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Investors Sour on SPACs

Stocks of numerous blank check companies that have agreed to merger deals have dropped sharply and are trading below their IPO prices.

Is the blank-check bubble bursting?Shares of many special purpose acquisition companies are down 20 percent or more from the highs they hit in February. Many of them are blank-check companies that have announced merger partners but haven’t yet closed their deals.Several of these stocks are straddling their initial public offering

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