** Sign-up for the Boardroom Alpha daily SPAC analysis newsletter so you don't miss a thing **
Hope for positive deal flow and pops fizzled a bit today as both new SPAC deal announcements received disappointing reactions from the market. Marquee Raine Acquisition Corp (MRAC) fell -0.3% to $9.89 and Galileo Acquisition Corp (GLEO) fell -0.5% to $10.02. This continues yesterday's theme of underwhelming deal announcement enthusiasm.
It could still be the case of a back and forth broader stock market, fed speak, and investor attention focused on a deluge of corporate earnings. However, if I'm a SPAC waiting to announce a deal based on market conditions then today's results don't instill confidence to move ahead.
Here's a look at how other recently announced SPAC deals ended the day:
Apr 27 | $ 10.10 | BLUW - Blue Water Acquisition Corporation
Apr 25 | $ 10.28 | SEAH - Sports Entertainment Acquisition Corp
Apr 22 | $ 10.56 | FWAA - Fifth Wall Acquisition Corp. I
Apr 22 | $ 10.03 | HZAC - HORIZON ACQ CP
Apr 19 | $ 10.14 | DBDR - Roman DBDR Tech Acquisition Corp.
Apr 15 | $ 9.90 | CHFW - Consonance-HFW Acquisition Corp
Apr 15 | $ 9.92 | DEH - D8 Holdings Corp.
Apr 14 | $ 10.33 | ROCC - Roth CH Acquisition II Co.
Nothing is trading at rocket high premiums which is a further reflection of the current sentiment in the SPAC market. That being said, several older announced deals (pending completion) continue to trade well, especially as target companies announce promising results and/or developments. See MUDS/Topps (up another 6% today) this week and previously dMY and Genius Sports last month.
** For on-going tracking, analytics, and data on SPACs checkout Boardroom Alpha's SPAC Data and Analytics service. **
Elsewhere, in a trend that we're continuing to see, SPACs are struggling to get the votes necessary for extension and merger approvals. The latest victim is THCB, who had to adjourn their meeting today as they couldn't get enough shareholders to vote on their deadline extension from April 30 --> July 31. THCB still expects to close their transaction with Microvast in June. THCB dropped 6% today to $11.49, but is recovering in after-market.
ICYMI: A Check-in on the 2021 SPAC Vintage
In case you missed this mornings post, we also wanted to check-in on the 2021 SPAC vintage and see how they are trading. There were few surprises as the majority continue to trade below NAV and off their highs.
The question for SPAC investors that are hoping more for upside than yield, is whether these SPACs are doomed to poor returns with lack luster deals or if they are coiled like a spring ready to explode.
Biggest SPAC Gainers
VSPR gained back after going ex-redemption ahead of its merger vote with HydraFacial tomorrow.
11.06% ~ $ 11.05 | VSPR - Vesper Healthcare Acquisition Corp (Announced)
8.15% ~ $ 13.27 | CMII - CM Life Sciences II Inc. (Announced)
7.70% ~ $ 13.70 | CLII - Climate Change Crisis Real Impact I Acquisition Corp (Announced)
6.00% ~ $ 16.43 | RICE - Rice Acquisition Corp. (Announced)
5.56% ~ $ 16.71 | MUDS - Mudrick Capital Acquisition Corporation II (Announced)
4.22% ~ $ 9.38 | GIK - GigCapital3 Inc (Announced)
3.64% ~ $ 13.39 | TDAC - Trident Acquisitions Corp (Announced)
3.51% ~ $ 10.33 | ROCC - Roth CH Acquisition II Co. (Announced)
3.09% ~ $ 10.01 | IPVA - InterPrivate II Acquisition Corp. (Pre-Deal)
Biggest SPAC Decliners
-5.74% ~ $ 11.49 | THCB - Tuscan Holdings Corp. (Announced)
-5.39% ~ $ 42.10 | BRPA - Big Rock Partners Acquisition Corp (Announced)
-4.84% ~ $ 10.62 | HSAQ - Health Sciences Acquisitions Corporation 2 (Pre-Deal)
-4.48% ~ $ 17.07 | ACTC - ArcLight Clean Transition Corp (Announced)
-3.35% ~ $ 10.10 | NOAC - Natural Order Acquisition Corp (Pre-Deal)
-3.31% ~ $ 11.41 | FTCV - FinTech Acquisition Corp. V (Announced)
-2.57% ~ $ 10.24 | PDAC - Peridot Acquisition Corp (Announced)
-2.48% ~ $ 13.37 | AGC - ALTIMETER GROWTH CORP (Announced)
-2.40% ~ $ 9.76 | VPCC - VPC Impact Acquisition Holdings III, Inc. (Pre-Deal)
More from Boardroom Alpha
For on-going tracking, analytics, and data on SPACs checkout Boardroom Alpha's SPAC Data and Analytics service.
- Two SPAC Deals & 2021 Vintage SPACs are Cheap
- SPAC Mergers: GLEO and MRAC Strike Deals
- Remember SPACs? Market Focuses on Earnings
- Cathie Wood's ARK Sells former Chamath SPAC Virgin Galactic
- SPAC Boom or Bust?
- SPACs Take Backseat to Tax Selloff
- Horizon & Vivid Seats Bring Back SPAC M&A
- SPAC Gloom looking for a Boom
- 3 Recent De-SPAC Winners: PLBY, PCT, CHPT
- SPAC Bubble Bursting?
- Chamath Defends His SPAC Record Following CLOV Short Squeeze