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Water Tower Research

Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

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<ul><li>SPAC IPOs continue on snooze control. Last year saw just 31 SPAC IPOs priced, raising an aggregate of $3.8 billion in gross proceeds, down from 86 and $13.4 billion in 2022.</li><li>This makes 2023 the quietest year for SPAC IPOs since 2016, when 13 IPOs raised $3.5 billion.</li><li>As we start the third week of 2024, the SPAC market remains dormant, with no new pricings to report yet. </li></ul>

SPAC IPOs continue on snooze control. Last year saw just 31 SPAC IPOs priced, raising an aggregate of $3.8 billion in gross proceeds, down from 86 and $13.4 billion in 2022.This makes 2023 the quietest year for SPAC IPOs since 2016, when 13 IPOs raised $3.5 billion.As we start the third week of 2024, the SPAC market remains dormant, with no new pricings to report yet. 

SPAC Talk - Why More SPAC Liquidations Are in the Cards

<div><div><div><div><ul style="list-style-type: disc;"><li><p>August rush...the good. After a very quiet July, August has been buzzing with deal activity.</p></li><li><p>August has brought 19 new SPAC merger deal announcements.</p></li><li><p>This is the highest monthly total of the year, and we may not be done yet with one more week of the month left. </p></li></ul></div></div></div></div>

August rush...the good. After a very quiet July, August has been buzzing with deal activity.August has brought 19 new SPAC merger deal announcements.This is the highest monthly total of the year, and we may not be done yet with one more week of the month left. 

SPAC Talk - The VinFast De-SPACing Brings an Eerie Echo of Past SPAC Hype

<div><div><div><div><ul style="list-style-type: disc;"><li><p>Dog days of summer. Just as the unbearable heatwave afflicting the US and other parts of the globe may have a slowing effect on activity, there has been a slowdown in SPAC merger deal activity.</p></li><li><p>Having just entered the last week of July, while the SPAC IPO market continues to trundle along (four priced in July), there has been a noticeable tamp down in merger deal flow.</p></li><li><p>Only five new SPAC IBC deals have been announced so far this month, with the average value per deal at $364M. </p></li></ul></div></div></div></div>

Dog days of summer. Just as the unbearable heatwave afflicting the US and other parts of the globe may have a slowing effect on activity, there has been a slowdown in SPAC merger deal activity.Having just entered the last week of July, while the SPAC IPO market continues to trundle along (four priced in July), there has been a noticeable tamp down in merger deal flow.Only five new SPAC IBC deals have been announced so far this month, with the average value per deal at $364M. 

SPAC TALK - SPACs and Publicly Traded Targets

<ul><li>A quiet July...so far. July has been a relatively quiet month to date.</li><li>Two SPAC IPOs have been priced, which is par for the course in the context of the low-single digit numbers we have been reporting the past twelve months.</li><li>The exit doors also seem to be less crowded this month, with only nine SPACs scheduled for liquidations vs the average twenty per month that elected to liquidate their trust funds in the first half of the year.</li></ul>

A quiet July...so far. July has been a relatively quiet month to date.Two SPAC IPOs have been priced, which is par for the course in the context of the low-single digit numbers we have been reporting the past twelve months.The exit doors also seem to be less crowded this month, with only nine SPACs scheduled for liquidations vs the average twenty per month that elected to liquidate their trust funds in the first half of the year.

SPAC TALK - SPACs and Disappearing Projections

<ul><li>Excess supply of SPACs continues to dwindle. SPAC IPOs continue to be few and far between, with the sole pricing thus far in June being media &amp; entertainment focused ESH Acquisition Corp.</li><li>(ESHA) priced on June 14, with the SPAC raising $115 million including take-up of the underwriter’s green shoe option.</li><li>This brings the total to 16 IPOs as we approach the end of the first half of 2023.</li></ul>

Excess supply of SPACs continues to dwindle. SPAC IPOs continue to be few and far between, with the sole pricing thus far in June being media &amp; entertainment focused ESH Acquisition Corp.(ESHA) priced on June 14, with the SPAC raising $115 million including take-up of the underwriter’s green shoe option.This brings the total to 16 IPOs as we approach the end of the first half of 2023.

SPAC Talk - The State of the Market - Signs of Life

United States

Digital World Acquisition Corp. operates as a blank check company. the company aims to acquire one and more businesses and assets, via a merger, capital stock exchange, asset acquisition, stock purchase, and reorganization.

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Digital World Acquisition (DWAC US)

SPAC Talk - Why More SPAC Liquidations Are in the Cards

SPAC IPOs continue on snooze control. Last year saw just 31 SPAC IPOs priced, raising an aggregate of $3.8 billion in gross proceeds, down from 86...

Water Tower Research

SPAC Talk - The VinFast De-SPACing Brings an Eerie Echo of Past SPAC Hype

August rush...the good. After a very quiet July, August has been buzzing with deal activity. August has brought 19 new SPAC merger deal announcements.

Water Tower Research

SPAC TALK - SPACs and Publicly Traded Targets

Just as the unbearable heatwave afflicting the US and other parts of the globe may have a slowing effect on activity, there has been a slowdown in...

Water Tower Research

SPAC TALK - SPACs and Disappearing Projections

Two SPAC IPOs have been priced, which is par for the course in the context of the low-single digit numbers we have been reporting the past twelve...

Water Tower Research

SPAC Talk - The State of the Market - Signs of Life

Excess supply of SPACs continues to dwindle. SPAC IPOs continue to be few and far between, with the sole pricing thus far in June being media &...

Water Tower Research

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