Despite some heavy lifting and disastrous aftermarkets, SPAC IPOs continue to complete, with nine new SPACs last week raising a combined US$1.825bn, the most deals in one week since late June. The latest batch featured some relatively clean structures with superior backing, the type that in the past would have elicited strong demand. Seven of the nine finished the week below offer. DA32 LIFE SCIENCE TECH ACQUISITION, a stock- only life sciences SPAC jointly sponsored by Deerfield Management, Arch Venture Partners and Section 32, struggled on debut by closing Nasdaq trading on Wednesday at US$9.84. JP Morgan and Cowen were joint bookrunners on the sale of 20m shares at US$10 that included a commitment from sponsors to purchase up to 4m shares.
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