SPAC Startups Made Lofty Promises. They Aren’t Working Out.

Of the 63 companies that went public through a SPAC deal last year and had less than $10 million in trailing sales at the time of their listing, at least 30 didn’t meet their projections, according to the Journal’s analysis of data provided by Jay Ritter, a University of Florida professor who studies public listings, and from FactSet. A total of 199 SPAC deals were completed last year.

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