Things are getting weird in the sizzling SPAC market, CNBC reports. A leisure SPAC is now doing a biotech deal, while a cannabis blank-check company ended up merging with a space company.
Sponsors are rushing to get their deals done in an increasingly crowded space as more than 370 U.S. blank-check companies with over $118 billion in capital are seeking to make a match, according SPAC Research data.
Faced with intense competition, deadline pressure and a volatile market, some SPACs had to settle for less ideal targets, and in some cases, throw their entire blueprint out the window. And the rally in red-hot SPAC stocks has started to roll over as shareholders scramble to redeem when deals turn out to be disappointing. Read more.
