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Water Tower Research

Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

Equity Research Firm

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<ul><li>SPACs are still heading for the exits in droves.</li><li>While the six IPO pricings that occurred last month would ordinarily be nothing to write home about, February 2023 happened to be the most active month for SPAC IPOs since May 2022, which was the last time a month produced six IPOs.</li><li>However, while the six IPOs last May raised a total of $915 million in gross proceeds, last month’s IPOs raised about half that amount (~$500 million), reflecting the tougher prevailing fundraising environment.</li></ul>

SPACs are still heading for the exits in droves.While the six IPO pricings that occurred last month would ordinarily be nothing to write home about, February 2023 happened to be the most active month for SPAC IPOs since May 2022, which was the last time a month produced six IPOs.However, while the six IPOs last May raised a total of $915 million in gross proceeds, last month’s IPOs raised about half that amount (~$500 million), reflecting the tougher prevailing fundraising environment.

SPAC Talk: Crushed Warrants Still Warrant Caution

<ul><li>Deal terminations return to the spotlight. The past couple of months have seen a pickup in abandoned IBC deals.</li><li>Following nine deal cancelations in December, the second-highest monthly total in 2022 behind 10 in August, the first five weeks of 2023 have seen eight deals bite the dust—four in January and four in the first week of February.</li><li>There have been 69 deal terminations, with an aggregate deal value of ~$90 billion since the start of last year.</li></ul>

Deal terminations return to the spotlight. The past couple of months have seen a pickup in abandoned IBC deals.Following nine deal cancelations in December, the second-highest monthly total in 2022 behind 10 in August, the first five weeks of 2023 have seen eight deals bite the dust—four in January and four in the first week of February.There have been 69 deal terminations, with an aggregate deal value of ~$90 billion since the start of last year.

SPAC Talk: The Peripheralization of De-SPACs

United States

Lionheart III Corp operates as a blank check company. The Company aims to acquire one and more businesses and assets, via a merger, capital stock exchange, asset acquisition, stock purchase, and reorganization.

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Lionheart III Corp (LION US)

SPAC Talk: Crushed Warrants Still Warrant Caution

SPACs are still heading for the exits in droves.While the six IPO pricings that occurred last month would ordinarily be nothing to write home about

Water Tower Research

SPAC Talk: The Peripheralization of De-SPACs

Following nine deal cancelations in December, the second-highest monthly total in 2022 behind 10 in August, the first five weeks of 2023 have seen...

Water Tower Research

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