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Expand chart
Reproduced from SPAC Research; Chart: Axios Visuals

Special purpose acquisition companies (SPACs) have increasingly turned to anchor investors to pull off IPOs — but it appears these backers tend to dump the stock soon after the offerings.

Driving the news: Deals in which at least 75% of the capital came from anchors have underperformed those in which anchors made up less than 25%, according to SPAC Research.

Context: As we noted in September, one byproduct of a weakened demand for SPAC IPOs among investors has been the uptick in anchors, who make early commitments to buy large chunks of the IPO.

  • Sponsors often offer anchors more favorable terms, like the opportunity to receive founder shares.
  • The trend has some investors worried that it may be a sign of low-quality SPACs that need expensive sweeteners.

The bottom line: Anchors may be getting sweet deal terms, but it's not enough to hold on.

Go deeper

Dan Primack, author of Pro Rata
Dec 2, 2021 - Economy & Business

Grab's mega-SPAC attack

Illustration: Aïda Amer/Axios

Grab on Thursday hopes to become the king of SPACs, no matter how uneasy have been some heads to wear that crown.

Driving the news: Grab, a Singapore-based "super app" maker, today will list on the Nasdaq, via a reverse merger with a SPAC formed by Altimeter Capital. It gives Grab a pro forma equity value of $39.6 billion, the richest price ever afforded in such a transaction.

Updated 43 mins ago - Health

Massage, facial, pedicure... intravenous drip?

A salon on the Upper East Side of New York that offers IV drip therapies. Photo: Jennifer A. Kingson/Axios

IV drips — the kind you might get if you're rushed to the hospital — are trending as a spa treatment, thanks in part to endorsements by celebrities like Kim Kardashian and Madonna.

Why it matters: Like other "wellness" trends with a whiff of medical imprimatur, IV nutrient drips can be harmless or mildly restorative — or go awry, particularly in the wrong hands.

U.S. sounds alarm on Ukraine

Conscripts line up at a Russian railway station yesterday before departing for Army service. Photo: Sergei Malgavko/TASS via Getty Images

The Biden administration is "deeply concerned" by new intelligence — detailed for Axios and other outlets — showing Russia stepping up preparations to invade Ukraine as soon as early 2022.

Why it matters: Most of this was known from public sources and satellite imagery, but the administration is sending a stronger signal by releasing specific details from the intelligence community.