Niocorp Developments Ltd (NB)

[monocle]

SPAC popularity has been declining in the last couple of years as redemption rates have soared. 430 SPACs were listed on the NASDAQ in 2021, 72 and 2022, and just 14 so far this year. This is why the market did not react very well when this merger was announced last year. The high redemption rate was foreseeable. They were even posts here predicting it well before the bank failure. SPAC redemptions averaged 81% in 2022, before there was any sign of banking trouble and that number has increased this year.

That single bank failure provided a convenient excuse though for this desperation move failing. It really does look like government help is the only option they have left.