EV SPACs Warn about Running Out of Cash: The Beginning of the End for the Craziest Stock Bubble Ever | Wolf Street

For investors, this is like, OK, it was fun while it lasted, but now the money is gone. Before the announcement on Friday evening, shares [ELMS] closed at $0.71, down 94% from the high in June 2021:

This mess would be funny as heck, if it weren’t so serious – serious not because this will likely be the first SPAC of many in this cycle to go to zero, and it’s already nearly there, but serious because it shows all the utter garbage that was sold by Wall Street with huge hype and hoopla, for huge amounts of money, to the public to make Wall Street and some insiders immensely rich.

Lordstown Motors [RIDE], which went public via merger with a SPAC in October 2020, also included the “going concern” warning in its filing with the SEC, and its shareholders have gotten shookalacked, with the stock down 94% from the high in February 2021.

EV SPACs Warn about Running Out of Cash: The Beginning of the End for the Craziest Stock Bubble Ever | Wolf Street

There is always an end to the ‘crazy money’. We may very well be witnessing the end of the stock hypermania, which is present all over the world.