SEC Chairman to Testify on SPAC Issues in House Committee Today

23andMe has struggled to generate steady recurring revenue since customers only needed to take its DNA test once to get their results. The stock closed at around 51 cents per share Thursday, down 96% from its Nasdaq debut.

Investors in Bill Ackman’s Pershing Square Tontine Holdings -- some recruited through a Reddit forum -- rallied to defend the world’s largest SPAC against claims by fellow shareholder George Assad that it was operating illegally.

A sampling compiled from Bloomberg data shows more than 30 companies that went public via SPAC mergers trading at modest multiples of something that their more speculative peers lack -- real cash flow and net income.

In March, a total of 116 special purpose acquisition companies listed. In April, the number of listings dropped to just 18.