Day traders are targeting some companies that recently closed SPAC mergers, reinvigorating some of the meme-stock excitement that helped make such deals popular early in the year, The Wall Street Journal reports.
The latest SPAC excitement focuses on companies like cybersecurity firm IronNet that suffered significant investor withdrawals ahead of going public by closing SPAC mergers. High withdrawals leave the companies going public with less cash to put into their businesses and can make it harder for them to meet the growth projections they made as part of the deals with blank-check companies. Read more.
