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>We have a whopper! For more than a year, we have been noting how IBC deals have been getting smaller.</li><li>While there have been four $1 billion-plus deals announced so far in 2023, in terms of size, we have not seen anything like the $27 billion pre-money value for the proposed SPAC IBC merger that was announced at the end of last week by SPAC Black Spade Acquisition Co. (BSAQ) and privately held VinFast Auto, a Vietnamese manufacturer of EVs, since the peak of the SPAC euphoria in 2021.</li><li>In fact, this transaction happens to be the third-largest SPAC merger deal in history behind MSP Recovery (LIFW) in July 2021 (TEV $32.6 billion) and Grab (GRAB) in April 2021 (TEV $31.3 billion).</li></ul>

We have a whopper! For more than a year, we have been noting how IBC deals have been getting smaller.While there have been four $1 billion-plus deals announced so far in 2023, in terms of size, we have not seen anything like the $27 billion pre-money value for the proposed SPAC IBC merger that was announced at the end of last week by SPAC Black Spade Acquisition Co. (BSAQ) and privately held VinFast Auto, a Vietnamese manufacturer of EVs, since the peak of the SPAC euphoria in 2021.In fact, this transaction happens to be the third-largest SPAC merger deal in history behind MSP Recovery (LIFW) in July 2021 (TEV $32.6 billion) and Grab (GRAB) in April 2021 (TEV $31.3 billion).

SPAC Talk : The Whopper SPAC Merger