CarmenMok
2021-04-06
Any SPAC in the list that has a good chance of ending up in an deal?
The SPAC Bust Has Created Bargains for Investors. How to Play it.<blockquote>特殊目的收购公司的破产为投资者创造了便宜货。怎么玩。</blockquote>
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How to Play it.<blockquote>特殊目的收购公司的破产为投资者创造了便宜货。怎么玩。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1182647190","media":"Barrons","summary":"The hottest market in history for special-purpose acquisition companies, or SPACs, has slowed down m","content":"<p>The hottest market in history for special-purpose acquisition companies, or SPACs, has slowed down markedly in recent weeks. That’s being felt both in the relative dearth of new SPACs filing to go public and in the stock-price performance of already listed SPACs. The pullback has opened up numerous arbitrage opportunities for yield-seeking investors.</p><p><blockquote>历史上最热门的特殊目的收购公司（SPAC）市场最近几周明显放缓。申请上市的新SPAC相对较少，以及已上市SPAC的股价表现都体现了这一点。回调为寻求收益的投资者提供了大量套利机会。</blockquote></p><p>SPACs list on a stock exchange in an initial public offering just like any other company. However, the so-called blank-check companies don’t have any business operations when they list. SPACs are just publicly traded cash shells with backers—called sponsors—responsible for identifying and negotiatinga merger with a private operating company, usually within two years. Cash raised in the IPO sits in a trust earning interest.</p><p><blockquote>SPAC像任何其他公司一样在证券交易所进行首次公开募股。然而，所谓的空白支票公司在上市时并没有任何业务运营。SPAC只是公开交易的现金壳，其支持者（称为发起人）负责确定并谈判与私人运营公司的合并，通常在两年内。首次公开募股筹集的现金存入信托赚取利息。</blockquote></p><p>Once the companies merge, the operating company takes over the SPAC’s stock-market listing—the ticker symbol usually changes—and puts the SPAC’s cash toward investing in the business, buying out existing investors, or other uses. SPAC shareholders and sponsors both get a stake in the combined company.</p><p><blockquote>一旦两家公司合并，运营公司将接管SPAC的股票市场上市（股票代码通常会发生变化），并将SPAC的现金用于投资业务、收购现有投资者或其他用途。SPAC股东和发起人都获得合并后公司的股份。</blockquote></p><p>SPACs exploded onto the scene in 2020 after spending more than two decades asrelatively obscure vehicles with less-than-stellar performance. Nearly 250 SPACs raised some $83 billion in IPO proceeds last year, according to SPAC Insider, with another 298 raising $97 billion just since the start of 2021. More credible sponsors, rock-bottom interest rates, and the market’s insatiable appetite for new public companies have fueled the SPAC boom.</p><p><blockquote>SPAC在作为相对默默无闻、性能不佳的车辆度过了二十多年后，于2020年爆发。据SPAC Insider称，去年有近250家SPAC筹集了约830亿美元的IPO资金，另有298家自2021年初以来筹集了970亿美元。更可信的赞助商、最低的利率以及市场对新上市公司贪得无厌的胃口推动了SPAC的繁荣。</blockquote></p><p>Companies including QuantumScape (ticker: QS),Playboy(PLBY),Utz(UTZ), and DraftKings(DKNG) have all taken the SPAC route to go public over the past year. Those deals have beenhits with investors, and SPAC shareholders have earned a multiple on their investments. But plenty of other recently completed SPAC deals—such as MultiPlan(MPLN),Clover Health(CLOV), or United Wholesale Mortgage(UWMC)—have flopped.</p><p><blockquote>QuantumScape（股票代码：QS）、Playboy（PLBY）、Utz（UTZ）和DraftKings（DKNG）等公司在过去一年都采取了SPAC路线上市。这些交易受到了投资者的欢迎，SPAC股东也从他们的投资中获得了倍数。但最近完成的许多其他SPAC交易——例如MultiPlan(MPLN)、Clover Health(CLOV)或United Wholesale Mortgage(UWMC)——都失败了。</blockquote></p><p>Betting that a SPAC’s sponsors will complete a well-received merger is an inherently speculative exercise. It requires investors to put their faith into the team’s connections, negotiating skills, and ability to judge the prospects of a potential target business. The frothy SPAC market for most of the past year has been happy to take that bet, with the vast majority of SPACs trading at a premium to their trust values—until a few weeks ago.</p><p><blockquote>押注SPAC的发起人将完成一项广受好评的合并本质上是一种投机行为。它要求投资者相信团队的关系、谈判技巧和判断潜在目标业务前景的能力。在过去一年的大部分时间里，泡沫重重的SPAC市场一直乐于接受这一赌注，绝大多数SPAC的交易价格都高于其信托价值——直到几周前。</blockquote></p><p>The average SPAC’s market pricepremium to its trust valuehit a high of 26.9% in early March, according to data from theAccelerate Arbitrage Fund’s(ARB.Canada) Julian Klymochko. But just as rising bond yields have deflated valuations in many growth stocks and more speculative companies, they’ve helped prompt a correction in the SPAC market. The average SPAC premium had declined to about 3.5% by the end of March.</p><p><blockquote>根据theAccelerate Arbitrage Fund(ARB.Canada)Julian Klymochko的数据，SPAC的平均市场价格与其信托价值的溢价在3月初达到了26.9%的高点。但正如债券收益率上升压低了许多成长型股票和投机性较强的公司的估值一样，它们也帮助促使SPAC市场出现调整。截至3月底，SPAC的平均溢价已降至3.5%左右。</blockquote></p><p>Numerous SPAC shares now trade for less than their per-share trust value. That opens up a much simpler and less speculative arbitrage strategy for investors in the sector thanbetting on deal makers’ abilityto close a deal with an attractive target company. Arbitrage investors swoop in when the price of an asset temporarily diverges from its underlying value and pocket that difference. This trade is similar to the arbitrage strategy employed by investors in closed-end funds, which involves buying or selling when the market price diverges from the net asset value per share.</p><p><blockquote>许多SPAC股票现在的交易价格低于其每股信托价值。这为该行业的投资者提供了一种比押注交易撮合者与有吸引力的目标公司达成交易的能力更简单、投机性更低的套利策略。当资产价格暂时偏离其基础价值时，套利投资者就会介入并将差额收入囊中。这种交易类似于封闭式基金投资者采用的套利策略，即当市场价格偏离每股资产净值时买入或卖出。</blockquote></p><p>That’s applicable to SPACs thanks to a unique right that their investors have: At the time of a SPAC’s merger, shareholders can redeem their stock for a proportionate share of the SPAC’s trust cash instead of participating in the deal. A SPAC that reaches its deadline without completing a merger automatically liquidates and returns its trust cash to shareholders.</p><p><blockquote>这适用于SPAC，因为其投资者拥有一项独特的权利：在SPAC合并时，股东可以赎回其股票以获得SPAC信托现金的一定比例份额，而不是参与交易。在截止日期前未完成合并的SPAC会自动清算并将其信托现金返还给股东。</blockquote></p><p>Take Spartacus Acquisition(TMTS), a technology, media, and telecom-focused SPAC that raised $200 million in an IPO last October and a deadline 18 months later on April 20, 2022. The SPAC’s stock traded around $9.90 on Monday, versus a trust value per share of $10.15,according to its IPO prospectus.</p><p><blockquote>以Spartacus Acquisition(TMTS)为例，这是一家专注于技术、媒体和电信的SPAC，去年10月通过IPO筹集了2亿美元，截止日期为18个月后的2022年4月20日。根据其IPO招股说明书，SPAC的股票周一交易价格约为9.90美元，而每股信托价值为10.15美元。</blockquote></p><p>Investors can effectively buy $10.15 worth of cash for $9.90, and still have the potential upside of a well-received deal if Spartacus’ sponsors deliver. In the case of a dud, investors can choose to redeem and get the $10.15 trust value plus whatever interest is earned meanwhile. That’s a guaranteed minimum yield of 2.5% to be received between now and the SPAC’s deadline about a year from now. Compare that to the 0.06% yield on the U.S. 1 Year Treasury bill.</p><p><blockquote>投资者实际上可以以9.90美元的价格购买价值10.15美元的现金，如果斯巴达克斯的赞助商兑现承诺，投资者仍然有可能获得广受欢迎的交易。在失败的情况下，投资者可以选择赎回并获得10.15美元的信托价值以及同时赚取的任何利息。从现在到SPAC大约一年后的最后期限，保证最低收益率为2.5%。相比之下，美国1年期国库券的收益率为0.06%。</blockquote></p><p>Here are 20 SPACs that were trading at meaningful discounts to their trust values on Monday.</p><p><blockquote>以下是周一交易价格较其信托价值大幅折扣的20家SPAC。</blockquote></p><p>SPAC Arbitrage Opportunities</p><p><blockquote>SPAC套利机会</blockquote></p><p></p><p><table><thead><tr><th>SPAC</th><th>Ticker</th><th>Recent Price</th><th>Est. Trust Value Per Share</th><th>Discount To Trust</th><th>Deadline</th></tr></thead><tbody><tr><td>Yunhong International</td><td>ZGYH</td><td>$10.03</td><td>$10.11</td><td>0.79%</td><td>May 18, 2021</td></tr><tr><td>Zanite Acquisition</td><td>ZNTE</td><td>$10.00</td><td>$10.10</td><td>0.99%</td><td>May 21, 2021</td></tr><tr><td>Edoc Acquisition</td><td>ADOC</td><td>$9.99</td><td>$10.17</td><td>1.77%</td><td>Nov 12, 2021</td></tr><tr><td>Breeze Holdings Acquisition</td><td>BREZ</td><td>$9.97</td><td>$10.15</td><td>1.77%</td><td>Nov 25, 2021</td></tr><tr><td>Benessere Capital Acquisition</td><td>BENE</td><td>$9.93</td><td>$10.16</td><td>2.26%</td><td>Jan 7, 2022</td></tr><tr><td>Vickers Vantage I</td><td>VCKA</td><td>$9.89</td><td>$10.10</td><td>2.08%</td><td>Jan 11, 2022</td></tr><tr><td>FoxWayne Enterprises Acquisition</td><td>FOXW</td><td>$9.82</td><td>$10.10</td><td>2.77%</td><td>Jan 22, 2022</td></tr><tr><td>Yellowstone Acquisition</td><td>YSAC</td><td>$10.01</td><td>$10.20</td><td>1.86%</td><td>Jan 25, 2022</td></tr><tr><td>Viveon Health Acquisition</td><td>VHAQ</td><td>$9.86</td><td>$10.10</td><td>2.38%</td><td>Mar 26, 2022</td></tr><tr><td>Ventoux CCM Acquisition</td><td>VTAQ</td><td>$9.91</td><td>$10.10</td><td>1.88%</td><td>Mar 29, 2022</td></tr></tbody></table></p><p><blockquote><table><thead><tr><th>SPAC</th><th>股票代码</th><th>近期价格</th><th>是的。每股信托价值</th><th>信托折扣</th><th>最后期限</th></tr></thead><tbody><tr><td>运鸿国际</td><td>ZGYH</td><td>$10.03</td><td>$10.11</td><td>0.79%</td><td>2021年5月18日</td></tr><tr><td>Zanite收购</td><td>ZNTE</td><td>$10.00</td><td>$10.10</td><td>0.99%</td><td>2021年5月21日</td></tr><tr><td>Edoc收购</td><td>ADOC</td><td>$9.99</td><td>$10.17</td><td>1.77%</td><td>2021年11月12日</td></tr><tr><td>微风控股收购</td><td>布雷兹</td><td>$9.97</td><td>$10.15</td><td>1.77%</td><td>2021年11月25日</td></tr><tr><td>Benessere资本收购</td><td>很好</td><td>$9.93</td><td>$10.16</td><td>2.26%</td><td>2022年1月7日</td></tr><tr><td>维克斯Vantage I</td><td>VCKA</td><td>$9.89</td><td>$10.10</td><td>2.08%</td><td>2022年1月11日</td></tr><tr><td>福克斯韦恩企业收购</td><td>福克斯W</td><td>$9.82</td><td>$10.10</td><td>2.77%</td><td>2022年1月22日</td></tr><tr><td>黄石公园收购</td><td>YSAC</td><td>$10.01</td><td>$10.20</td><td>1.86%</td><td>2022年1月25日</td></tr><tr><td>Viveon Health收购</td><td>VHAQ</td><td>$9.86</td><td>$10.10</td><td>2.38%</td><td>2022年3月26日</td></tr><tr><td>Ventoux CCM收购</td><td>VTAQ</td><td>$9.91</td><td>$10.10</td><td>1.88%</td><td>2022年3月29日</td></tr></tbody></table></blockquote></p><p><table><thead><tr><th>SPAC</th><th>Ticker</th><th>Recent Price</th><th>Est. Trust Value Per Share</th><th>Discount To Trust</th><th>Deadline</th></tr></thead><tbody><tr><td>Spartacus Acquisition</td><td>TMTS</td><td>$9.85</td><td>$10.15</td><td>2.96%</td><td>Apr 20, 2022</td></tr><tr><td>OTR Acquisition</td><td>OTRA</td><td>$9.96</td><td>$10.25</td><td>2.83%</td><td>May 20, 2022</td></tr><tr><td>Kingswood Acquisition</td><td>KWAC</td><td>$9.98</td><td>$10.25</td><td>2.63%</td><td>May 25, 2022</td></tr><tr><td>EdTechX Holdings Acquisition II</td><td>EDTX</td><td>$9.90</td><td>$10.15</td><td>2.46%</td><td>Jun 15, 2022</td></tr><tr><td>Dune Acquisition</td><td>DUNE</td><td>$9.75</td><td>$10.00</td><td>2.50%</td><td>Jun 22, 2022</td></tr><tr><td>OCA Acquisition</td><td>OCAX</td><td>$9.83</td><td>$10.15</td><td>3.15%</td><td>Jul 20, 2022</td></tr><tr><td>Legato Merger</td><td>LEGO</td><td>$9.74</td><td>$10.00</td><td>2.60%</td><td>Jul 23, 2022</td></tr><tr><td>LMF Acquisition Opportunities</td><td>LMAO</td><td>$9.81</td><td>$10.20</td><td>3.82%</td><td>Jul 29, 2022</td></tr><tr><td>HumanCo Acquisition</td><td>HMCO</td><td>$9.97</td><td>$10.87</td><td>8.28%</td><td>Dec 11, 2022</td></tr><tr><td>Thunder Bridge Capital Partners III</td><td>TBCP</td><td>$9.55</td><td>$10.00</td><td>4.50%</td><td>Feb 9, 2023</td></tr></tbody></table>Not all SPACs on the market are available at such relative bargains. Vehicles frombig-name backers or serial sponsorscan still command hefty premiums. Pershing Square’s Bill Ackman -backedPershing Square Tontine Holdings(PSTH) was trading for about $24.90 on Monday, versus trust cash of about $20 per share. Shares of Chamath Palihapitiya-sponsoredSocial Capital Hedosophia Holdings IV(IPOD) andSocial Capital Hedosophia Holdings VI(IPOF) were trading at about $11.15 and $10.70, respectively, above their per-share trust values of around $10 each. Same goes forGS Acquisition Corporation Holdings II(GSAH), backed byGoldman Sachs(GS), which has a trust value per share of about $10 and was recently trading at about $10.50.</p><p><blockquote><table><thead><tr><th>SPAC</th><th>股票代码</th><th>近期价格</th><th>是的。每股信托价值</th><th>信托折扣</th><th>最后期限</th></tr></thead><tbody><tr><td>斯巴达克斯收购</td><td>TMTS</td><td>$9.85</td><td>$10.15</td><td>2.96%</td><td>2022年4月20日</td></tr><tr><td>OTR收购</td><td>其他</td><td>$9.96</td><td>$10.25</td><td>2.83%</td><td>2022年5月20日</td></tr><tr><td>嘉湖收购</td><td>夸克</td><td>$9.98</td><td>$10.25</td><td>2.63%</td><td>2022年5月25日</td></tr><tr><td>EdTechX Holdings收购II</td><td>EDTX</td><td>$9.90</td><td>$10.15</td><td>2.46%</td><td>2022年6月15日</td></tr><tr><td>沙丘收购</td><td>沙丘</td><td>$9.75</td><td>$10.00</td><td>2.50%</td><td>2022年6月22日</td></tr><tr><td>OCA收购</td><td>OCAX</td><td>$9.83</td><td>$10.15</td><td>3.15%</td><td>2022年7月20日</td></tr><tr><td>连带合并</td><td>乐高</td><td>$9.74</td><td>$10.00</td><td>2.60%</td><td>2022年7月23日</td></tr><tr><td>LMF收购机会</td><td>LMAO</td><td>$9.81</td><td>$10.20</td><td>3.82%</td><td>2022年7月29日</td></tr><tr><td>HumanCo收购</td><td>HMCO</td><td>$9.97</td><td>$10.87</td><td>8.28%</td><td>2022年12月11日</td></tr><tr><td>雷桥资本合伙人III</td><td>TBCP</td><td>$9.55</td><td>$10.00</td><td>4.50%</td><td>2023年2月9日</td></tr></tbody></table>并非市场上所有的SPAC都能以如此相对便宜的价格买到。来自大牌支持者或连续赞助商的车辆仍然可以获得高额溢价。潘兴广场(Pershing Square)比尔·阿克曼(Bill Ackman)支持的潘兴广场Tontine Holdings(PSTH)周一的交易价格约为24.90美元，而信托现金约为每股20美元。Chamath Palihapitiya赞助的Social Capital Hedosophia Holdings IV(IPOD)和Social Capital Hedosophia Holdings VI(IPOF)的股价分别约为11.15美元和10.70美元，高于每股约10美元的信托价值。高盛(GS)支持的GS Acquisition Corporation Holdings II(GSAH)也是如此，该公司每股信托价值约为10美元，最近交易价格约为10.50美元。</blockquote></p><p></p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The SPAC Bust Has Created Bargains for Investors. How to Play it.<blockquote>特殊目的收购公司的破产为投资者创造了便宜货。怎么玩。</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe SPAC Bust Has Created Bargains for Investors. How to Play it.<blockquote>特殊目的收购公司的破产为投资者创造了便宜货。怎么玩。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-04-06 21:09</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The hottest market in history for special-purpose acquisition companies, or SPACs, has slowed down markedly in recent weeks. That’s being felt both in the relative dearth of new SPACs filing to go public and in the stock-price performance of already listed SPACs. The pullback has opened up numerous arbitrage opportunities for yield-seeking investors.</p><p><blockquote>历史上最热门的特殊目的收购公司（SPAC）市场最近几周明显放缓。申请上市的新SPAC相对较少，以及已上市SPAC的股价表现都体现了这一点。回调为寻求收益的投资者提供了大量套利机会。</blockquote></p><p>SPACs list on a stock exchange in an initial public offering just like any other company. However, the so-called blank-check companies don’t have any business operations when they list. SPACs are just publicly traded cash shells with backers—called sponsors—responsible for identifying and negotiatinga merger with a private operating company, usually within two years. Cash raised in the IPO sits in a trust earning interest.</p><p><blockquote>SPAC像任何其他公司一样在证券交易所进行首次公开募股。然而，所谓的空白支票公司在上市时并没有任何业务运营。SPAC只是公开交易的现金壳，其支持者（称为发起人）负责确定并谈判与私人运营公司的合并，通常在两年内。首次公开募股筹集的现金存入信托赚取利息。</blockquote></p><p>Once the companies merge, the operating company takes over the SPAC’s stock-market listing—the ticker symbol usually changes—and puts the SPAC’s cash toward investing in the business, buying out existing investors, or other uses. SPAC shareholders and sponsors both get a stake in the combined company.</p><p><blockquote>一旦两家公司合并，运营公司将接管SPAC的股票市场上市（股票代码通常会发生变化），并将SPAC的现金用于投资业务、收购现有投资者或其他用途。SPAC股东和发起人都获得合并后公司的股份。</blockquote></p><p>SPACs exploded onto the scene in 2020 after spending more than two decades asrelatively obscure vehicles with less-than-stellar performance. Nearly 250 SPACs raised some $83 billion in IPO proceeds last year, according to SPAC Insider, with another 298 raising $97 billion just since the start of 2021. More credible sponsors, rock-bottom interest rates, and the market’s insatiable appetite for new public companies have fueled the SPAC boom.</p><p><blockquote>SPAC在作为相对默默无闻、性能不佳的车辆度过了二十多年后，于2020年爆发。据SPAC Insider称，去年有近250家SPAC筹集了约830亿美元的IPO资金，另有298家自2021年初以来筹集了970亿美元。更可信的赞助商、最低的利率以及市场对新上市公司贪得无厌的胃口推动了SPAC的繁荣。</blockquote></p><p>Companies including QuantumScape (ticker: QS),Playboy(PLBY),Utz(UTZ), and DraftKings(DKNG) have all taken the SPAC route to go public over the past year. Those deals have beenhits with investors, and SPAC shareholders have earned a multiple on their investments. But plenty of other recently completed SPAC deals—such as MultiPlan(MPLN),Clover Health(CLOV), or United Wholesale Mortgage(UWMC)—have flopped.</p><p><blockquote>QuantumScape（股票代码：QS）、Playboy（PLBY）、Utz（UTZ）和DraftKings（DKNG）等公司在过去一年都采取了SPAC路线上市。这些交易受到了投资者的欢迎，SPAC股东也从他们的投资中获得了倍数。但最近完成的许多其他SPAC交易——例如MultiPlan(MPLN)、Clover Health(CLOV)或United Wholesale Mortgage(UWMC)——都失败了。</blockquote></p><p>Betting that a SPAC’s sponsors will complete a well-received merger is an inherently speculative exercise. It requires investors to put their faith into the team’s connections, negotiating skills, and ability to judge the prospects of a potential target business. The frothy SPAC market for most of the past year has been happy to take that bet, with the vast majority of SPACs trading at a premium to their trust values—until a few weeks ago.</p><p><blockquote>押注SPAC的发起人将完成一项广受好评的合并本质上是一种投机行为。它要求投资者相信团队的关系、谈判技巧和判断潜在目标业务前景的能力。在过去一年的大部分时间里，泡沫重重的SPAC市场一直乐于接受这一赌注，绝大多数SPAC的交易价格都高于其信托价值——直到几周前。</blockquote></p><p>The average SPAC’s market pricepremium to its trust valuehit a high of 26.9% in early March, according to data from theAccelerate Arbitrage Fund’s(ARB.Canada) Julian Klymochko. But just as rising bond yields have deflated valuations in many growth stocks and more speculative companies, they’ve helped prompt a correction in the SPAC market. The average SPAC premium had declined to about 3.5% by the end of March.</p><p><blockquote>根据theAccelerate Arbitrage Fund(ARB.Canada)Julian Klymochko的数据，SPAC的平均市场价格与其信托价值的溢价在3月初达到了26.9%的高点。但正如债券收益率上升压低了许多成长型股票和投机性较强的公司的估值一样，它们也帮助促使SPAC市场出现调整。截至3月底，SPAC的平均溢价已降至3.5%左右。</blockquote></p><p>Numerous SPAC shares now trade for less than their per-share trust value. That opens up a much simpler and less speculative arbitrage strategy for investors in the sector thanbetting on deal makers’ abilityto close a deal with an attractive target company. Arbitrage investors swoop in when the price of an asset temporarily diverges from its underlying value and pocket that difference. This trade is similar to the arbitrage strategy employed by investors in closed-end funds, which involves buying or selling when the market price diverges from the net asset value per share.</p><p><blockquote>许多SPAC股票现在的交易价格低于其每股信托价值。这为该行业的投资者提供了一种比押注交易撮合者与有吸引力的目标公司达成交易的能力更简单、投机性更低的套利策略。当资产价格暂时偏离其基础价值时，套利投资者就会介入并将差额收入囊中。这种交易类似于封闭式基金投资者采用的套利策略，即当市场价格偏离每股资产净值时买入或卖出。</blockquote></p><p>That’s applicable to SPACs thanks to a unique right that their investors have: At the time of a SPAC’s merger, shareholders can redeem their stock for a proportionate share of the SPAC’s trust cash instead of participating in the deal. A SPAC that reaches its deadline without completing a merger automatically liquidates and returns its trust cash to shareholders.</p><p><blockquote>这适用于SPAC，因为其投资者拥有一项独特的权利：在SPAC合并时，股东可以赎回其股票以获得SPAC信托现金的一定比例份额，而不是参与交易。在截止日期前未完成合并的SPAC会自动清算并将其信托现金返还给股东。</blockquote></p><p>Take Spartacus Acquisition(TMTS), a technology, media, and telecom-focused SPAC that raised $200 million in an IPO last October and a deadline 18 months later on April 20, 2022. The SPAC’s stock traded around $9.90 on Monday, versus a trust value per share of $10.15,according to its IPO prospectus.</p><p><blockquote>以Spartacus Acquisition(TMTS)为例，这是一家专注于技术、媒体和电信的SPAC，去年10月通过IPO筹集了2亿美元，截止日期为18个月后的2022年4月20日。根据其IPO招股说明书，SPAC的股票周一交易价格约为9.90美元，而每股信托价值为10.15美元。</blockquote></p><p>Investors can effectively buy $10.15 worth of cash for $9.90, and still have the potential upside of a well-received deal if Spartacus’ sponsors deliver. In the case of a dud, investors can choose to redeem and get the $10.15 trust value plus whatever interest is earned meanwhile. That’s a guaranteed minimum yield of 2.5% to be received between now and the SPAC’s deadline about a year from now. Compare that to the 0.06% yield on the U.S. 1 Year Treasury bill.</p><p><blockquote>投资者实际上可以以9.90美元的价格购买价值10.15美元的现金，如果斯巴达克斯的赞助商兑现承诺，投资者仍然有可能获得广受欢迎的交易。在失败的情况下，投资者可以选择赎回并获得10.15美元的信托价值以及同时赚取的任何利息。从现在到SPAC大约一年后的最后期限，保证最低收益率为2.5%。相比之下，美国1年期国库券的收益率为0.06%。</blockquote></p><p>Here are 20 SPACs that were trading at meaningful discounts to their trust values on Monday.</p><p><blockquote>以下是周一交易价格较其信托价值大幅折扣的20家SPAC。</blockquote></p><p>SPAC Arbitrage Opportunities</p><p><blockquote>SPAC套利机会</blockquote></p><p></p><p><table><thead><tr><th>SPAC</th><th>Ticker</th><th>Recent Price</th><th>Est. Trust Value Per Share</th><th>Discount To Trust</th><th>Deadline</th></tr></thead><tbody><tr><td>Yunhong International</td><td>ZGYH</td><td>$10.03</td><td>$10.11</td><td>0.79%</td><td>May 18, 2021</td></tr><tr><td>Zanite Acquisition</td><td>ZNTE</td><td>$10.00</td><td>$10.10</td><td>0.99%</td><td>May 21, 2021</td></tr><tr><td>Edoc Acquisition</td><td>ADOC</td><td>$9.99</td><td>$10.17</td><td>1.77%</td><td>Nov 12, 2021</td></tr><tr><td>Breeze Holdings Acquisition</td><td>BREZ</td><td>$9.97</td><td>$10.15</td><td>1.77%</td><td>Nov 25, 2021</td></tr><tr><td>Benessere Capital Acquisition</td><td>BENE</td><td>$9.93</td><td>$10.16</td><td>2.26%</td><td>Jan 7, 2022</td></tr><tr><td>Vickers Vantage I</td><td>VCKA</td><td>$9.89</td><td>$10.10</td><td>2.08%</td><td>Jan 11, 2022</td></tr><tr><td>FoxWayne Enterprises Acquisition</td><td>FOXW</td><td>$9.82</td><td>$10.10</td><td>2.77%</td><td>Jan 22, 2022</td></tr><tr><td>Yellowstone Acquisition</td><td>YSAC</td><td>$10.01</td><td>$10.20</td><td>1.86%</td><td>Jan 25, 2022</td></tr><tr><td>Viveon Health Acquisition</td><td>VHAQ</td><td>$9.86</td><td>$10.10</td><td>2.38%</td><td>Mar 26, 2022</td></tr><tr><td>Ventoux CCM Acquisition</td><td>VTAQ</td><td>$9.91</td><td>$10.10</td><td>1.88%</td><td>Mar 29, 2022</td></tr></tbody></table></p><p><blockquote><table><thead><tr><th>SPAC</th><th>股票代码</th><th>近期价格</th><th>是的。每股信托价值</th><th>信托折扣</th><th>最后期限</th></tr></thead><tbody><tr><td>运鸿国际</td><td>ZGYH</td><td>$10.03</td><td>$10.11</td><td>0.79%</td><td>2021年5月18日</td></tr><tr><td>Zanite收购</td><td>ZNTE</td><td>$10.00</td><td>$10.10</td><td>0.99%</td><td>2021年5月21日</td></tr><tr><td>Edoc收购</td><td>ADOC</td><td>$9.99</td><td>$10.17</td><td>1.77%</td><td>2021年11月12日</td></tr><tr><td>微风控股收购</td><td>布雷兹</td><td>$9.97</td><td>$10.15</td><td>1.77%</td><td>2021年11月25日</td></tr><tr><td>Benessere资本收购</td><td>很好</td><td>$9.93</td><td>$10.16</td><td>2.26%</td><td>2022年1月7日</td></tr><tr><td>维克斯Vantage I</td><td>VCKA</td><td>$9.89</td><td>$10.10</td><td>2.08%</td><td>2022年1月11日</td></tr><tr><td>福克斯韦恩企业收购</td><td>福克斯W</td><td>$9.82</td><td>$10.10</td><td>2.77%</td><td>2022年1月22日</td></tr><tr><td>黄石公园收购</td><td>YSAC</td><td>$10.01</td><td>$10.20</td><td>1.86%</td><td>2022年1月25日</td></tr><tr><td>Viveon Health收购</td><td>VHAQ</td><td>$9.86</td><td>$10.10</td><td>2.38%</td><td>2022年3月26日</td></tr><tr><td>Ventoux CCM收购</td><td>VTAQ</td><td>$9.91</td><td>$10.10</td><td>1.88%</td><td>2022年3月29日</td></tr></tbody></table></blockquote></p><p><table><thead><tr><th>SPAC</th><th>Ticker</th><th>Recent Price</th><th>Est. Trust Value Per Share</th><th>Discount To Trust</th><th>Deadline</th></tr></thead><tbody><tr><td>Spartacus Acquisition</td><td>TMTS</td><td>$9.85</td><td>$10.15</td><td>2.96%</td><td>Apr 20, 2022</td></tr><tr><td>OTR Acquisition</td><td>OTRA</td><td>$9.96</td><td>$10.25</td><td>2.83%</td><td>May 20, 2022</td></tr><tr><td>Kingswood Acquisition</td><td>KWAC</td><td>$9.98</td><td>$10.25</td><td>2.63%</td><td>May 25, 2022</td></tr><tr><td>EdTechX Holdings Acquisition II</td><td>EDTX</td><td>$9.90</td><td>$10.15</td><td>2.46%</td><td>Jun 15, 2022</td></tr><tr><td>Dune Acquisition</td><td>DUNE</td><td>$9.75</td><td>$10.00</td><td>2.50%</td><td>Jun 22, 2022</td></tr><tr><td>OCA Acquisition</td><td>OCAX</td><td>$9.83</td><td>$10.15</td><td>3.15%</td><td>Jul 20, 2022</td></tr><tr><td>Legato Merger</td><td>LEGO</td><td>$9.74</td><td>$10.00</td><td>2.60%</td><td>Jul 23, 2022</td></tr><tr><td>LMF Acquisition Opportunities</td><td>LMAO</td><td>$9.81</td><td>$10.20</td><td>3.82%</td><td>Jul 29, 2022</td></tr><tr><td>HumanCo Acquisition</td><td>HMCO</td><td>$9.97</td><td>$10.87</td><td>8.28%</td><td>Dec 11, 2022</td></tr><tr><td>Thunder Bridge Capital Partners III</td><td>TBCP</td><td>$9.55</td><td>$10.00</td><td>4.50%</td><td>Feb 9, 2023</td></tr></tbody></table>Not all SPACs on the market are available at such relative bargains. Vehicles frombig-name backers or serial sponsorscan still command hefty premiums. Pershing Square’s Bill Ackman -backedPershing Square Tontine Holdings(PSTH) was trading for about $24.90 on Monday, versus trust cash of about $20 per share. Shares of Chamath Palihapitiya-sponsoredSocial Capital Hedosophia Holdings IV(IPOD) andSocial Capital Hedosophia Holdings VI(IPOF) were trading at about $11.15 and $10.70, respectively, above their per-share trust values of around $10 each. Same goes forGS Acquisition Corporation Holdings II(GSAH), backed byGoldman Sachs(GS), which has a trust value per share of about $10 and was recently trading at about $10.50.</p><p><blockquote><table><thead><tr><th>SPAC</th><th>股票代码</th><th>近期价格</th><th>是的。每股信托价值</th><th>信托折扣</th><th>最后期限</th></tr></thead><tbody><tr><td>斯巴达克斯收购</td><td>TMTS</td><td>$9.85</td><td>$10.15</td><td>2.96%</td><td>2022年4月20日</td></tr><tr><td>OTR收购</td><td>其他</td><td>$9.96</td><td>$10.25</td><td>2.83%</td><td>2022年5月20日</td></tr><tr><td>嘉湖收购</td><td>夸克</td><td>$9.98</td><td>$10.25</td><td>2.63%</td><td>2022年5月25日</td></tr><tr><td>EdTechX Holdings收购II</td><td>EDTX</td><td>$9.90</td><td>$10.15</td><td>2.46%</td><td>2022年6月15日</td></tr><tr><td>沙丘收购</td><td>沙丘</td><td>$9.75</td><td>$10.00</td><td>2.50%</td><td>2022年6月22日</td></tr><tr><td>OCA收购</td><td>OCAX</td><td>$9.83</td><td>$10.15</td><td>3.15%</td><td>2022年7月20日</td></tr><tr><td>连带合并</td><td>乐高</td><td>$9.74</td><td>$10.00</td><td>2.60%</td><td>2022年7月23日</td></tr><tr><td>LMF收购机会</td><td>LMAO</td><td>$9.81</td><td>$10.20</td><td>3.82%</td><td>2022年7月29日</td></tr><tr><td>HumanCo收购</td><td>HMCO</td><td>$9.97</td><td>$10.87</td><td>8.28%</td><td>2022年12月11日</td></tr><tr><td>雷桥资本合伙人III</td><td>TBCP</td><td>$9.55</td><td>$10.00</td><td>4.50%</td><td>2023年2月9日</td></tr></tbody></table>并非市场上所有的SPAC都能以如此相对便宜的价格买到。来自大牌支持者或连续赞助商的车辆仍然可以获得高额溢价。潘兴广场(Pershing Square)比尔·阿克曼(Bill Ackman)支持的潘兴广场Tontine Holdings(PSTH)周一的交易价格约为24.90美元，而信托现金约为每股20美元。Chamath Palihapitiya赞助的Social Capital Hedosophia Holdings IV(IPOD)和Social Capital Hedosophia Holdings VI(IPOF)的股价分别约为11.15美元和10.70美元，高于每股约10美元的信托价值。高盛(GS)支持的GS Acquisition Corporation Holdings II(GSAH)也是如此，该公司每股信托价值约为10美元，最近交易价格约为10.50美元。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/a-risk-free-way-to-profit-from-spacs-51617657934?mod=hp_LEAD_1\">Barrons</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite",".DJI":"道琼斯"},"source_url":"https://www.barrons.com/articles/a-risk-free-way-to-profit-from-spacs-51617657934?mod=hp_LEAD_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1182647190","content_text":"The hottest market in history for special-purpose acquisition companies, or SPACs, has slowed down markedly in recent weeks. That’s being felt both in the relative dearth of new SPACs filing to go public and in the stock-price performance of already listed SPACs. The pullback has opened up numerous arbitrage opportunities for yield-seeking investors.SPACs list on a stock exchange in an initial public offering just like any other company. However, the so-called blank-check companies don’t have any business operations when they list. SPACs are just publicly traded cash shells with backers—called sponsors—responsible for identifying and negotiatinga merger with a private operating company, usually within two years. Cash raised in the IPO sits in a trust earning interest.Once the companies merge, the operating company takes over the SPAC’s stock-market listing—the ticker symbol usually changes—and puts the SPAC’s cash toward investing in the business, buying out existing investors, or other uses. SPAC shareholders and sponsors both get a stake in the combined company.SPACs exploded onto the scene in 2020 after spending more than two decades asrelatively obscure vehicles with less-than-stellar performance. Nearly 250 SPACs raised some $83 billion in IPO proceeds last year, according to SPAC Insider, with another 298 raising $97 billion just since the start of 2021. More credible sponsors, rock-bottom interest rates, and the market’s insatiable appetite for new public companies have fueled the SPAC boom.Companies including QuantumScape (ticker: QS),Playboy(PLBY),Utz(UTZ), and DraftKings(DKNG) have all taken the SPAC route to go public over the past year. Those deals have beenhits with investors, and SPAC shareholders have earned a multiple on their investments. But plenty of other recently completed SPAC deals—such as MultiPlan(MPLN),Clover Health(CLOV), or United Wholesale Mortgage(UWMC)—have flopped.Betting that a SPAC’s sponsors will complete a well-received merger is an inherently speculative exercise. It requires investors to put their faith into the team’s connections, negotiating skills, and ability to judge the prospects of a potential target business. The frothy SPAC market for most of the past year has been happy to take that bet, with the vast majority of SPACs trading at a premium to their trust values—until a few weeks ago.The average SPAC’s market pricepremium to its trust valuehit a high of 26.9% in early March, according to data from theAccelerate Arbitrage Fund’s(ARB.Canada) Julian Klymochko. But just as rising bond yields have deflated valuations in many growth stocks and more speculative companies, they’ve helped prompt a correction in the SPAC market. The average SPAC premium had declined to about 3.5% by the end of March.Numerous SPAC shares now trade for less than their per-share trust value. That opens up a much simpler and less speculative arbitrage strategy for investors in the sector thanbetting on deal makers’ abilityto close a deal with an attractive target company. Arbitrage investors swoop in when the price of an asset temporarily diverges from its underlying value and pocket that difference. This trade is similar to the arbitrage strategy employed by investors in closed-end funds, which involves buying or selling when the market price diverges from the net asset value per share.That’s applicable to SPACs thanks to a unique right that their investors have: At the time of a SPAC’s merger, shareholders can redeem their stock for a proportionate share of the SPAC’s trust cash instead of participating in the deal. A SPAC that reaches its deadline without completing a merger automatically liquidates and returns its trust cash to shareholders.Take Spartacus Acquisition(TMTS), a technology, media, and telecom-focused SPAC that raised $200 million in an IPO last October and a deadline 18 months later on April 20, 2022. The SPAC’s stock traded around $9.90 on Monday, versus a trust value per share of $10.15,according to its IPO prospectus.Investors can effectively buy $10.15 worth of cash for $9.90, and still have the potential upside of a well-received deal if Spartacus’ sponsors deliver. In the case of a dud, investors can choose to redeem and get the $10.15 trust value plus whatever interest is earned meanwhile. That’s a guaranteed minimum yield of 2.5% to be received between now and the SPAC’s deadline about a year from now. Compare that to the 0.06% yield on the U.S. 1 Year Treasury bill.Here are 20 SPACs that were trading at meaningful discounts to their trust values on Monday.SPAC Arbitrage OpportunitiesSPACTickerRecent PriceEst. Trust Value Per ShareDiscount To TrustDeadlineYunhong InternationalZGYH$10.03$10.110.79%May 18, 2021Zanite AcquisitionZNTE$10.00$10.100.99%May 21, 2021Edoc AcquisitionADOC$9.99$10.171.77%Nov 12, 2021Breeze Holdings AcquisitionBREZ$9.97$10.151.77%Nov 25, 2021Benessere Capital AcquisitionBENE$9.93$10.162.26%Jan 7, 2022Vickers Vantage IVCKA$9.89$10.102.08%Jan 11, 2022FoxWayne Enterprises AcquisitionFOXW$9.82$10.102.77%Jan 22, 2022Yellowstone AcquisitionYSAC$10.01$10.201.86%Jan 25, 2022Viveon Health AcquisitionVHAQ$9.86$10.102.38%Mar 26, 2022Ventoux CCM AcquisitionVTAQ$9.91$10.101.88%Mar 29, 2022SPACTickerRecent PriceEst. Trust Value Per ShareDiscount To TrustDeadlineSpartacus AcquisitionTMTS$9.85$10.152.96%Apr 20, 2022OTR AcquisitionOTRA$9.96$10.252.83%May 20, 2022Kingswood AcquisitionKWAC$9.98$10.252.63%May 25, 2022EdTechX Holdings Acquisition IIEDTX$9.90$10.152.46%Jun 15, 2022Dune AcquisitionDUNE$9.75$10.002.50%Jun 22, 2022OCA AcquisitionOCAX$9.83$10.153.15%Jul 20, 2022Legato MergerLEGO$9.74$10.002.60%Jul 23, 2022LMF Acquisition OpportunitiesLMAO$9.81$10.203.82%Jul 29, 2022HumanCo AcquisitionHMCO$9.97$10.878.28%Dec 11, 2022Thunder Bridge Capital Partners IIITBCP$9.55$10.004.50%Feb 9, 2023Not all SPACs on the market are available at such relative bargains. Vehicles frombig-name backers or serial sponsorscan still command hefty premiums. Pershing Square’s Bill Ackman -backedPershing Square Tontine Holdings(PSTH) was trading for about $24.90 on Monday, versus trust cash of about $20 per share. Shares of Chamath Palihapitiya-sponsoredSocial Capital Hedosophia Holdings IV(IPOD) andSocial Capital Hedosophia Holdings VI(IPOF) were trading at about $11.15 and $10.70, respectively, above their per-share trust values of around $10 each. Same goes forGS Acquisition Corporation Holdings II(GSAH), backed byGoldman Sachs(GS), which has a trust value per share of about $10 and was recently trading at about $10.50.","news_type":1,"symbols_score_info":{".IXIC":0.9,".SPX":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":462,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":53,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/343653347"}
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