Dealmaker Michael Klein的第四个SPAC是曼尼亚围绕空白支票公司的象征，当时它宣布与2月中旬的电动汽车制造商Lucid Motors合并协议。
现在它是市场上的秋季和最严重的SPAC或专用收购公司的象征。
Rumors of the Lucid deal sent the SPAC soaring earlier this year at the peak of the frenzy. But Klein’s SPAC, Churchill Capital Corp. IV, quickly began to crash — falling from a high of $65 to around $20 Friday — and took the rest of the SPAC world with it.
由于SPAC市场的峰值于2月17日，仅仅是Lucid Merger确认前的几天，Spac iPox指数下降了约23％，信号传达了一个Spac熊市。
根据S3合作伙伴的新报告，丘吉尔IV丘吉尔IV已经成为最严重的SPAC，其中尚未与合作伙伴组成的合作伙伴。
根据S3合作伙伴，丘吉尔IV短裤现在价值超过6.63亿美元，或占优秀股份的近16％。
随着股票继续下跌，卖空者正在清理。在过去的30天中，他们已经占用了近2.5亿美元，其标志为市场收益超过34％。
丘吉尔发言人拒绝发表评论。
在去年夏天公开的价格为20.7亿美元，丘吉尔史蒂尔是第二大SPAC，后面的比尔Ackman的歌舞广场Tontine Capital，它筹集了40亿美元和尚未宣布合并合作伙伴。
[II深潜：Spac Kingpin Michael Klein仍然赢得胜利，尽管库存晕倒了]
One reason market participants have cited for Churchill’s rapid fall from grace was its huge market cap. When the Lucid deal was announced Feb. 22, the implied market value of the combined companies was roughly$57 billion， 这华尔街日报报道。这使得它比福特汽车公司更有价值
那个价值甚至没有包括丘吉尔利润率的认股权证。SPAC IPO的投资者主要是对冲基金的，通常授予每股权证的三分之一。在这种情况下，他们收到了一些更丰富的东西：每股保证。
SPAC认股权证已经受到更严格的审查。在证券交易委员会投资者咨询委员会于3月20日举行的小组讨论中，纽约大学教授Michael Ohlrogge在合并完成后，如何获得公司的资金。他说，而不是来自IPO的每股每股10美元，而是每股空间的价格，最终有助于每股6.40美元。他解释说，这为新股东创造了重大稀释，为SPAC致力于合并后的绩效绩效。
Ohlrogge was one of three authors of an October report, “A Sober Look at SPACs,” that outlined the warrants issue in one of the most scathing academic critiques of the new SPAC boom.
“我们发现评论员宣称特定目标熟食店ver greater price and deal certainty compared to IPOs are overstated. One reason, among others, is that they do not fully appreciate the sources of SPAC dilution and as a result do not recognize that the extent of SPAC’s dilution is not known until the time of the merger, when shareholders have decided whether to exercise their rights to redeem their shares,” wrote Ohlrogge, and his fellow authors, Michael Klausner, a Stanford law school professor, and Emily Ruan, a Stanford 2020 graduate.
ohlrogge在秒之前的评论后不到一个月，监管机构发出新会计指导for SPAC warrants that would require them to be considered liabilities, not equity instruments — potentially throwing SPAC financials into disarray.
“These warrants, which are usually issued to early investors and SPAC sponsors/management, would need to be marked-to-market, and would affect the quarterly financial reporting of existing SPACs,” explained Ihor Dusaniwsky, managing director of predictive analytics at S3 Partners, in his new report.
他补充说：“SPAC监管景观的不确定性已被证明是现有和新的SPAC发行的逆风，”他补充说。
这对SPAC短暂卖家来说是个好消息。总体而言，根据S3合作伙伴分析885个Spacs，包括股票和认股权证，它们总体而言，它们在过去30天内融资的净资金标志市场利润为5.51亿美元或16.92％。
在过去的30天内，空间的卖空已经增加了2.65亿美元，总额为27亿美元。据Dusaniwsky称，鉴于股票的下降，SPAC短裤的市场价值下降了4.6亿美元。
“As the value of their short SPAC holdings were decreasing, short sellers were generating mark-to-market profits and continuing to sell into the price weakness and increasing their short positions,” he wrote. “The sector wide weakness made most SPAC shorts profitable with only 28 percent of the securities in our SPAC population producing red (unprofitable) numbers.”
The two most profitable shorts were also the two most shorted. While the Churchill SPAC was the biggest, and most profitable, short, it was followed by Chamath Palihapitiya’s fifth SPAC, Social Capital Hedosophia Holdings V, which has announced plans to merge with Social Finance.
The stock prices of both are still way above their offering prices. Churchill IV still has the third-highest return since IPO of SPACs that have announced a target, with an ROI of 121.1 percent, according to SPAC Insider, while Social Capital V has gained almost 72 percent since its debut.
去年都来到市场。
然而，根据SPAC Insider的说法，在SPAC价格最近的SPAC价格下跌，而SPAC发布已经停止，而今年发布的大多数已在其净资产价值下交易。
即便如此，大约1000亿美元已经被2021年筹集了2021年 - 甚至高于去年筹集的830亿美元。