The entire point of SPACs was speculative gambling that you could offload your bags above NAV to some sucker that just read the merger news on Reddit before the

The entire point of SPACs was speculative gambling that you could offload your bags above NAV to some sucker that just read the merger news on Reddit before they realized the company was junk. And the company was always junk. Doesn't matter though, they are just vehicles for the gambling. The scam goes like this: Smart money gets in privately at NAV ($10) -> Managers search for something plausible to merge with ("financials" and "profits" don't matter here at all) -> Merger rumors get "leaked" -> SPAC pops 20-30% above NAV -> Smart money gets out -> Merger happens -> Price falls below NAV as smart retail heads for the doors -> Dumb retail is left holding the bag