The market's broad sell-off has even roiled blank check IPOs, whose only asset is the cash initial investors put in.
Blank check companies give investors the right to redeem their shares for $10 plus interest, either:
- prior to the acquisition, or
- if a SPAC fails to complete an acquisition, typically within two years.
That structure makes it unusual for SPACs to trade more than a few percentage points above or below their $10 offer price. However, all 13 of the year's SPACs are in the red, ranging from $9.25 (-7.5%) to $9.85 (-1.5%), including warrants...
To read the full piece and screen for SPACs, sign up for a free trial of IPO Pro.
