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On an otherwise slow day SPAC investors watched Lucid / CCIV surge on rumors that it may do a deal with Apple. CCIV soared +16% to $23.87 -- still well off its previous high during peak SPAC, but certainly exciting for Lucid true believers as there likely have been a few that "bought the dip" recently.
For those skeptics watching the EV / autos ecosystem the dominance of Tesla (printing more great numbers today) and increasing relevance of traditional automakers (e.g. GM, Ford, Volkswagen) in the space, Lucid will have to do more than just team up with Apple to make a long-term impact. In fact Goldman just last Thursday downgraded both Fisker (FSKR) and Lordstown Motors (RIDE) based on that increased competition.
Speaking of Lordstown Motors, it ended the day up 2.82% shaking off more allegations of malfeasance. With the flood of SPACs that will get deals done this year and de-SPAC, it will become increasingly difficult for SPAC investors to sort through which claims of badness have merit and which do not. This will add to the downward pressure post De-SPAC and test investors' willingness to stay committed to the long-term through the inevitable volatility that will result.
** For on-going tracking, analytics, and data on SPACs checkout Boardroom Alpha's SPAC Data and Analytics service. **
This weekend's deal, Sports Entertainment Acquisition (SEAH) announcing they have struck a pact with sports betting holding company Super Group, was probably a disappointment for most today. It had been up 15% in pre-market, but ended the day up just +4.5% and just over NAV at $10.22. As a reminder this is an unusual deal is it doesn't include a PIPE. SEAH, is sponsored by PJT Partners and chaired by sports business veteran Eric Grubman.
Where are Recent SPAC Deals Trading?
Looking at the latest deals, there isn't much to get excited about at the moment either. For SPACs that announced since March, there are only 7 trading at a premium to $10 of over 10% and almost 25 trading below NAV.
For investors that believe in the narrative behind these near-NAV SPACs this will be a bargain hunting opportunity. For those that are wary about the quality of recent SPAC deals, these trading levels will be further proof that the SPAC market isn't healthy yet.
51.5% | Apr 08 ~ $ 15.15 | RICE - Rice Acquisition Corp.
40.1% | Apr 06 ~ $ 14.01 | MUDS - Mudrick Capital Acquisition Corporation II
36.3% | Apr 13 ~ $ 13.63 | AGC - ALTIMETER GROWTH CORP
32.1% | Mar 29 ~ $ 13.21 | CMII - CM Life Sciences II Inc.
14.5% | Mar 26 ~ $ 11.45 | BOWX - BowX Acquisition Corp
12.1% | Mar 16 ~ $ 11.21 | FTCV - FinTech Acquisition Corp. V
11.7% | Apr 14 ~ $ 11.17 | BCTG - BCTG Acquisition Corp.
7.0% | Mar 01 ~ $ 10.70 | VACQ - Vector Acquisition Corp
6.3% | Apr 22 ~ $ 10.63 | FWAA - Fifth Wall Acquisition Corp. I
5.4% | Mar 08 ~ $ 10.54 | DMYI - dMY Technology Group Inc III
2.9% | Mar 22 ~ $ 10.29 | SPFR - Jaws Spitfire Acquisition Corporation
2.2% | Apr 25 ~ $ 10.22 | SEAH - Sports Entertainment Acquisition Corp
1.9% | Mar 25 ~ $ 10.19 | GNPK - Genesis Park Acquisition Corp
1.5% | Mar 21 ~ $ 10.15 | TBA - Thoma Bravo Advantage
1.5% | Mar 22 ~ $ 10.15 | CHAQ - Chardan Healthcare Acquisition 2 Corp.
1.4% | Apr 19 ~ $ 10.14 | DBDR - Roman DBDR Tech Acquisition Corp.
1.0% | Mar 18 ~ $ 10.10 | ITAC - Industrial Tech Acquisitions Inc
.7% | Mar 19 ~ $ 10.07 | SCPE - SC Health Corporation
.5% | Apr 22 ~ $ 10.05 | HZAC - HORIZON ACQ CP
.5% | Mar 31 ~ $ 10.05 | LATN - Union Acquisition Corp. II
.3% | Mar 05 ~ $ 10.03 | GWAC - Good Works Acquisition Corp
.1% | Mar 08 ~ $ 10.01 | NBA - New Beginnings Acquisition Corp
.0% | Mar 18 ~ $ 10.00 | SPNV - Supernova Partners Acquisition Company Inc
.0% | Mar 15 ~ $ 10.00 | GNRS - GREENROSE ACQUISITION CORP
.0% | Mar 29 ~ $ 10.00 | AJAX - Ajax I
-.1% | Mar 08 ~ $ 9.99 | NHIC - NewHold Investment Corporation
-.3% | Mar 12 ~ $ 9.97 | CTAC - Cerberus Telecom Acquisition Corp
-.3% | Apr 08 ~ $ 9.97 | TWCT - TWC Tech Holdings II Corp
-.3% | Mar 12 ~ $ 9.97 | EMPW - Empower Ltd
-.4% | Apr 14 ~ $ 9.96 | ROCC - Roth CH Acquisition II Co.
-.4% | Mar 02 ~ $ 9.96 | CAP - Capitol Investment Corp V
-.4% | Mar 02 ~ $ 9.96 | ACND - Ascendant Digital Acquisition Corp
-.4% | Mar 04 ~ $ 9.96 | RTPZ - Reinvent Technology Partners Z
-.4% | Mar 09 ~ $ 9.96 | MOTN - Motion Acquisition Corp
-.4% | Mar 26 ~ $ 9.96 | SV - Spring Valley Acquisition Corp
-.5% | Mar 15 ~ $ 9.95 | RACA - Therapeutics Acquisition Corp
-.5% | Mar 01 ~ $ 9.95 | NSH - NavSight Holdings, Inc
-.7% | Mar 15 ~ $ 9.93 | DFNS - LGL Systems Acquisition Corp
-.8% | Apr 15 ~ $ 9.92 | DEH - D8 Holdings Corp.
-.9% | Apr 06 ~ $ 9.91 | ROT - Rotor Acquisition Corp
-.9% | Mar 30 ~ $ 9.91 | QELL - Qell Acquisition Corp
-.9% | Mar 03 ~ $ 9.91 | VMAC - Vistas Media Acquisition Company Inc.
-.9% | Mar 04 ~ $ 9.91 | SOAC - Sustainable Opportunities Acquisition Corp.
-.9% | Apr 07 ~ $ 9.91 | CAHC - CA Healthcare Acquisition Corp.
-.9% | Apr 07 ~ $ 9.91 | MCAD - Mountain Crest Acquisition Corp. II
-1.0% | Mar 01 ~ $ 9.90 | TWND - Tailwind Acquisition Corp
-1.3% | Mar 22 ~ $ 9.87 | MLAC - Malacca Straits Acquisition Company Limited
-1.7% | Apr 15 ~ $ 9.83 | CHFW - Consonance-HFW Acquisition Corp
Today's SPAC Movers
Today's Biggest SPAC Gainers
16.16% ~ $ 23.87 | CCIV - Churchill Capital Corp IV (Announced)
13.50% ~ $ 39.00 | BRPA - Big Rock Partners Acquisition Corp (Announced)
9.70% ~ $ 18.54 | NGA - NORTHERN GN ACQ (Announced)
9.48% ~ $ 12.70 | TDAC - Trident Acquisitions Corp (Announced)
7.84% ~ $ 18.01 | SSPK - Silver Spike Acquisition Corp. (Announced)
7.39% ~ $ 9.88 | GIK - GigCapital3 Inc (Announced)
7.11% ~ $ 14.01 | MUDS - Mudrick Capital Acquisition Corporation II (Announced)
5.74% ~ $ 14.19 | RSVA - Rodgers Silicon Valley Acquisition Corp (Announced)
5.70% ~ $ 12.97 | SRAC - Stable Road Acquisition Corp. (Announced)
4.50% ~ $ 10.22 | SEAH - Sports Entertainment Acquisition Corp (Announced)
Today's Biggest SPAC Decliners
-4.50% ~ $ 13.21 | CMII - CM Life Sciences II Inc. (Announced)
-4.02% ~ $ 11.45 | BOWX - BowX Acquisition Corp (Announced)
-2.79% ~ $ 9.75 | RMGC - RMG Acquisition Corp. III (Pre-Deal)
-2.08% ~ $ 9.75 | DDMX - DD3 Acquisition Corp. II (Pre-Deal)
-2.04% ~ $ 12.02 | PSAC - Property Solutions Acquisition Corp (Announced)
-2.02% ~ $ 11.17 | BCTG - BCTG Acquisition Corp. (Announced)
-1.90% ~ $ 9.82 | ACII - Atlas Crest Investment Corp. II (Pre-Deal)
-1.80% ~ $ 9.82 | ENNV - ECP Environmental Growth Opportunities Corp. (Pre-Deal)
-1.70% ~ $ 9.84 | XPDI - Power & Digital Infrastructure Acquisition Corp. (Pre-Deal)
-1.49% ~ $ 10.02 | LSAQ - LIFE SCI ACQ II (Pre-Deal)
-1.44% ~ $ 10.29 | LMACA - Liberty Media Acquisition Corporation (Pre-Deal)
-1.40% ~ $ 9.86 | HIII - Hudson Executive Investment Corp. III (Pre-Deal)
-1.30% ~ $ 9.84 | VELO - Velocity Acquisition Corp (Pre-Deal)
-1.30% ~ $ 9.87 | LHAA - Lerer Hippeau Acquisition Corp (Pre-Deal)
-1.28% ~ $ 10.81 | RACB - Research Alliance Corp. II (Pre-Deal)
-1.23% ~ $ 9.67 | KAII - Kismet Acquisition Two Corp. (Pre-Deal)
-1.22% ~ $ 9.68 | DHHC - DiamondHead Holdings Corp. (Pre-Deal)
-1.12% ~ $ 9.74 | CLAS - Class Acceleration Corp. (Pre-Deal)
-1.06% ~ $ 10.23 | AHAC - Alpha Healthcare Acquisition Corp (Announced)
-1.06% ~ $ 10.26 | SRNG - Soaring Eagle Acquisition Corp. (Pre-Deal)
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