SPACs Generally Flat, Mergers Rise Slightly

SPACs were generally flat on Tuesday, with the average pre-deal SPAC still trading at $9.80. A bonus afternoon M&A deal brought the day's total to 3.
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This morning saw 2 M&A Deals get announced, and both slightly rose on the day. Yet merger "pops" remain relatively small and both SPACs are trading at discounts to NAV:

- PTK + Valens Semi: +0.6% to $9.94
- LEGO + Algoma Steel: +2.3% to $9.91

Post market, we got a bonus deal as Foresight Acquisition (FORE), who struck a deal with P3 Health Partners. The deal values the patient-centered and physician-led population health management company at $2.3B EV. The deal financing includes a $200M PIPE that is backed by Janus Henderson and funds managed by Fidelity. 

Source: P3 Investor Presentation

Source: P3 Investor Presentation

FORE is trading +1.2% in after hours trading. 

In other news...

Billionaire Robert Smith, founder of Vista Equity, is reportedly considering raising two SPACs (according to Bloomberg). These would be among the first splashy new SPAC filings since the SPAC market has lost a little bit of its luster. 

ba_spac_ad_30pct_thestreet

Today's Biggest SPAC Gainers

7.96% ~ $ 14.64 | RSVA - Rodgers Silicon Valley Acquisition Corp (Announced)
5.55% ~ $ 11.79 | PSAC - Property Solutions Acquisition Corp (Announced)
5.05% ~ $ 14.36 | GHVI - Gores Holdings VI Inc (Announced)
5.02% ~ $ 15.89 | RICE - Rice Acquisition Corp. (Announced)
4.54% ~ $ 20.28 | CCIV - Churchill Capital Corp IV (Announced)
3.58% ~ $ 12.05 | CMII - CM Life Sciences II Inc. (Announced)
3.00% ~ $ 12.35 | CMLF - CM Life Sciences Inc (Announced)
2.89% ~ $ 12.44 | FSRV - FinServ Acquisition Corp (Announced)
2.75% ~ $ 13.09 | MUDS - Mudrick Capital Acquisition Corporation II (Announced)
2.27% ~ $ 9.91 | LEGO - LEGATO MERGER CORP. (Announced)
2.19% ~ $ 10.27 | ARYA - Arya Sciences Acquisition Corp III (Announced)
2.06% ~ $ 13.11 | DFHT - Deerfield Healthcare Technology Acquisitions Corp. (Announced)
2.02% ~ $ 20.18 | IPOE - Social Capital Hedosophia Holdings Corp V (Announced)

Today's Biggest SPAC Losers

-4.09% ~ $ 9.61 | FLME - Flame Acquisition Corp. (Pre-Deal)
-2.40% ~ $ 10.17 | SRAC - Stable Road Acquisition Corp. (Announced)
-2.29% ~ $ 9.83 | ACTDU - ArcLight Clean Transition Corp. II (Pre-Deal)
-2.18% ~ $ 9.88 | CFFE - CF Acquisition Corp. VIII (Pre-Deal)
-2.05% ~ $ 10.50 | FWAA - Fifth Wall Acquisition Corp. I (Announced)
-1.87% ~ $ 9.99 | IVAN - Ivanhoe Capital Acquisition Corp (Pre-Deal)
-1.85% ~ $ 11.12 | CLII - Climate Change Crisis Real Impact I Acquisition Corp (Announced)
-1.69% ~ $ 12.21 | BOWX - BowX Acquisition Corp (Announced)
-1.63% ~ $ 9.67 | ANZU - Anzu Special Acquisition Corp I (Pre-Deal)
-1.43% ~ $ 24.84 | PSTH - Pershing Square Tontine Holdings (Pre-Deal)
-1.29% ~ $ 9.75 | PTIC - PropTech Investment Corporation II (Pre-Deal)
-1.13% ~ $ 9.63 | MBAC - M3-Brigade Acquisition II Corp (Pre-Deal)
-1.10% ~ $ 9.89 | PRPC - CC Neuberger Principal Holdings III (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.)