St. Louis Unicorns Are Unicorns No Longer
St. Louis’ startup economy was booming in September last year with Nerdy and Benson Hill both reaching incredible billion dollar valuations ($1.7 billion and $1.35 billion respectively) and being taken to IPO via a special purpose acquisition company (SPAC).
However, the two St. Louis startups have seen their share value drop more than half (58 percent and 54 percent respectively), meaning they’re no longer considered to be “Unicorns”, reports Nathan Rubbelke on STL Inno.
St. Louis unicorns aren’t alone though, as share prices have fallen for just under half of all the companies that used SPAC deals to go public.
Hopes our unicorn’s stock will recover through building investor trust rest on consistently reporting earnings.