De-SPACs Aren't as Bad as You Think SPACs and De-SPACs continue to get a bad rap as media points to "% off all-time highs." Investors who look deeper will see opportunity as most are providing positive returns since IPO. Author: The Media Paints a Bleaker Picture than Reality Axios put out a bit today discussing how EV stocks have lost their luster. Yes, it's true, that SPAC EV stocks are down demonstrably from their ridiculous highs. SPACs were frothy, and the highs that these companies hit were a product of a combination of Peak SPAC and EV euphoria, and not necessarily rational market behavior.