SPACs broke all prior records last year as a whopping 613 blank check IPOs raised over $144 billion. At year-end, another 250+ SPACs were on file to complete offerings. But sentiment has soured in the wake of poor returns and challenging market conditions. While SPAC issuance remained high in the 4Q, those challenges may finally be impacting the start of the SPAC lifecycle, as a wave of sponsors have officially abandoned IPO plans.
This month, 14 SPACs have withdrawn their IPO paperwork, more than the full-year 2021. All 14 originally filed during the height of SPAC mania in the 1Q21. A handful of SPACs withdrew between June and December, and prior to that, there hadn’t been a SPAC withdrawal since...
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