Would you give this man $400 million?
The blank-check bonanza has already reached mind-boggling heights, but now we seem to have jumped the shark.
While it would be foolhardy to hand a CEO with such a horrific acquisition on his résumé a blank check to have another try, the SPAC bonanza on Wall Street has grown so huge that anything is believable. After a raft of blank-check acquisitions made huge waves with the Robinhood crowd — Virgin Galactic Holdings Inc. SPCE, -5.63% , Nikola Corp. NKLA, +1.15% and DraftKings Inc. DKNG, +1.30% most prominent among them — there has been an unprecedented flood of filings.
SPACs in general are a different proposition for investors because they are investing in the people running them, with no information or financial data on an acquisition target until a deal is struck. Renaissance noted in a recent blog post for subscribers that most SPACs fail to live up to the hype — the return so far this year is a bit over 4%, Kennedy said in an email, despite the wild gains for a few outliers.
As H-P was getting close to completing its bid for Autonomy, Chief Financial Officer Cathie Lesjak expressed concerns about the hefty price. Apotheker pushed forward, though, with H-P eventually buying a company that it has since accused of misrepresenting its financial performance by slipping hardware sales onto its balance sheet while selling itself as a “pure-play” software company.
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