Breaking Into Wall Street's Mergers and Inquisitions Blog reports that SPAC's are down about 35% in the year after their IPOs. Why? Well, one reason, in a SPAC, you generally give 20% for free to the organizer or promotor plus various warrants. So when you merge with the SPAC, you suffer significant dilution. It seems that SPAC's may not be for the best companies, but they are a way to raise money. Please keep this in mind.