SPACs Are So Back?
Looking back, it truly is amazing how many special purpose acquisition companies (SPACs) have hit U.S. markets over the last three years. What used to be a niche vehicle used sparingly turned into an all-out free-for-all to bring as many “promising companies” public as possible. 🙃
But as the market cooled off and many of these SPAC darlings proved to make nobody money except their promoters, we’ve seen the appetite for them fall significantly. Only 14 SPACs came public through May of this year, with just a few more since then. That pales in comparison to the last few years’ pace and is more in line with pre-pandemic norms. 🔻