SPACs Fall with Stocks in Down Day

PSTH's dropped deal grabbed headlines, and SPACs fell in line with equities. The average pre-deal SPAC stands at $9.78.
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Manic Monday morning started off with a bang in SPAC-land as Pershing Square Tontine Holdings (PSTH) announced it was pulling its proposed deal for UMG, and 4 additional SPACs announced new business combination agreements. PSTH fell another 1.16% on the back of the news. 

As for today's SPAC mergers, 3/4 managed to still get a small M&A pop, while IIAC fell on its proposed merger with Ermengildo Zegna. Yet, all 4 remain substantially below NAV in the $9.80s:

Jul 19 | +0.20% | OCA - Omnichannel Acquisition Corp --> Kin
Jul 19 | +0.61 | CPSR - Capstar Special Purpose Acquisition Corp. --> Gelesis Inc
Jul 19 | +0.72% | ENNV - ECP Environmental Growth Opportunities Corp. --> Fast Radius, Inc.
Jul 19 | -3.34$ | IIAC - Investindustrial Acquisition Corp. --> Ermenegildo Zegna

The average pre-deal SPAC is now trading just at $9.78, materially below NAV, again presenting a nice yield opportunity. Huge day for SPAC votes tomorrow, with 5 on tap:

Jul 20 | $ 13.62 | PSAC - Property Solutions Acquisition Corp --> Faraday Future
Jul 20 | $ 8.70 | TWND - Tailwind Acquisition Corp --> QOMPLX, Inc.
Jul 20 | $ 8.66 | RAAC - Revolution Acceleration Acquisition Corp --> Berkshire Grey
Jul 20 | $ 8.79 | ACND - Ascendant Digital Acquisition Corp --> Beacon Street Group
Jul 20 | $ 13.25 | GHVI - Gores Holdings VI Inc --> Matterport, Inc.

Today's Price Action

Biggest Gainers

5.49% ~ $ 12.69 | TPGY - TPG Pace Beneficial Finance Corp (Announced)
4.83% ~ $ 11.94 | CMLF - CM Life Sciences Inc (Announced)
3.91% ~ $ 10.90 | SRAC - Stable Road Acquisition Corp. (Announced)
2.77% ~ $ 10.00 | GGMC - Glenfarne Merger Corp. (Pre-Deal)
2.71% ~ $ 13.62 | PSAC - Property Solutions Acquisition Corp (Announced)
1.96% ~ $ 9.90 | VCVC - 10X Capital Venture Acquisition Corp (Announced)
1.92% ~ $ 9.55 | NHIC - NewHold Investment Corporation (Announced)
1.88% ~ $ 11.38 | THCB - Tuscan Holdings Corp. (Announced)
1.65% ~ $ 9.87 | AMPI - Advanced Merger Partners, Inc. (Pre-Deal)
1.42% ~ $ 11.41 | CMII - CM Life Sciences II Inc. (Announced)
1.12% ~ $ 10.85 | AGC - ALTIMETER GROWTH CORP (Announced)
1.02% ~ $ 9.95 | ORIA - Orion Biotech Opportunities Corp. (Pre-Deal)
.82% ~ $ 9.82 | ADER - 26 Capital Acquisition Corp (Pre-Deal)
.82% ~ $ 9.87 | TSIB - Tishman Speyer Innovation Corp. II (Pre-Deal)
.72% ~ $ 9.76 | QFTA - Quantum FinTech Acquisition Corp (Pre-Deal)
.72% ~ $ 9.81 | ENNV - ECP Environmental Growth Opportunities Corp. (Announced)
.70% ~ $ 10.04 | DFNS - LGL Systems Acquisition Corp (Announced)
.62% ~ $ 9.73 | AGGR - Agile Growth Corp. (Pre-Deal)
.61% ~ $ 9.85 | EUCR - Eucrates Biomedical Acquisition Corp (Pre-Deal)
.61% ~ $ 9.85 | CPSR - Capstar Special Purpose Acquisition Corp. (Announced)

Biggest Losers

-10.27% ~ $ 10.05 | FGNA - FG New America Acquisition Corp (Announced)
-6.55% ~ $ 8.70 | TWND - Tailwind Acquisition Corp (Announced)
-5.77% ~ $ 8.90 | ANDA - Andina Acquisition Corp. III (Announced)
-5.74% ~ $ 11.65 | FST - FAST ACQ CP (Announced)
-3.81% ~ $ 11.11 | TDAC - Trident Acquisitions Corp (Announced)
-3.78% ~ $ 8.66 | RAAC - Revolution Acceleration Acquisition Corp (Announced)
-3.72% ~ $ 8.79 | ACND - Ascendant Digital Acquisition Corp (Announced)
-3.34% ~ $ 9.84 | IIAC - Investindustrial Acquisition Corp. (Announced)
-2.78% ~ $ 10.49 | BOWX - BowX Acquisition Corp (Announced)
-2.62% ~ $ 10.47 | BLSA - BCLS Acquisition Corp. (Pre-Deal)
-2.59% ~ $ 22.20 | CCIV - Churchill Capital Corp IV (Announced)
-2.19% ~ $ 10.28 | CND - Concord Acquisition Corp (Announced)
-1.68% ~ $ 9.63 | VLAT - Valor Latitude Acquisition Corp. (Pre-Deal)
-1.68% ~ $ 9.95 | DMYI - dMY Technology Group Inc III (Announced)
-1.64% ~ $ 16.76 | RICE - Rice Acquisition Corp. (Announced)
-1.43% ~ $ 9.67 | TMPM - Turmeric Acquisition Corp (Pre-Deal)
-1.41% ~ $ 13.25 | GHVI - Gores Holdings VI Inc (Announced)
-1.33% ~ $ 9.66 | LDHA - LDH Growth Corp I (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.)