Skip to main content

3 Pre-Deal SPACs to Consider: TBCP, DFPH, FCAX

These 3 SPACs have sponsors with solid track records and are trading at relatively cheap levels that could offer a good risk/return trade for SPAC investors.

The SPACs below could represent an attractive risk/reward opportunity given where they are currently trading, and the track record of its sponsors to get solidly performing deals done.

Thunder Bridge Capital Partners III (TBCP)

Apr-7 Close: $9.82

The third SPAC in the Thunder Bridge series from CEO Gary Simanson of Thunder Bridge Capital, whose SPACs are typically FinTech Focused. TBCP raised $414M in its IPO.

The first iteration merged with Repay Holdings (RPAY) in 2019 and has traded quite well, up 140% since IPO. 

Thunder Bridge II (THBR) announced a deal with Indie Semiconductor in December of 2020, and is still trading at a premium up ~5.5% since its IPO. 

DFP Healthcare Acquisitions Corp. (DFPH)

Apr-7 Close: $10.11

Although the third SPAC from healthcare-focused Deerfield Management is trading at a slight premium to NAV, it still represents an attractive value if their first two deals are any indication of future performance. 

DFB Healthcare Acquisition merged with AdaptHealth (AHCO) in 2019, and the stock has been on a tear, trading ~$38 for a total return of 280% if you invested in DFB's IPO. 

Fortress Capital Acquisition Company (FCAX)

Apr-7 Close: $9.87

One of three SPACs (along with FVT & FVIV) sponsored by Fortress Investment group currently searching for a deal. The steep discount represents an attractive entry point for a SPAC with a strong sponsor and investment platform in Fortress. 

In addition, they have had some SPAC winners, most notably Fortress Value 1 --> MP Materials (MP), which is trading up 240% if you got in at the IPO level. 

Take Away

Be sure to do your due diligence and, of course, past performance certainly doesn't guarantee results here... though backing teams with a history of success can potentially reap big benefits once they find targets to acquire. 

More from Boardroom Alpha

For on-going tracking, analytics, and data on SPACs checkout Boardroom Alpha's SPAC Data and Analytics service.