SPACs Before the Bell

Yesterday was mostly a tough day in SPAC land, but that continues to leave the door open for those that want to get some more SPAC exposure through bargain hunting or get in on a name that was previously too expensive.
Author:
Publish date:

As we noted in last night's SPAC trading wrap, yesterday's deals for AJAX I (AJAX) and CM Life Sciences II (CMIIU) both had deal pops that lasted through the day, most of the SPAC market was down and SPACs with announced deals got hammered.

This leaves the SPAC market with a significant number of pre-deal SPACs trading below $10 -- where investors ideally will buy -- and SPACs with announced deals trading at levels where investors with conviction in the narrative may want to consider getting in.

Some of the Biggest Discounts

-4.30% ~ $ 9.57 | ASAX - Astrea Acquisition Corp.
-4.20% ~ $ 9.58 | AGAC - African Gold Acquisition Corporation
-4.00% ~ $ 9.60 | PUCK - Goal Acquisitions Corp.
-4.00% ~ $ 9.60 | GCAC - Growth Capital Acquisition Corp.
-3.80% ~ $ 9.62 | CAHC - CA Healthcare Acquisition Corp.
-3.70% ~ $ 9.63 | OSTR - Oyster Enterprises Acquisition Corp.
-3.60% ~ $ 9.64 | BIOT - Biotech Acquisition Company
-3.55% ~ $ 9.65 | AEAC - Authentic Equity Acquisition Corp.
-3.50% ~ $ 9.65 | EAC - Edify Acquisition Corp.
-3.50% ~ $ 9.65 | IGNY - Ignyte Acquisition Corp.

Opportunities for Chamath Followers?

For investors that are closely watching Chamath Palihapitiya's portfolio there may be opportunity to invest alongside him at more attractive prices. IPOE, who is taking SoFi public, is trading down materially from its February high of $28.26 and both IPOD and IPOF are moving towards $10. IPOD and IPOE have yet to announce a deal.

-3.86% ~ $ 16.44 | IPOE - Social Capital Hedosophia Holdings Corp V (Announced)
-3.21% ~ $ 10.84 | IPOD - Social Capital Hedosophia Holdings Corp IV (Pre-Deal)
-3.72% ~ $ 10.61 | IPOF - Social Capital Hedosophia Holdings Corp VI (Pre-Deal)

Feels like Chamath, who dominated SPAC headlines over the last year, has been (relatively) quiet over the last few months aside from PIPE investments. Could his next deal come soon?

Buy the Dip?

Yesterday SPACs with announced deals got hammered and that may present an opportunity for high conviction investors to buy the dip. Here are the 10 biggest decliners.

-9.24% ~ $ 12.58 | FSRV - FinServ Acquisition Corp (Announced)
-7.25% ~ $ 21.35 | CCIV - Churchill Capital Corp IV (Announced)
-7.06% ~ $ 14.36 | DMYD - dMY Technology Group, Inc. II (Announced)
-6.51% ~ $ 11.92 | VIH - VPC Impact Acquisition Holdings (Announced)
-6.16% ~ $ 16.92 | NGA - NORTHERN GN ACQ (Announced)
-6.09% ~ $ 25.73 | STPK - Star Peak Energy Transition Corp (Announced)
-6.06% ~ $ 11.00 | BOWX - BowX Acquisition Corp (Announced)
-5.83% ~ $ 13.25 | GHVI - Gores Holdings VI Inc (Announced)
-5.97% ~ $ 16.38 | TPGY - TPG Pace Beneficial Finance Corp (Announced)
-5.83% ~ $ 13.25 | GHVI - Gores Holdings VI Inc (Announced)