Investor withdrawals were minimal early in the year as SPAC shares soared, but have risen with many blank-check companies trading below their listing price. For much of the summer, high withdrawals contributed to the sector’s malaise. Now, they are helping drive new interest in the sector, along with hair-raising stock moves.
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After early investors flee SPAC deals, day traders rush in
Head-scratching stock moves are a result of opening startup investments to public-market investors, some investors say. “You’re seeing bizarre, bizarre things happen,” Mr. Ratner of Levin Capital Strategies said.
