De-SPACs Among Big Early Gainers on Better Inflation Numbers
by Nicholas Alan Clayton on 2023-11-14 at 10:22am

US stock futures already told the story of a day of big upward movement once the consumer price index (CPI) came in this morning much lower than expected with just a +0.2% increase. The cost of goods also decreased while housing and energy prices saw their smallest increase in nearly two years.

All in all this is great news for consumer and retail companies, breaking from some increasing signs that they might have a soft holiday sales season.

Sustainable consumer packaging maker PureCycle (NASDAQ:PCT), which went public with Roch CH I in 2021, is up about +25% as of this writing, and consumer fintechs have gained a boost as well.

Foley Trasimene II‘s target Paysafe (NYSE:PSFE) is up +12% and Pagaya (NASDAQ:PGY) is up +10.9% about 16 months out from the close of its deal with EJF.

These are of course one-day gains and many of these companies continue to trade well-below $10, particularly when adjusted for stock splits. Paysafe, for instance, last closed at $10.70, but that would have equated to a price at $0.89 due to past splits.

Nonetheless, the good inflation news has provided solid one-day gains for other growth companies.

Among those celebrating today is real estate platform Opendoor (NASDAQ:OPEN) up +12.4%, while eVTOL makers Archer (NYSE:ACHR) and Joby (NYSE:JOBY) are up 10% and +8.7% on the day. Even space tourism venture Virgin Galactic (NYSE:SPCE) is flying high at +9.3%.

Most of these companies are well past close with Social Capital II, Atlas Crest, Reinvent, and Social Capital I, respectively, but it could mark an encouraging turn in market conditions for a crop of companies that the macro climate has been hostile toward for many quarters running.

Recent Posts
by Marlena Haddad on 2023-12-08 at 1:59pm

Mobiv Acquisition Corp. (NASDAQ:MOBV) announced this afternoon that it has closed its combination with EV motorcycle-maker SRIVARU. Shareholders originally approved the deal at a special meeting held back on September 28, but at that time, the parties expected the transaction to take just a week to close. Redemptions whittled Mobiv’s IPO share pool of 10,005,000 down...

by Nicholas Alan Clayton on 2023-12-08 at 11:12am

Achari Ventures I (NASDAQ:AVHI) has entered into a definitive agreement to combine with medtech firm Vaso Corporation at an equity value of $176 million, or 19.5x its 2022 adjusted EBITDA. Wuxi, China-based Vaso provides IT services and sales support to medical device manufacturers. The combined company is expected to trade on the Nasdaq under the...

by Marlena Haddad on 2023-12-08 at 10:27am

EF Hutton Acquisition Corp. I (NASDAQ:EFHT) announced this morning that its shareholders have approved its business combination with E.C.D. Auto Design. At the meeting, there were 5,089,203 shares of common stock, representing approximately 76.82% of the issued and outstanding shares of common stock, present. In connection with the meeting, the company’s stockholders holding 3,470,945 shares,...

by Marlena Haddad on 2023-12-08 at 9:42am

Legato Merger Corp. III (NYSE:LEGT) filed for a $175 million IPO yesterday afternoon, becoming the fourth SPAC to file this week. While the other three SPACs that filed their S-1s earlier this week intend to pursue targets in the financial services and biotech industries, Legato III, similar to the earlier Legato SPACs, will focus on...

by Nicholas Alan Clayton on 2023-12-08 at 7:48am

At the SPAC of Dawn This week ends with an unusually busy earnings calendar as 172 US-listed companies report quarterly figures today. Among them is Exela Technologies (NASDSAQ:XELA), which completed a combination with Quinpario 2 in 2017. The billing software company has gone on to do another SPAC deal on November 29, this time spinning...


Copyright © 2023 SPACInsider, Inc. All Rights Reserved