BOA Acquisition II (THEO)
Market Price (11/5/2026): $9.91 | Market Cap: $197.7 MilSector: Financials | Industry: Multi-Sector Holdings
BOA Acquisition II (THEO)
Market Price (11/5/2026): $9.91Market Cap: $197.7 MilSector: FinancialsIndustry: Multi-Sector Holdings
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Low stock price volatilityVol 12M is 1.4% | Trading close to highsDist 52W High is 0.0%, Dist 3Y High is 0.0% Weak multi-year price returns2Y Excs Rtn is -29%, 3Y Excs Rtn is -81% | Key risksTHEO key risks include [1] its potential failure to complete a business combination within the required timeframe, Show more. |
| Low stock price volatilityVol 12M is 1.4% |
| Trading close to highsDist 52W High is 0.0%, Dist 3Y High is 0.0% |
| Weak multi-year price returns2Y Excs Rtn is -29%, 3Y Excs Rtn is -81% |
| Key risksTHEO key risks include [1] its potential failure to complete a business combination within the required timeframe, Show more. |
Qualitative Assessment
AI Analysis | Feedback
BOA Acquisition II (THEO) stock has remained largely at the same level since it went public on 8/14/2026 because of the following key factors:
1. Status as a Pre-Deal Special Purpose Acquisition Company (SPAC) and Trust Value Floor.
BOA Acquisition II (THEO) is a Special Purpose Acquisition Company (SPAC) that completed its initial public offering (IPO) on August 5, 2026, with units priced at $10.00 per unit. A significant portion of the IPO and private placement proceeds, totaling $143,750,000, has been placed in a trust account. This trust account, typically invested in government securities, provides a redeemable value for shareholders, effectively creating a floor for the stock price around the initial $10.00 offering price during its pre-deal phase. The stock has traded within a narrow range, from its 52-week low of $9.81 on August 14, 2026, to a 52-week high of $10.03 on September 2, 2026, as of October 30, 2026. The company's fiscal year ends on December 31.
2. Absence of a Definitive Business Combination Announcement.
As of November 1, 2026, BOA Acquisition II has not yet announced a definitive agreement for a business combination (de-SPAC). SPACs are formed with the sole purpose of merging with or acquiring an existing operating company. Until such an acquisition target is identified and a deal is formally announced, the market tends to value the SPAC's shares primarily based on the cash held in its trust account rather than on the speculative potential of a future merger, leading to a largely stable stock price. The company intends to focus its search on direct investments in real estate and infrastructure assets, particularly within the energy, telecommunications, and transportation sectors.
Show more
BOA Acquisition II (THEO) stock has remained largely at the same level since it went public on 8/14/2026 because of the following key factors:
1. Status as a Pre-Deal Special Purpose Acquisition Company (SPAC) and Trust Value Floor.
BOA Acquisition II (THEO) is a Special Purpose Acquisition Company (SPAC) that completed its initial public offering (IPO) on August 5, 2026, with units priced at $10.00 per unit. A significant portion of the IPO and private placement proceeds, totaling $143,750,000, has been placed in a trust account. This trust account, typically invested in government securities, provides a redeemable value for shareholders, effectively creating a floor for the stock price around the initial $10.00 offering price during its pre-deal phase. The stock has traded within a narrow range, from its 52-week low of $9.81 on August 14, 2026, to a 52-week high of $10.03 on September 2, 2026, as of October 30, 2026. The company's fiscal year ends on December 31.
2. Absence of a Definitive Business Combination Announcement.
As of November 1, 2026, BOA Acquisition II has not yet announced a definitive agreement for a business combination (de-SPAC). SPACs are formed with the sole purpose of merging with or acquiring an existing operating company. Until such an acquisition target is identified and a deal is formally announced, the market tends to value the SPAC's shares primarily based on the cash held in its trust account rather than on the speculative potential of a future merger, leading to a largely stable stock price. The company intends to focus its search on direct investments in real estate and infrastructure assets, particularly within the energy, telecommunications, and transportation sectors.
3. Limited Operating Activities and Lack of Financial Performance Metrics.
BOA Acquisition II operates as a blank check company with no significant ongoing operations or revenue-generating activities. Its primary focus since its IPO on August 4, 2026, has been evaluating potential merger or acquisition targets. Without an operating business, there are no traditional company-specific financial results, such as earnings beats or misses, or operational news to drive substantial fluctuations in its stock price during fiscal Q3 2026 (ended September 30, 2026) and early fiscal Q4 2026.
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Stock Movement Drivers
Fundamental Drivers
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Market Drivers
7/31/2026 to 11/4/2026| Return | Correlation | |
|---|---|---|
| THEO | ||
| Market (SPY) | 2.6% | 19.7% |
| Sector (XLF) | 4.0% | 18.9% |
Fundamental Drivers
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Market Drivers
4/30/2026 to 11/4/2026| Return | Correlation | |
|---|---|---|
| THEO | ||
| Market (SPY) | 7.0% | 19.7% |
| Sector (XLF) | 14.0% | 18.9% |
Fundamental Drivers
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Market Drivers
10/31/2025 to 11/4/2026| Return | Correlation | |
|---|---|---|
| THEO | ||
| Market (SPY) | 13.4% | 19.7% |
| Sector (XLF) | 14.4% | 18.9% |
Fundamental Drivers
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Market Drivers
10/31/2023 to 11/4/2026| Return | Correlation | |
|---|---|---|
| THEO | ||
| Market (SPY) | 89.7% | 19.7% |
| Sector (XLF) | 91.0% | 18.9% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| THEO Return | - | - | - | - | - | 1% | 1% |
| Peers Return | -2% | -2% | |||||
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 11% | 102% |
Monthly Win Rates [3] | |||||||
| THEO Win Rate | - | - | - | - | - | 100% | |
| Peers Win Rate | 30% | ||||||
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 36% | |
Max Drawdowns [4] | |||||||
| THEO Max Drawdown | - | - | - | - | - | - | |
| Peers Max Drawdown | |||||||
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: IPHX, JTTT, MIAC, MRCO, MTAK.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 11/4/2026 (YTD)
How Low Can It Go
THEO has limited trading history. Below is the Financials sector ETF (XLF) in its place.
| Event | XLF | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -15.5% | -18.8% |
| % Gain to Breakeven | 18.4% | 23.1% |
| Time to Breakeven | 80 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -10.7% | -9.5% |
| % Gain to Breakeven | 12.0% | 10.5% |
| Time to Breakeven | 26 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -16.1% | -6.7% |
| % Gain to Breakeven | 19.1% | 7.1% |
| Time to Breakeven | 270 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -22.3% | -24.5% |
| % Gain to Breakeven | 28.6% | 32.4% |
| Time to Breakeven | 467 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -42.8% | -33.7% |
| % Gain to Breakeven | 74.8% | 50.9% |
| Time to Breakeven | 289 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -19.7% | -19.2% |
| % Gain to Breakeven | 24.5% | 23.8% |
| Time to Breakeven | 123 days | 105 days |
In The Past
State Street Financial Select Sector SPDR ETF's stock fell -15.5% during the 2025 US Tariff Shock. Such a loss loss requires a 18.4% gain to breakeven.
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Asset Allocation
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THEO has limited trading history. Below is the Financials sector ETF (XLF) in its place.
| Event | XLF | S&P 500 |
|---|---|---|
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -22.3% | -24.5% |
| % Gain to Breakeven | 28.6% | 32.4% |
| Time to Breakeven | 467 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -42.8% | -33.7% |
| % Gain to Breakeven | 74.8% | 50.9% |
| Time to Breakeven | 289 days | 140 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -21.4% | -12.2% |
| % Gain to Breakeven | 27.3% | 13.9% |
| Time to Breakeven | 272 days | 62 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -26.1% | -17.9% |
| % Gain to Breakeven | 35.3% | 21.8% |
| Time to Breakeven | 162 days | 123 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -78.3% | -53.4% |
| % Gain to Breakeven | 359.8% | 114.4% |
| Time to Breakeven | 2329 days | 1085 days |
In The Past
State Street Financial Select Sector SPDR ETF's stock fell -15.5% during the 2025 US Tariff Shock. Such a loss loss requires a 18.4% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About BOA Acquisition II (THEO)
BOA Acquisition II (THEO) is a Special Purpose Acquisition Company (SPAC), also known as a blank check company. This means it was formed specifically to raise capital through a public offering with the sole purpose of acquiring or merging with an existing private company, which it refers to as its "initial business combination." The company currently has no operations, products, or services of its own and has not yet identified or initiated discussions with any specific acquisition target.
The company's strategic focus for its initial business combination is primarily on direct investments in real estate and infrastructure assets. Specifically, it intends to target opportunities within the energy, telecommunications, and transportation sectors. Its management team leverages its prior experience and expertise to identify potential targets in these areas.
Within its target sectors, BOA Acquisition II aims to acquire or invest in a broad range of high-quality, income-generating assets and operating businesses. This includes commercial and residential real estate such as office buildings, multi-family housing, and industrial warehouses, as well as essential infrastructure assets like oil and gas fields, pipelines, energy grids, power generation facilities, telecommunications networks, and transportation systems such as ports and toll roads.
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Here are 1-3 brief analogies for BOA Acquisition II (THEO):
- It's like a publicly traded, mini-Berkshire Hathaway, but exclusively focused on acquiring established real estate and infrastructure businesses, and it's still searching for its first major deal.
- It's like a publicly traded "blank check" version of Brookfield Asset Management or Blackstone, specifically created to acquire its first portfolio of real estate and infrastructure assets.
- Imagine it as a future American Tower Corporation or Prologis, but it's currently a publicly traded "blank check" company with capital specifically looking to acquire its foundational set of infrastructure or real estate assets.
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- Initial Business Combination: The core function of identifying, acquiring, and merging with one or more operating businesses or entities, with a focus on real estate and infrastructure assets, to facilitate their public listing.
AI Analysis | Feedback
BOA Acquisition II (THEO) is a Special Purpose Acquisition Company (SPAC), also known as a blank check company. Its purpose is to raise capital through an initial public offering (IPO) and then acquire or merge with an existing private operating business or entity. As of the provided description, the company has not yet identified or completed an initial business combination.
Therefore, BOA Acquisition II (THEO) does not currently have major customers or customer categories in the traditional sense of selling products or services to other companies or individuals. Its business model revolves around identifying and acquiring a target company, rather than serving a customer base.
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Benjamin A. Friedman, CEO, CFO & Director
Benjamin A. Friedman serves as the CEO, CFO, and a Director of BOA Acquisition II. He is also a Managing Partner at The Avery Companies, a Partner at Friedman Capital, and a co-founder and director of PhireLink. Mr. Friedman previously held the position of Chief Financial Officer at BOA Acquisition Corp., the management's prior SPAC which merged with Selina Hospitality in October 2022.
Brian D. Friedman, Chairman & Director
Brian D. Friedman is the Chairman and a Director of BOA Acquisition II. He is a Partner at Friedman Capital and a co-founder and Managing Partner at Foxhall Partners. Mr. Friedman, along with Benjamin Friedman, previously managed BOA Acquisition, a real estate-focused SPAC that subsequently merged with Selina Hospitality.
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The primary risks for BOA Acquisition II (THEO), a blank check company, stem from its fundamental structure and the evolving regulatory landscape surrounding Special Purpose Acquisition Companies (SPACs). The company's ability to achieve its objectives is subject to several significant challenges:
- Failure to complete an initial business combination: As a SPAC, BOA Acquisition II's sole purpose is to merge with or acquire an operating business within a specified timeframe. The company has not yet identified a target, and its ability to complete an acquisition is influenced by factors such as the availability of financing, prevailing market conditions, and the regulatory environment. If the company fails to complete a business combination within its designated period, it will likely be forced to liquidate, returning the capital held in trust to shareholders, potentially resulting in an opportunity cost for investors and possible losses if shares were purchased above the initial public offering (IPO) price. Historically, many SPACs have struggled to complete successful de-SPAC transactions.
- Adverse impact of regulatory changes on SPACs: The U.S. Securities and Exchange Commission (SEC) has adopted new rules aimed at increasing disclosures and aligning financial reporting requirements for de-SPAC transactions with those of traditional IPOs. These rules, which became effective in 2024, introduce enhanced disclosure requirements regarding SPAC sponsors, conflicts of interest, and potential dilution. They also extend liability to target companies (as co-registrants) and eliminate the safe harbor for forward-looking statements (such as financial projections) under the Private Securities Litigation Reform Act, increasing the risk associated with such projections. These changes can increase the complexity, costs, and potential liabilities associated with SPAC transactions, potentially making it more challenging for BOA Acquisition II to find and successfully merge with a target company.
- Shareholder dilution: SPAC structures typically involve compensation arrangements for sponsors, including warrants or founder shares, that can lead to significant dilution for public shareholders upon the completion of a business combination. This dilution can reduce the value of individual shares held by existing investors after the acquisition.
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Share Issuance
- BOA Acquisition II completed its initial public offering (IPO) on August 5, 2026, issuing 14,375,000 units at $10.00 per unit.
- The IPO included the full exercise of the underwriters' over-allotment option for 1,875,000 additional units.
- Each unit comprises one Class A ordinary share and one right to receive an additional Class A ordinary share upon the consummation of an initial business combination.
Inbound Investments
- The company raised gross proceeds of $143,750,000 from its initial public offering.
- Concurrently with the IPO, BOA Acquisition II completed a private placement of 221,500 units, generating an additional $2,215,000.
- A total of $143,750,000 from the IPO and private placement proceeds has been placed in a trust account.
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 9.87 |
| Mkt Cap | - |
| Rev LTM | - |
| Op Inc LTM | - |
| FCF LTM | - |
| FCF 3Y Avg | - |
| CFO LTM | - |
| CFO 3Y Avg | - |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | - |
| Rev Chg 3Y Avg | - |
| Rev Chg Q | - |
| QoQ Delta Rev Chg LTM | - |
| Op Inc Chg LTM | - |
| Op Inc Chg 3Y Avg | - |
| Op Mgn LTM | - |
| Op Mgn 3Y Avg | - |
| QoQ Delta Op Mgn LTM | - |
| CFO/Rev LTM | - |
| CFO/Rev 3Y Avg | - |
| FCF/Rev LTM | - |
| FCF/Rev 3Y Avg | - |
Price Behavior
| Market Price | $9.95 | |
| First Trading Date | 08/14/2026 | |
| Distance from 52W High | 0.0% | |
| 50 Days | 200 Days | |
| DMA Price | $9.90 | |
| DMA Trend | ||
| Distance from DMA | 0.5% | |
| 3M | 1YR | |
| Volatility | 1.4% | 1.4% |
| Downside Capture | ||
| Upside Capture | ||
| Correlation (S&P 500) |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.03 | 0.00 | 0.01 | 0.01 | -0.03 | -0.00 |
| Up Beta | -0.02 | -0.02 | 0.05 | 0.03 | -0.04 | 0.03 |
| Down Beta | 0.07 | 0.04 | 0.02 | 0.01 | -0.01 | -0.02 |
| Up Capture | 3% | 2% | 2% | 1% | 0% | 0% |
| Bmk +ve Days | 12 | 18 | 28 | 62 | 130 | 427 |
| Stock +ve Days | 6 | 12 | 15 | 15 | 15 | 15 |
| Down Capture | -0% | -3% | -3% | -1% | -1% | -0% |
| Bmk -ve Days | 10 | 25 | 36 | 64 | 121 | 325 |
| Stock -ve Days | 3 | 6 | 8 | 8 | 8 | 8 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with THEO | |
|---|---|---|---|---|
| THEO | 0.3% | 1.5% | -1.84 | - |
| Sector ETF (XLF) | 15.0% | 15.0% | 0.71 | -10.2% |
| Equity (SPY) | 13.2% | 12.9% | 0.68 | 3.2% |
| Gold (GLD) | 1.0% | 28.8% | 0.03 | 16.2% |
| Commodities (DBC) | 35.9% | 21.2% | 1.34 | 15.9% |
| Real Estate (VNQ) | 14.3% | 14.1% | 0.70 | -11.4% |
| Bitcoin (BTCUSD) | -28.2% | 43.4% | -0.65 | 18.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with THEO | |
|---|---|---|---|---|
| THEO | 0.1% | 1.5% | -1.84 | - |
| Sector ETF (XLF) | 10.0% | 18.3% | 0.40 | -10.2% |
| Equity (SPY) | 12.5% | 17.2% | 0.55 | 3.2% |
| Gold (GLD) | 17.3% | 19.1% | 0.73 | 16.2% |
| Commodities (DBC) | 8.0% | 19.6% | 0.29 | 15.9% |
| Real Estate (VNQ) | 1.8% | 18.9% | -0.01 | -11.4% |
| Bitcoin (BTCUSD) | 5.5% | 51.5% | 0.29 | 18.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with THEO | |
|---|---|---|---|---|
| THEO | 0.0% | 1.5% | -1.84 | - |
| Sector ETF (XLF) | 13.7% | 22.1% | 0.56 | -10.2% |
| Equity (SPY) | 15.4% | 18.0% | 0.73 | 3.2% |
| Gold (GLD) | 11.9% | 16.5% | 0.59 | 16.2% |
| Commodities (DBC) | 7.4% | 18.1% | 0.33 | 15.9% |
| Real Estate (VNQ) | 5.7% | 20.7% | 0.23 | -11.4% |
| Bitcoin (BTCUSD) | 61.0% | 66.2% | 1.01 | 18.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Industry Resources
| Financials Resources |
| Federal Reserve Economic Data |
| Federal Reserve |
| FDIC Data |
| American Banker |
| The Banker |
| Banking Technology |
| Multi-Sector Holdings Resources |
| McKinsey & Company Insights |
| Harvard Business Review |
| ValueWalk |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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