Mad Money’s Jim Cramer gave a critical assessment of the supply of blank-check companies coming to market, likening the quality of the latest batch of SPAC offerings to weaker IPOs trading on stock exchanges, CNBC reports.
As the craze for SPACs, special purpose acquisition companies, on Wall Street continues to play out, the Mad Money host turned cynical, saying the market has been “flooded with cash to the point of absurdity.”
“The SPAC cycle is starting to look like an IPO cycle. They give you the good merchandise early, like DraftKings … or the better EV plays, but then they start peddling junk,” he said. Read more.
