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For the first time in more than a year, a special purpose acquisition company, a SPAC, saw its shares broke through their trust value prior to a deal vote. In the last 12 months, blank checks approaching deal votes saw their redemption value as the ceiling for share worth—and after a transaction’s completion, aggressive sell-offs pummeled their target’s value.
NRDC Acquisition Co. (AMEX: NAQ) broke this painful streak for blank check management teams. Oddly, it is the only SPAC approaching a deal vote that does not have a specific target in mind. NRDC simply aims to convert itself to REIT status and begin buying up distressed property. The SPAC’s shares traded up to $10.00 each at the close of trading Monday; recently, warrants sold at around $0.77, marking a substantial rebound. The SPAC’s per-share redemption value is $9.91. NRDC’s vote date comes in mid-October.
NRDC is not the only blank check pursuing real estate investments. Capitol Acquisition Co. (AMEX: CLA) has paired up with Pine River Capital Management’s Two Harbors Investment Corp. The SPAC’s deal vote must come by early November.
As you will see below, there are many more recent developments in other SPACs and overlapping SPACs that will be coming front and center in the coming weeks.
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