Relative positivity has continued into a second straight day this week as the market leans perhaps more into encouraging signs around the future of interest rates than the prospect of renewed conflict in the Middle East.
Those jitters nonetheless appear to have propelled de-SPACs in the oil and gas sector to a good day despite the fact that oil prices themselves remain largely unchanged.
Oil & gas has generally been fruitful for SPACs in general with 19 such deals completed since December 2012. Of this group, three either last closed or were earlier acquired for more than $20 per share and four more continue to trade in the teens.
Sitio Royalites (NYSE:STR), which combined with Osprey Energy in 2018 is up +1.2% on the day to about $23.86 while TPG Pace Energy‘s target Magnolia Oil & Gas (NYSE:MGY) was similarly up about +1% to $22.71 as of this writing.
Satellite companies that got to market via SPAC deals have seen even bigger bumps today. With much of their revenue coming from the defense sector and conflict-researchers, the market appears to see them as having new work in the pipeline.
BlackSky (NYSE:BKSY) is on a +18% run two years out from completing its combination with Osprey Technology, while Israeli satellite operator Satixfy (NYSE:SATX) is recovering +27.7% after taking a hit yesterday in the market’s initial reaction to the new Gaza violence
Peer space de-SPACs Terran Orbital (NYSE:LLAP), Rocket Lab (NASDAQ:RKLB) are each up about +5%, while AST SpaceMobile (NASDAQ:ASTS) has seen a +7.7% boost in the early afternoon and Planet Labs (NYSE:PL) is up +1.7%.
The outlier in the group that has not been taken on a similar ride is Satellogic (NASDAQ:SATL) which is down -2.7% so far today.
Overall, these companies, given their early and in some cases pre-profitability nature, have not been graced with the same enthusiasm as oil and gas de-SPACs overall, however, and they all collectively last closed at a median share price of $0.78, adjusted for stock splits.
CF Acquisition Corp. VIII (NASDAQ:CFFE) announced this afternoon that it has completed its combination with B2B software firm Exela. Although shareholders had previously approved the deal during a special meeting on August 24, no specific timeline for its next steps had been disclosed at that time. Additionally, a proposal was passed at the meeting to change...
DUET Acquisition Corp. (NASDAQ:DUET) has signed a business combination agreement with social media firm Fenix 360 at an enterprise value of $610 million. Singapore-based Fenix 360 is developing an app-based social media platform designed for artists to better engage with fans and monetize interactions. The combined company is expected to trade on the Nasdaq once...
PROOF Acquisition Corp I (NYSE: PACI) announced this morning that its shareholders have approved its business combination with private aviation company Volato at a special meeting held on November 28. Approximately 97% of the votes cast at the meeting were cast in favor of the approval of the deal. The SPAC did not disclose redemption...
At the SPAC of Dawn Filings after the bell yesterday provided another three-liquidation day for SPACs bringing this week’s tally to four and extending a streak of five straight weeks with four to five liquidations each week. With 178 SPACs having announced a liquidation so far in 2023, the year’s total number could well exceed...
Plum Acquisition Corp. I (NASDAQ:PLMI) has entered into a definitive agreement to combine with digital transformation company Veea for a total enterprise value of approximately $281 million. New York City-based Veea aims to simplify secure edge computing by improving application responsiveness, reducing bandwidth and data transport costs, and eliminating central cloud dependency. The parties expect the transaction to be...