BFT - Why These 3 SPAC IPOs Are Surging Today
Today is another big day for companies hoping to IPO their stocks via reverse mergers into special purpose acquisition companies (SPACs) that are already listed on the stock market. As of 12:45 p.m. EST on Monday, Thunder Bridge Acquisition II (NASDAQ: THBR) is up 13.5%, Foley Trasimene Acquisition II (NYSE: BFT) is gaining 10.1%, and Social Capital Hedosophia Holdings III (NYSE: IPOC) is rising 9.3%.
It almost goes without saying, in a topsy-turvy market like this one, that there's no actual news behind the stock price moves in any of these three stocks. So instead of trying to find reason in the actions of a market that often has none, let's instead today just do a quick review of what these companies are and what they're planning to do.
Thunder Bridge announced two weeks ago that it will combine with and bring public automotive "next-generation semiconductor and software solutions" developer Indie Semiconductor. Thunder Bridge is targeting an IPO date in Q1 2021 and a "post-transaction equity value" of approximately $1.4 billion, according to a press release.
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Why These 3 SPAC IPOs Are Surging Today