Research from Water Tower Research, Water Tower Research

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.

Research from Water Tower Research

Equity Research Firm

Thematic (Sector/Industry)

United states Financials / Thematic (Sector/Industry)

<ul><li>SPACs are back and so is SPAC Talk. After several years in the investment wilderness following the frenzy and excesses of the 2020/2021 boom, recent quarters have seen a revival of activity in the SPAC IPO market.</li><li>Increased activity started to emerge in the back half of 2024, with momentum continuing in 2025.</li><li>So far this year, 86 new SPACs have been priced, which puts 2025 well on track to exceed the 86 IPOs in 2022 and become the third most active year in SPAC history, only behind 2021 (613) and 2020 (248). </li></ul>

SPACs are back and so is SPAC Talk. After several years in the investment wilderness following the frenzy and excesses of the 2020/2021 boom, recent quarters have seen a revival of activity in the SPAC IPO market.Increased activity started to emerge in the back half of 2024, with momentum continuing in 2025.So far this year, 86 new SPACs have been priced, which puts 2025 well on track to exceed the 86 IPOs in 2022 and become the third most active year in SPAC history, only behind 2021 (613) and 2020 (248). 

SPAC Talk - The SPAC IPO Market Is Recovering; De-SPACs Could Follow Suit