The New Normal of SPAC Warrants Risk-Reward
The play field of SPACs has been quickly changing and evolving so far this year with a robust IPO pipeline, larger trust accounts and more “celebrity/influencer” sponsors. The number of newly listed SPAC so far this year has already surpassed that of entire 2019. However, the oversupply and fatigue of deal announcement might lead to diminishing expected return of the SPAC warrants going forward - it will be hard to identify opportunities with 5x return nowadays unless the market suffers another crash as severe as last March. The