As we wrap up our special SPAC series, let’s take a look at the performance of these vehicles over time.

According to research firm Renaissance Capital, of the 200-plus SPACs launched since 2015, 107 have completed mergers and gone public. Shares in those issuers averaged a loss of 14%. Compare that to an average regular-way IPO return of +49% over that period.

This year there have been 194 traditional IPOs for $67 billion – the highest level in six years. SPAC activity as been similar 200 vehicles for $64 billion…

▶︎ Read Dec 7 2020 newsletter: here

▶︎ Chart of the Week: here (by SPAC Alpha)