Wednesday was a day where crypto crashed loudly and SPACs quietly dropped. The average pre-deal SPAC is now trading at $9.81 with many available well below that.
DPCM (XPOA) + Jam City
This morning we have one deal out with DPCM Capital (XPOA) taking Jam City Public in a transaction valued at $1.2b. Jam City is a mobile gaming company and investors will like that it has a solid existing book of revenue and the forecasts provide are more near term and less aggressive than many recent deals. You can see the full investor presentation here.
No Reason to Rush into SPAC IPOs
Again showing no IPO pop, this week's IPOs provide further evidence that SPAC investors have no incentive to get in early. SPAC investors will likely be better off waiting for the price to settle comfortably below NAV before buying in for a yield play.
Here are the most recent IPOs -- notice 20 out of 25 IPOs since April are all effectively trading at or below $10:
May 18 | $ 9.96 | RAM - Aries I Acquisition Corp
May 18 | $ 9.88 | SKYA - Skydeck Acquisition Corp.
May 18 | $ 9.94 | GIW - GigInternational1, Inc.
May 17 | $ 10.01 | MCAE - Mountain Crest Acquisition Corp. III
May 17 | $ 9.92 | CPAR - Catalyst Partners Acquisition Corp.
May 17 | $ 9.86 | POND - Angel Pond Holdings Corp
May 14 | $ 9.95 | OSI - Osiris Acquisition Corp.
May 14 | $ 9.97 | ARTA - Artisan Acquisition Corp.
May 12 | $ 10.00 | ORIA - Orion Biotech Opportunities Corp.
May 07 | $ 10.08 | DKDCA - Data Knights Acquisition Corp.
May 04 | $ 10.00 | MAQC - Maquia Capital Acquisition Corporation
May 03 | $ 9.90 | VLAT - Valor Latitude Acquisition Corp.
Apr 30 | $ 9.88 | IACC - ION Acquisition Corp 3 Ltd.
Apr 28 | $ 9.98 | BSKY - Big Sky Growth Partners, Inc.
Apr 28 | $ 9.83 | TUGC - TradeUP Global Corp
Apr 14 | $ 10.06 | TCVA - TCV Acquisition Corp.
Apr 14 | $ 10.01 | YTPG - TPG Pace Beneficial II Corp.
Apr 09 | $ 10.00 | TPGS - TPG Pace Solutions Corp.
Apr 08 | $ 10.16 | MPAC - Model Performance Acquisition Corp
Apr 08 | $ 9.97 | GLSPU - Global SPAC Partners Co.
Apr 08 | $ 9.97 | ADF - Aldel Financial Inc.
Apr 08 | $ 9.98 | TIOA - Tio Tech A
Apr 07 | $ 10.46 | CMLT - CM Life Sciences III Inc.
Apr 06 | $ 9.98 | PANA - Panacea Acquisition Corp. II
Apr 05 | $ 10.17 | ACBA - Ace Global Business Acquisition Limited
While pre-deal SPACs can be attractive adds to the basket, investors may prefer to look toward SPACs with announced deals. With many trading below NAV they offer solid yield + upside (though upside is definitely rarer these days) plays and with shorter durations, better yield.
Here are 20 SPAC stocks with announced deals that are trading at a discount:
-2.00% ~ $ 9.80 | CENH - Centricus Acquisition Corp. (Announced)
-1.80% ~ $ 9.82 | MRAC - Marquee Raine Acquisition Corp. (Announced)
-1.70% ~ $ 9.83 | AACQ - Artius Acquisition Inc. (Announced)
-1.50% ~ $ 9.85 | XPOA - DPCM Capital Inc (Announced)
-1.50% ~ $ 9.85 | MAAC - Montes Archimedes Acquisition Corp (Announced)
-1.50% ~ $ 9.85 | SRNG - Soaring Eagle Acquisition Corp. (Announced)
-1.40% ~ $ 9.86 | HCIC - Hennessy Capital Investment Corp. V (Announced)
-1.40% ~ $ 9.86 | QELL - Qell Acquisition Corp (Announced)
-1.30% ~ $ 9.87 | NEBC - Nebula Caravel Acquisition Corporation (Announced)
-1.30% ~ $ 9.87 | STWO - ACON S2 Acquisition Corp (Announced)
-1.30% ~ $ 9.87 | RTPZ - Reinvent Technology Partners Z (Announced)
-1.30% ~ $ 9.87 | TWND - Tailwind Acquisition Corp (Announced)
-1.30% ~ $ 9.87 | STPC - Star Peak Corp II (Announced)
-1.30% ~ $ 9.87 | NGAC - NextGen Acquisition Corp (Announced)
-1.20% ~ $ 9.88 | AUS - Austerlitz Acquisition Corporation I (Announced)
-1.20% ~ $ 9.88 | SCVX - SCVX Corporation (Announced)
-1.20% ~ $ 9.88 | SPRQ - Spartan Acquisition Corp II (Announced)
-1.20% ~ $ 9.88 | TWCT - TWC Tech Holdings II Corp (Announced)
-1.20% ~ $ 9.88 | MLAC - Malacca Straits Acquisition Company Limited (Announced)
-1.10% ~ $ 9.89 | RAAC - Revolution Acceleration Acquisition Corp (Announced)
Wednesday's SPAC Movers
Biggest SPAC Decliners
-3.90% ~ $ 10.59 | LCY - Landcadia Holdings III Inc (Announced)
-3.50% ~ $ 9.65 | GXII - GX Acquisition Corp. II (Pre-Deal)
-3.10% ~ $ 9.69 | GNAC - GROUP NINE ACQUISITION CORP. (Pre-Deal)
-3.00% ~ $ 9.70 | GLHA - Glass Houses Acquisition Corp. (Pre-Deal)
-2.66% ~ $ 10.25 | LEAP - Ribbit LEAP Ltd (Pre-Deal)
-2.33% ~ $ 10.49 | THCB - Tuscan Holdings Corp. (Announced)
-2.13% ~ $ 12.84 | BOWX - BowX Acquisition Corp (Announced)
-2.12% ~ $ 9.70 | OPA - Magnum Opus Acquisition Limited (Pre-Deal)
-2.12% ~ $ 18.97 | CCIV - Churchill Capital Corp IV (Announced)
-2.11% ~ $ 12.99 | JWS - Jaws Acquisition Corp (Announced)
-1.94% ~ $ 11.10 | GHVI - Gores Holdings VI Inc (Announced)
-1.87% ~ $ 9.77 | LIII - Leo Holdings III Corp (Pre-Deal)
-1.73% ~ $ 9.68 | COVA - Crescent Cove Acquisition Corp. (Pre-Deal)
-1.72% ~ $ 9.74 | HMCO - HumanCo Acquisition Corp. (Pre-Deal)
-1.68% ~ $ 9.97 | HSAQ - Health Sciences Acquisitions Corporation 2 (Pre-Deal)
-1.63% ~ $ 10.86 | PSAC - Property Solutions Acquisition Corp (Announced)
-1.57% ~ $ 10.01 | YTPG - TPG Pace Beneficial II Corp. (Pre-Deal)
-1.57% ~ $ 10.05 | ARYA - Arya Sciences Acquisition Corp III (Announced)
-1.56% ~ $ 25.22 | PSTH - Pershing Square Tontine Holdings (Pre-Deal)
-1.51% ~ $ 9.78 | GGPI - Gores Guggenheim, Inc (Pre-Deal)
Biggest SPAC Gainers
5.25% ~ $ 10.22 | OHPA - Orion Acquisition Corp. (Pre-Deal)
4.24% ~ $ 19.19 | BRPA - Big Rock Partners Acquisition Corp (Announced)
3.75% ~ $ 17.43 | IPOE - Social Capital Hedosophia Holdings Corp V (Announced)
3.13% ~ $ 9.90 | VELO - Velocity Acquisition Corp (Pre-Deal)
2.93% ~ $ 10.19 | RKTA - Rocket Internet Growth Opportunities Corp. (Pre-Deal)
2.90% ~ $ 10.30 | IVAN - Ivanhoe Capital Acquisition Corp (Pre-Deal)
2.67% ~ $ 10.01 | ATAC - Altimar Acquisition Corporation (Announced)
2.57% ~ $ 15.18 | SSPK - Silver Spike Acquisition Corp. (Announced)
2.56% ~ $ 10.00 | STRE - Supernova Partners Acquisition Company III, Ltd (Pre-Deal)
2.37% ~ $ 11.23 | CLII - Climate Change Crisis Real Impact I Acquisition Corp (Announced)
2.07% ~ $ 9.88 | MTAC - MedTech Acquisition Corporation (Pre-Deal)
2.03% ~ $ 9.99 | POW - Powered Brands (Pre-Deal)
1.87% ~ $ 12.50 | TPGY - TPG Pace Beneficial Finance Corp (Announced)
1.70% ~ $ 10.17 | EBAC - European Biotech Acquisition Corp. (Pre-Deal)
1.56% ~ $ 10.39 | WPF - Foley Trasimene Acquisition Corp. (Announced)
1.52% ~ $ 10.00 | LDHA - LDH Growth Corp I (Pre-Deal)
1.46% ~ $ 9.90 | IPVI - InterPrivate IV InfraTech Partners Inc. (Pre-Deal)
1.45% ~ $ 10.50 | FWAA - Fifth Wall Acquisition Corp. I (Announced)
1.43% ~ $ 9.92 | SBEA - SilverBox Engaged Merger Corp I (Pre-Deal)
1.36% ~ $ 9.72 | MIT - Mason Industrial Technology, Inc. (Pre-Deal)
More from Boardroom Alpha
More from Boardroom Alpha For ongoing tracking, analytics, and data on SPACs checkout Boardroom Alpha's SPAC Data and Analytics service.
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(Disclaimers: this is not investment advice. The author may be long one or more stocks mentioned in this report.)