Stats › Listings, IPOs and corporate actions › SPAC performance
The median SPAC lost 65.3% in the year after its merger
| Horizon | All SPACs | High quality sponsors | Other sponsors |
|---|---|---|---|
| 3 months | -2.9% | +31.5% | -38.8% |
| 6 months | -12.3% | +15.8% | -37.6% |
| 12 months, mean | -34.9% | -6.0% | -57.3% |
| 12 months, median | -65.3% | -34.6% | -66.3% |
The median twelve month return across all 47 was minus 65.3%, worse than the mean, meaning the average is held up by a small number of survivors. Source: Klausner, Ohlrogge and Ruan.
A SPAC lists with no business, raises cash at $10 a unit and hunts for a private company to merge with. For SPACs merging in 2019 and 2020 the median return over the following twelve months was minus 65.3%. Dilution, not bad luck, explains it.
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