Online Lender Better’s 93% Dive Latest Mark for SPAC Speculators

It has been a wild stretch for those investors brave enough to trade low-float, blank-check firms and the companies that have merged with them.

Better Home & Finance Holding Co.’s flummoxing 93% plunge during its Thursday debut highlights how risky it is to flip speculative companies that only have a tiny pool of shares available for trading, even as bets on another such firm, VinFast Auto Ltd., appears to have paid off this week.

Only a fraction of Better shares were available for trading after a vast majority of investors opted to cash in their investments before the ...