SPACs became a casualty of the broader market sell-off on Thursday, as six of the day's nine SPACs finished below issue. Before last week, the SPAC market had gone two months without a deal going negative on its first day, a stretch of 200+ SPACs.
The six included HERAU, AURCU, ACAHU, PSAGU, RXRAU, TRCA.U, the worst of which closed 1.5% below issue. The two deals that finished at their $10 offer price (MBAC.U, ATAQU) both broke issue during the day. The sole SPAC on Thursday that did not offer warrants (a growing trend), Khosla Ventures Acquisition (KVSA), was the only deal to trade positive.
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39 SPACs priced IPOs this week as SPAC activity continues to hit new records.
The largest de-SPACs also traded off on Thursday, including QuantumScape (-9%), DraftKings (-6%), Virgin Galactic (-5%), and Skillz (-7%).
