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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).

That is why it is especially disgusting when fake populist SPAC sponsors (looking at you Chamath) pretend to be on the side of retail as they give handouts to their Wall Street lords.

As the article says, that's reminiscent of how bad old IPO allocations work.