Speculators Drive 700% Jump in Former SPACs With Low Floats
- Luxury travel firm Inspirato soars 648%, Cepton jumps 343%
- Majority of blank-check investors had redeemed shares in trio
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Speculative investors are piling into shares of companies that went public by merging with blank-check firms with low floats.
At one point on Thursday, luxury travel company Inspirato Inc. soared as much as 772% while Cepton Inc. surged 746% and Middle Eastern Spotify Technology SA rival Anghami Inc. tripled. The three recently combined with SPACs, or special-purpose acquisition companies, that saw the majority of investors opt to return their shares in the shell company for cash.