Experienced sponsors are moving back into the SPAC market as blank check issuance has stabilized, a signal that the space has found its footing more than two years after SPAC mania ended.
To some extent, they never left: Several of the largest SPAC IPOs in 2023 came from sponsors with deals under their belts, such as Ares Acquisition II (AACT.U), Nabors Energy Transition II (NETDU), Inflection Point Acquisition II (IPXXU), and Haymaker Acquisition 4 (HYAC.U). However, the trend has accelerated in 2024, in a departure from the past two years which included a disproportionate number of small offerings and SPACs based in or with ties to Asia.
In February, Cormorant Asset Management listed its second SPAC, Helix Acquisition II (HLXB), a follow-up to its previous SPAC's 2022 acquisition of...
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