Remember SPACs? Market Focuses on Earnings

An expected quiet day in SPAC land, at least there was one deal announcement, as the market was undoubtedly more focused on big tech earnings.

Author:
David Drapkin
Publish date:
Apr 27, 2021

Up and down day for stocks as the market was focused on mega-cap earnings reports due from the likes of MSFT, AMD, and GOOG. The tech heavy Nasdaq 100 dipped, while the S&P500 was relatively flat. Unsurprisingly, there was little mainstream attention towards SPACs today, although this morning did see a late deal announcement -- bringing the week's total to two. Expect deal flow to remain muted for the time being.

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This morning, Blue Water Acquisition Corporation (BLUW) struck a deal to take Clarus Therapeutics public in deal that values the company at a $252M EV. The only additional financing cited was $25M from existing Clarus shareholders H.I.G. Capital. BLUW closed slightly down on the day -0.4% -- a pretty underwhelming market reaction.

Sunday's deal announcement, Sports Entertainment Acquisition (SEAH), also barely budged today, trading up +0.1%.

Elsewhere...

Vesper Healthcare Acquisition (VSPR) went ex-redemption tonight, and closed close to NAV at $9.95. Similar to what we saw last week with GigCapital, it's important to keep an eye out for SPACs at redemption deadlines. VSPR has the potential to drop below $10 as shareholders no longer have the benefit to redeem at $10 + interest.

CCIV gave a little bit back following its latest surge speculation of an Apple deal, with shares falling 4.5% today.

Star Peak Energy Transition (STPK) passed its vote on the merger with Stem Inc., unsurprisingly with minimal redemptions as STPK closed at $25.87 today.

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Biggest SPAC Gainers
It was another big day for Mudrick Capital (MUDS), who is taking Topps public, as shares surged almost +13%.

14.10% ~ $ 44.50 | BRPA - Big Rock Partners Acquisition Corp (Announced)
12.99% ~ $ 15.83 | MUDS - Mudrick Capital Acquisition Corporation II (Announced)
5.26% ~ $ 11.80 | FTCV - FinTech Acquisition Corp. V (Announced)
4.91% ~ $ 12.19 | THCB - Tuscan Holdings Corp. (Announced)
4.32% ~ $ 17.40 | IPOE - Social Capital Hedosophia Holdings Corp V (Announced)
4.30% ~ $ 11.16 | HSAQ - Health Sciences Acquisitions Corporation 2 (Pre-Deal)
4.04% ~ $ 13.14 | DFHT - Deerfield Healthcare Technology Acquisitions Corp. (Announced)
3.54% ~ $ 11.98 | FST - FAST ACQ CP (Announced)
3.36% ~ $ 10.45 | NOAC - Natural Order Acquisition Corp (Pre-Deal)
2.87% ~ $ 10.03 | OHPA - Orion Acquisition Corp. (Pre-Deal)

Biggest SPAC Decliners
-8.91% ~ $ 9.00 | GIK - GigCapital3 Inc (Announced)
-7.12% ~ $ 12.27 | CMII - CM Life Sciences II Inc. (Announced)
-4.73% ~ $ 22.74 | CCIV - Churchill Capital Corp IV (Announced)
-4.72% ~ $ 16.95 | TPGY - TPG Pace Beneficial Finance Corp (Announced)
-3.56% ~ $ 12.72 | CLII - Climate Change Crisis Real Impact I Acquisition Corp (Announced)
-3.11% ~ $ 17.45 | SSPK - Silver Spike Acquisition Corp. (Announced)
-2.90% ~ $ 9.71 | IPVF - InterPrivate III Financial Partners Inc. (Pre-Deal)
-2.75% ~ $ 13.80 | RSVA - Rodgers Silicon Valley Acquisition Corp (Announced)
-2.73% ~ $ 10.70 | STIC - Northern Star Acquisition Corp (Announced)
-2.60% ~ $ 13.84 | CMLF - CM Life Sciences Inc (Announced)
-2.27% ~ $ 9.90 | GSEV - Gores Holdings VII (Pre-Deal)
-1.80% ~ $ 9.83 | TWNT - Tailwind Two Acquisition Corp. (Pre-Deal)
-1.73% ~ $ 12.50 | LACQ - Leisure Acquisition Corp. (Announced)
-1.72% ~ $ 9.71 | HLAH - Hamilton Lane Alliance Holdings I, Inc. (Pre-Deal)
-1.66% ~ $ 11.82 | PSAC - Property Solutions Acquisition Corp (Announced)
-1.63% ~ $ 10.87 | LEAP - Ribbit LEAP Ltd (Pre-Deal)
-1.62% ~ $ 9.69 | ITHX - ITHAX Acquisition Corp. (Pre-Deal)