Canadian companies that elected to go public by qualifying acquisition (QA) of a special purpose acquisition company (SPAC) have performed very poorly, according to an analysis from Canadian Financings/CPE Analytics.
Riverstone Holdings LLC controlled oil and gas company Hammerhead Energy Inc. (NASDAQ/TSX: HHRS) performed slightly better with a 25% decrease in stock price (prices in US dollars).
In comparision, Dow Jones Industrial Average only dropped 1% between July 1, 2021 and June 20, 2023.
| Issuer/Company | QA Date | QA Price | Price (6/20/2023) | % Change |
| The Lion Electric Company (NYSE/TSX: LEV) | 06-May-21 | $10 | 1.91 | -81% |
| Li-Cycle Holdings Corp. (NYSE: LICY) | 10-Aug-21 | $10 | 5.62 | -44% |
| TMC the metals Co Inc. (NASDAQ: TMC) | 09-Sep-21 | $10 | 1.66 | -83% |
| D-Wave Quantum, Inc. (NYSE: QBTS) | 08-Aug-22 | $10 | 1.86 | -81% |
| Hammerhead Energy Inc. (NASDAQ/TSX: HHRS) | 21-Feb-23 | $10 | 7.47 | -25% |
| Dow Jones | 01-Jul-21 | 34,502.51 | 34,299.12 | -1% |
| Dow Jones | 01-Jan-22 | 34,725.47 | 34,299.12 | -1% |
| Dow Jones | 01-Jan-23 | 34,086.04 | 34,299.12 | 1% |
photo credit: CPE News