VinFast Auto Ltd.’s 400% surge after going public in a SPAC merger earlier this month is the lone bright spot for blank-check deals completed in August.
Beyond the Vietnamese electric-vehicle maker, investors who have held on to shares of newly public companies from tie ups with special purpose acquisition companies have mostly endured nothing but losses.
SPACs enable investors to redeem their shares for $10 plus interest when they vote on deals to be completed, something that has left dozens of stocks trading with just a tiny pool of shares available. Investors redeemed 91% of the shares in de-SPACs that debuted this month on average, the SPAC Research data show. The result has been some wild swings ending in sharp losses.
France Dernières Nouvelles, France Actualités
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