[ethanolburner]

I think it is important to note that PIPE investors will always purchase SPACs at NAV (usually $10) with only very rare exceptions. NAV is where most of the SPACs are currently trading due to the recent pullback. Therefore, it is only more favourable when the SPAC is trading above NAV, and this is extremely uncommon [1].

[1] - https://spactrack.net/activespacs/ (filter by price and see how many are trading above $10 and below $10).