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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>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

<ul><li>At the risk of sounding monotonous, while the SPAC IPO market remains pretty much comatose, there continues to be solid flow of liquidations.</li><li>The number of SPACs electing to liquidate their trust funds has risen to 19 for May and scheduled for June thus far.</li><li>YTD, 107 SPACs have thrown in the towel and elected to liquidate.</li></ul>

At the risk of sounding monotonous, while the SPAC IPO market remains pretty much comatose, there continues to be solid flow of liquidations.The number of SPACs electing to liquidate their trust funds has risen to 19 for May and scheduled for June thus far.YTD, 107 SPACs have thrown in the towel and elected to liquidate.

<ul><li>In the ordinary course of SPAC business. In what has become the norm in SPAC land these days, we can report another flurry of liquidation announcements.</li><li>As we begin the second half of the month, the liquidation count for March, including those that have been completed or are scheduled to be completed for the remainder of month, has already passed 34, involving the return of $10.9 billion to their Class A shareholders.</li><li>The prospects of more liquidations being added to the March list remain high.</li></ul>

In the ordinary course of SPAC business. In what has become the norm in SPAC land these days, we can report another flurry of liquidation announcements.As we begin the second half of the month, the liquidation count for March, including those that have been completed or are scheduled to be completed for the remainder of month, has already passed 34, involving the return of $10.9 billion to their Class A shareholders.The prospects of more liquidations being added to the March list remain high.

<ul><li>The liquidations count continues to rise. While the SPAC IPO market appears to have gone back into its slumber with no pricings to report yet in March, the main theme of the SPAC market continues to be liquidations, as it has been particularly since October 2022.</li><li>So far in March, 26 SPACs are slated to liquidate their trusts (of which half have already been liquidated), which makes it the second-highest monthly total ever, only behind the excise tax panic-stricken December 2022 rush of 89 liquidations.</li><li>Based on the current count for March, which we suspect will not be the final number, $8.5 billion will be returned to Class A shareholders.</li></ul>

The liquidations count continues to rise. While the SPAC IPO market appears to have gone back into its slumber with no pricings to report yet in March, the main theme of the SPAC market continues to be liquidations, as it has been particularly since October 2022.So far in March, 26 SPACs are slated to liquidate their trusts (of which half have already been liquidated), which makes it the second-highest monthly total ever, only behind the excise tax panic-stricken December 2022 rush of 89 liquidations.Based on the current count for March, which we suspect will not be the final number, $8.5 billion will be returned to Class A shareholders.

SPAC Talk: The Deal or Bust Cycle Set to Continue

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Trump Media & Technology Group Corp. (TMTG) is a media and technology company. The Company operates a social media platform that focuses on free and open communication for citizens. TMTG through its platform helps to create content, follow other users, and engage in an open global conversation.

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Trump Media & Technology Group (DJT US)

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

SPAC Talk : Terminal Value

At the risk of sounding monotonous, while the SPAC IPO market remains pretty much comatose, there continues to be solid flow of liquidations.

Water Tower Research

SPAC Talk: The SVB Collapse and SPACs

In the ordinary course of SPAC business. In what has become the norm in SPAC land these days, we can report another flurry of liquidation...

Water Tower Research

SPAC Talk: The Deal or Bust Cycle Set to Continue

Based on the current count for March, which we suspect will not be the final number, $8.5 billion will be returned to Class A shareholders.

Water Tower Research

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