As SPACs struggle with redemptions, they’re trying new ways to connect with shareholders ahead of investor votes that will seal their deals’ fates, The New York Times’ DealBook reports.
One example is the food tech company Benson Hill, which will be the first SPAC to host a retail investor webcast and Q&A on Say, a platform recently acquired by Robinhood, ahead of its shareholder vote expected this month. Say has been used by other companies, including Tesla, to allow individual investors to ask questions on earnings conference calls, access to which had previously been reserved mostly for analysts employed by Wall Street banks. SPACs’ executives are allowed to communicate more freely with investors ahead of listings than in IPOs. That has given SPACs the ability to use mediums like Reddit, and now Say, to increase investor interest in their deals. It’s also allowed some companies to make wildly optimistic projections. Read more.