Pre-deal PSPCs are cheap – Boardroom Alpha

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While the PSPC narrative has certainly returned to a more positive tone, pre-deal PSPCs are trading at their lowest level in some time and have fallen again today. The average price (of shares) has now plunged to $ 9.80 – or ~ 2% discount on SPAC NAV. The opportunity is there for Yield + Option play, especially since we’ve recently seen some nice PSPC pops on announced / closed deals.

For the deals announced this week (including two this morning), here are the pops for Day 1:

July 07 | +1.67% | DMYQ – dMY Technology Group, Inc. IV -> Planet Labs Inc.
July 07 | + 2.67% | ATHN – Athena Technology Acquisition Corp. -> Heliogen
July 06 | + 16.1% | KVSB – Khosla Ventures Acquisition Co. II -> Nextdoor, Inc.
July 06 | + 1.00% | CFV – CF Acquisition Corp. V -> Satellogic

KVSB leads the way by announcing The next door, but all 4 provided a pop day-1.

No merger voting day, which is rare in recent weeks, but let’s get back to action tomorrow:

Jul 08 | $ 9.94 | SPRQ – Spartan Acquisition Corp II -> Sunlight Financial LLC
July 12 | $ 21.50 | RSVA – Rodgers Silicon Valley Acquisition Corp -> Enovix Corp
July 12 | $ 9.84 | ASPL – Aspirational Consumer Lifestyle Corp -> Wheels Up Partners Holdings LLC
July 13 | $ 12.01 | LCY – Landcadia Holdings III Inc -> The Hillman Group, Inc.
July 13 | $ 9.98 | AONE – a -> Markforged
July 14 | $ 9.98 | EMPW – Empower Ltd -> Holley
July 14 | $ 10.18 | GXGX – GX Acquisition Corp -> Celularity Inc.
July 14 | $ 9.97 | SBG – Sandbridge Acquisition Corporation -> OWLET BABY CARE INC.

Today’s price action

The biggest winners

4.92% ~ $ 12.16 | CMII – CM Life Sciences II Inc. (Announced)
3.75% ~ $ 10.69 | BLSA – BCLS Acquisition Corp. (Pre-Deal)
3.13% ~ $ 13.00 | TDAC – Trident Acquisitions Corp (Announced)
2.67% ~ $ 9.99 | ATHN – Athena Technology Acquisition Corp. (Ad)
2.26% ~ $ 10.20 | DKDCA – Data Knights Acquisition Corp. (Pre-agreement)
2.13% ~ $ 10.55 | JUMP – Ribbit LEAP Ltd (Pre-Deal)
1.72% ~ $ 14.81 | PSAC – Property Solutions Acquisition Corp (Announced)
1.67% ~ $ 9.97 | DMYQ – dMY Technology Group, Inc. IV (Announced)
1.65% ~ $ 11.10 | VACQ – Vector Acquisition Corp (Announced)
1.52% ~ $ 24.69 | PCPC – Periphas Capital Partnering Corporation (Pre-Deal)
1.24% ~ $ 9.82 | SDAC – Sustainable Development Acquisition I Corp. (Pre-Deal)
1.13% ~ $ 9.87 | SPKB – Silver Spike Acquisition Corp II (Pre-Agreement)
1.10% ~ $ 10.11 | FACA – Figure Acquisition Corp. I (Pre-Deal)
1.06% ~ $ 9.50 | ALUS – Alussa Energy Acquisition Corp (Announced)
0.92% ~ $ 9.89 | TVR – Fortress Value Acquisition Corp. III (Pre-Deal)
.91% ~ $ 9.94 | SPRQ – Spartan Acquisition Corp II (Announced)
.91% ~ $ 9.95 | GOBI – Gobi Acquisition Corp. (Pre-agreement)
0.88% ~ $ 10.37 | CMLT – CM Life Sciences III Inc. (Pre-agreement)

The biggest losers

-7.73% ~ $ 21.50 | RSVA – Rodgers Silicon Valley Acquisition Corp (Announced)
-6.33% ~ $ 13.77 | THCB – Tuscan Holdings Corp. (Ad)
-5.30% ~ $ 10.89 | KVSB – Khosla Ventures Acquisition Co. II (Announced)
-4.77% ~ $ 11.97 | FTCV – FinTech Acquisition Corp. V (Announced)
-3.76% ~ $ 12.80 | CMLF – CM Life Sciences Inc (Announced)
-3.70% ~ $ 9.63 | OSI – Osiris Acquisition Corp. (Pre-Deal)
-3.30% ~ $ 12.00 | FWAA – Fifth Wall Acquisition Corp. I (Announced)
-3.26% ~ $ 25.52 | CCIV – Churchill Capital Corp IV (Announced)
-2.40% ~ $ 9.76 | FRXB – Forest Road Acquisition Corp. II (Pre-agreement)
-2.12% ~ $ 14.77 | GHVI – Gores Holdings VI Inc (Announced)
-1.86% ~ $ 9.77 | BRIV – B. Riley Principal 250 Merger Corp. (Pre-Deal)
-1.78% ~ $ 12.13 | PDAC – Peridot Acquisition Corp (Announced)
-1.69% ~ $ 13.40 | FST – FAST ACQ CP (Announced)
-1.50% ~ $ 9.84 | ASPL – Aspirational Consumer Lifestyle Corp (Announced)
-1.48% ~ $ 11.33 | BOWX – BowX Acquisition Corp (Announced)
-1.43% ~ $ 13.06 | TPGY – TPG Pace Beneficial Finance Corp (Announced)
-1.43% ~ $ 10.34 | DCRB – Decarbonization Plus Acquisition Corp (Announced)
-1.42% ~ $ 9.74 | HCAQ – HealthCor Catalio Acquisition Corp. (Pre-Deal)

More from Boardroom Alpha

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(Disclaimers: This is not investment advice. The author may go on and on about one or more of the actions mentioned in this report.)

About Clara Barnard

Clara Barnard

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