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BUZZ-SPACs whacked as Churchill Capital IV plunge weighs

Tue 23rd February, 2021 5:31pm
** Special purpose acquisition co (SPAC) stocks getting
hammered with Churchill Capital Corp IV  CCIV.N  among biggest
Wall Street losers on Tues
    ** CCIV shares down 30.9% at $39.65 after diving to as low
as $30.00 following news of Michael Klein-backed entity's
$24-bln mega deal to take Tesla rival Lucid Motors public
 urn:newsml:reuters.com:*:nL4N2KS4YJ
    ** CCIV is 2nd-biggest holding in the Defiance Next Gen SPAC
ETF  SPAK.N  with an ~8% weight, as per ETF.com
    ** Defiance SPAC ETF is down ~8% on Tues and having worst
day since its Oct inception
    ** Shares of online gambling firm DraftKings  DKNG.O , the
top SPAK holding with ~9% weight, off 4.8%
    ** Space tourism co Virgin Galactic Holdings Inc  SPCE.N 
sinks 8.4%; stock 6th-biggest SPAK holding, representing 3% of
the portfolio
    ** William Ackman-backed Pershing Square Tontine Holdings
 PSTH.N  off 3.3%; shares 4th-biggest weight in fund at ~5%
    ** Shares of other top-10 holdings including home-selling
platform  Opendoor Technologies Inc  OPEN.O  and rare earth
miner MP Materials  MP.N  drop on Tues
    ** Also notable is ~15% decline in shares of EV battery
maker QuantumScape  QS.N , which is 11th-biggest SPAK holding
with ~2% weight
    ** Through Mon close, SPAK had risen ~28% since its Oct 1
debut. That compares to the Renaissance IPO ETF  IPO.N , which
tracks recent IPOs, which gained ~31% over the same time frame

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper.tr.com@reuters.net
lance.tupper@tr.com 1-332-219-1430))
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