Last month, Atlas Crest Investment, a blank-check firm created by investment banker Ken Moelis, spectacularly lopped $1 billion of the enterprise value off its $2.7 billion deal with flying taxi company Archer Aviation, Bloomberg reports.
Notably Atlas also cited the general turbulence in the market for SPACs, specifically how many they are trading under the value of their cash holdings – typically $10 a share – and the increase in what are called redemptions. That is, more investors are asking for their money back rather than funding SPAC mergers. Read more.
