Some de-SPACs below their $10 trust value are live businesses with real assets still priced as wreckage, and buying before they graduate is the trade. Merlin cleared Critical Design Review on its $105M USSOCOM autonomous-flight program, with $183M cash and no debt. Opendoor cut aged inventory from 51% to 10%, turned EBITDA positive in April and holds $1B cash. Eos Energy owns its zinc storage chemistry, free of Chinese supply chains. Most de-SPACs still fail, and sponsors profit from dilution. x.comÂ






