likely to break the trend. Expect more credit investors to join as it is all about yield now.
SPAC Stocks Continue Slide Despite M&A Activity
New deals from SRNG and AURC both dropped following announcement. Pre-Deal SPACs dropped to an average trading value of $9.86.
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A similar story played out today as yesterday, an active morning that saw two large SPAC M&A deals get announced, only for those deals to underperform in trading along with the broader equity market.
The good news? Deals are getting done to chip away at the mountain of
420+ plus SPACs searching for targets. The bad news? Deal enthusiasm remains on the sidelines, for the moment, in congruence with the risk-off trade the markets are seeing elsewhere.