SPAC market sentiment is about as low as it has been in quite some time. Jim Cramer s latest SPAC related tweet and the continuing, elevated redemption rates are just two signs.
Still no new SPAC deals announced in 2022 while SPACs (and deSPACs) bounced back alongside the market. DCRN shareholders vote tomorrow on their deal with Tritium. MCMJ was stung by ex-redemption.
SPACs had a bad start to 2022 with no new deals announced, 4 more (unwanted?) SPACs hitting the market, and deSPACs getting pounded while the market shifted from growth.
The SPAC market is weakening alongside the broader market as IPOs are struggling to hold NAV, deSPACs are dropping, warrants are dropping and the press is back with a negative narrative.
Richard Branson s second SPAC is taking Grove Collaborative public. dMY has another feather in its cap as DMYQ changed to PL and surged its first day on the NYSE. Oh, and DWAC surged again, up 28%.