Wall Street’s appetite for new SPACs shows signs of waning, Reuters reports.
First-day trading pops for SPACs were commonplace earlier this year with gains rising to over 30 percent but have faded in March amid a broader sell-off in many companies that have agreed to go public through a SPAC merger.
All but one of the 15 SPACs that started trading this week closed below their IPO price of $10 per unit on their first day of trading, according to financial markets platform Dealogic and market data. Many other deals are also trading below their IPO prices. Read more.
