Pre-Deal SPACs are Cheap

Pre-Deal SPACs dip to an average of $9.80, while SPACs DMYQ and ATHN both rose on their deal announcements today.
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Even though the SPAC narrative has certainly reverted to a more positive tone, Pre-Deal SPACs are trading at their lowest level in some time, and fell again today. The average (equity) price has now dipped to $9.80 - or ~2% discount to SPAC NAV. Opportunity is out there for the yield + optionality play, particularly since we've seen some nice SPAC pops on announced/closed deals recently. 

For deals that announced this week (including two this morning), here are the day-1 pops:

Jul 07 | +1.67% | DMYQ - dMY Technology Group, Inc. IV --> Planet Labs Inc.
Jul 07 | +2.67% | ATHN - Athena Technology Acquisition Corp. --> Heliogen
Jul 06 | +16.1% | KVSB - Khosla Ventures Acquisition Co. II --> Nextdoor, Inc.
Jul 06 | +1.00% | CFV - CF Acquisition Corp. V --> Satellogic

KVSB is leading the way on its announcement of Nextdoor, but all 4 have provided a day-1 pop. 

No merger votes day, which is a rare occurrence in recent weeks but back to the action tomorrow:

Jul 08 | $ 9.94 | SPRQ - Spartan Acquisition Corp II --> Sunlight Financial LLC
Jul 12 | $ 21.50 | RSVA - Rodgers Silicon Valley Acquisition Corp --> Enovix Corp
Jul 12 | $ 9.84 | ASPL - Aspirational Consumer Lifestyle Corp --> Wheels Up Partners Holdings LLC
Jul 13 | $ 12.01 | LCY - Landcadia Holdings III Inc --> The Hillman Group, Inc.
Jul 13 | $ 9.98 | AONE - one --> Markforged
Jul 14 | $ 9.98 | EMPW - Empower Ltd --> Holley
Jul 14 | $ 10.18 | GXGX - GX Acquisition Corp --> Celularity Inc.
Jul 14 | $ 9.97 | SBG - Sandbridge Acquisition Corporation --> OWLET BABY CARE INC.

Today's Price Action

Biggest Gainers

4.92% ~ $ 12.16 | CMII - CM Life Sciences II Inc. (Announced)
3.75% ~ $ 10.69 | BLSA - BCLS Acquisition Corp. (Pre-Deal)
3.13% ~ $ 13.00 | TDAC - Trident Acquisitions Corp (Announced)
2.67% ~ $ 9.99 | ATHN - Athena Technology Acquisition Corp. (Announced)
2.26% ~ $ 10.20 | DKDCA - Data Knights Acquisition Corp. (Pre-Deal)
2.13% ~ $ 10.55 | LEAP - Ribbit LEAP Ltd (Pre-Deal)
1.72% ~ $ 14.81 | PSAC - Property Solutions Acquisition Corp (Announced)
1.67% ~ $ 9.97 | DMYQ - dMY Technology Group, Inc. IV (Announced)
1.65% ~ $ 11.10 | VACQ - Vector Acquisition Corp (Announced)
1.52% ~ $ 24.69 | PCPC - Periphas Capital Partnering Corporation (Pre-Deal)
1.24% ~ $ 9.82 | SDAC - Sustainable Development Acquisition I Corp. (Pre-Deal)
1.13% ~ $ 9.87 | SPKB - Silver Spike Acquisition Corp II (Pre-Deal)
1.10% ~ $ 10.11 | FACA - Figure Acquisition Corp. I (Pre-Deal)
1.06% ~ $ 9.50 | ALUS - Alussa Energy Acquisition Corp (Announced)
.92% ~ $ 9.89 | FVT - Fortress Value Acquisition Corp. III (Pre-Deal)
.91% ~ $ 9.94 | SPRQ - Spartan Acquisition Corp II (Announced)
.91% ~ $ 9.95 | GOBI - Gobi Acquisition Corp. (Pre-Deal)
.88% ~ $ 10.37 | CMLT - CM Life Sciences III Inc. (Pre-Deal)

Biggest Losers

-7.73% ~ $ 21.50 | RSVA - Rodgers Silicon Valley Acquisition Corp (Announced)
-6.33% ~ $ 13.77 | THCB - Tuscan Holdings Corp. (Announced)
-5.30% ~ $ 10.89 | KVSB - Khosla Ventures Acquisition Co. II (Announced)
-4.77% ~ $ 11.97 | FTCV - FinTech Acquisition Corp. V (Announced)
-3.76% ~ $ 12.80 | CMLF - CM Life Sciences Inc (Announced)
-3.70% ~ $ 9.63 | OSI - Osiris Acquisition Corp. (Pre-Deal)
-3.30% ~ $ 12.00 | FWAA - Fifth Wall Acquisition Corp. I (Announced)
-3.26% ~ $ 25.52 | CCIV - Churchill Capital Corp IV (Announced)
-2.40% ~ $ 9.76 | FRXB - Forest Road Acquisition Corp. II (Pre-Deal)
-2.12% ~ $ 14.77 | GHVI - Gores Holdings VI Inc (Announced)
-1.86% ~ $ 9.77 | BRIV - B. Riley Principal 250 Merger Corp. (Pre-Deal)
-1.78% ~ $ 12.13 | PDAC - Peridot Acquisition Corp (Announced)
-1.69% ~ $ 13.40 | FST - FAST ACQ CP (Announced)
-1.50% ~ $ 9.84 | ASPL - Aspirational Consumer Lifestyle Corp (Announced)
-1.48% ~ $ 11.33 | BOWX - BowX Acquisition Corp (Announced)
-1.43% ~ $ 13.06 | TPGY - TPG Pace Beneficial Finance Corp (Announced)
-1.43% ~ $ 10.34 | DCRB - Decarbonization Plus Acquisition Corp (Announced)
-1.42% ~ $ 9.74 | HCAQ - HealthCor Catalio Acquisition Corp. (Pre-Deal)

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(Disclaimers: this is not investment advice. The author may be long one or more stocks mentioned in this report.)