More Than 25% of the Companies That Merged With SPACs During the Boom Are Penny Stocks Now

Buzzfeed isn’t the only company that merged with a SPAC that’s hurting.

Of the 365 companies that listed publicly through a SPAC merger between 2020 and 2022, 100—or 27%—were penny stocks trading below $1 as of Thursday’s close, according to data firm SPAC Research.

Among the companies now in the cents-per-share club: WeWork, scooter rental company Bird, and aspiring electric vehicle makers including Nikola, Lordstown Motors, and Faraday Future.

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