NAV Per Share

NAV per share (net asset value per share) is the most important pricing metric for a pre-deal SPAC. It represents the per-share value of the trust account and serves as the redemption price — the guaranteed amount a public shareholder will receive if they choose to redeem. Because of this redemption floor, SPAC shares rarely trade significantly below NAV in normal market conditions.

The NAV calculation is straightforward: total trust account balance (including accrued interest from T-bill investments, minus any taxes withdrawn) divided by the total number of public shares outstanding. The resulting figure is almost always above $10.00 (the original IPO price) because the trust earns interest over the SPAC's search period. In a high-rate environment, NAV accrual can add $0.50–$1.00 or more per year.

The relationship between a SPAC's market price and its NAV is a key signal. Shares trading near NAV indicate the market is pricing the SPAC primarily for its redemption value (often dominated by arbitrage activity). Shares trading above NAV suggest the market is assigning positive value to the SPAC's deal potential or has already announced an attractive target. Shares trading below NAV — a rare occurrence — indicate market stress, liquidity concerns, or expectations of adverse outcomes.

SpacDesk models daily NAV per share for every active SPAC by accreting from the most recent quarterly filing's trust balance at the prevailing 3-month T-bill rate. This daily estimate is updated whenever new quarterly filings, 8-K trust deposits, or redemption events are processed, ensuring the NAV estimate reflects the best available information.