[argonaut]

That does not mean much.

Part of the SPAC structure is that you can redeem each share for roughly the IPO price in cash instead of taking shares in the new company (actually it's tied to the amount of the cash in the SPAC), at merger. So this basically sets a price floor on pre-merger SPACs, minus opportunity cost.

And, indeed, 1 out of his 3 merged SPACs is below IPO price.