Just in case it wasn’t clear to the world what an utter scam and sham the entire SPAC fad was, here’s yet another example: Velo3D, which did the usual SPAC schtick of:
- Cruising along at $10;
- Finding a company to acquire and shooting higher;
- Spending the rest of time setting people’s money on fire
I glanced at their profile, in which they stated that they “build the impossible” (apparently not).
Strangely, and I’ve never seen this before, they proclaim they are “…expected to be worth over $10 billion dollars by 2020.” In case you’re curious, three years later, they are worth 97% less than that projection.
