Jim Cramer: We're Still In a 'Hazardous Time' for SPACs and IPOs

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Is the market still too hot for IPOs and SPACs?

The Honest Co. went public on Wednesday, May 5.

The stock's first trade was $21.22 a share. The initial public offering was priced Tuesday at $16 a share. 

"We were raising the bar for the entire marketplace and becoming a David to the many Goliaths out there along the way," said Jessica Alba, who co-founded the company in 2011, said in a letter included in a Securities and Exchange Commission filing. 

And Krispy Kreme has filed to go public.

So, what are Jim Cramer's thoughts on these two companies?

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