$SPCX, $GOOG, $INTC, $NBIS all trading under their issuance price.

That's either a setup or a warning sign. Depends if you think the raise was smart money or late-cycle desperation. Check the tape — if volume's thin and bids keep disappearing, you're catching a falling knife. If there's accumulation at these levels, different story.

Broken deals either mean the market knows something management didn't, or it's a dislocation worth fading. Know which one you're playing.