ALL DONE: And so the SPAC fiasco slowly shuffles toward its pathetic and shameful end:
“SPAC’S DELIVERED EASY MONEY, BUT
NOW COMPANIES ARE RUNNING OUT
“The SPAC boom took hundreds of risky companies to the stock market. The next stop for many is bankruptcy court.
“Dozens of companies that merged with SPACs are running out of cash, joining at least 12 that have already gone bankrupt after combining with special-purpose acquisition companies. . . .
“Shares of many of these companies trade under $1, more than 90% below where they did when they went public, and are in danger of being delisted. Those that have raised cash typically have done it on onerous terms.” [Emphasis added.]
I understand it’s highly unfashionable to get too cynical about Wall Street scams such as SPACs but, seriously, did anyone other than SPAC sponsors and their bankers benefit from any of this? What a waste.
What do you think? Let me know!