Research from Water Tower Research, Water Tower Research

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.

Research from Water Tower Research

Equity Research Firm

Thematic (Sector/Industry)

United states Financials / Thematic (Sector/Industry)

<ul><li>The liquidations count continues to rise. While the SPAC IPO market appears to have gone back into its slumber with no pricings to report yet in March, the main theme of the SPAC market continues to be liquidations, as it has been particularly since October 2022.</li><li>So far in March, 26 SPACs are slated to liquidate their trusts (of which half have already been liquidated), which makes it the second-highest monthly total ever, only behind the excise tax panic-stricken December 2022 rush of 89 liquidations.</li><li>Based on the current count for March, which we suspect will not be the final number, $8.5 billion will be returned to Class A shareholders.</li></ul>

The liquidations count continues to rise. While the SPAC IPO market appears to have gone back into its slumber with no pricings to report yet in March, the main theme of the SPAC market continues to be liquidations, as it has been particularly since October 2022.So far in March, 26 SPACs are slated to liquidate their trusts (of which half have already been liquidated), which makes it the second-highest monthly total ever, only behind the excise tax panic-stricken December 2022 rush of 89 liquidations.Based on the current count for March, which we suspect will not be the final number, $8.5 billion will be returned to Class A shareholders.

Digital Health Acquisition Corp (DHAC US)

SPAC Talk: The Deal or Bust Cycle Set to Continue