Last week, Keen Vision Acquisition (KVISU.RC) and SilverBox III (SBXC.U) became the first blank check IPOs to file in 2023, ending the longest drought of new SPAC filings in more than five years. That milestone and the shrinking pipeline of blank check IPOs hint at lower SPAC merger activity in 2024.
Formed by investment firm Keen Vision Capital, Keen Vision Acquisition filed to raise $130 million to target businesses with a focus on sustainability and ESG imperatives. SilverBox Capital's third blank check, SilverBox III, followed with a filing to raise $100 million. The recent filers are a far cry from the mega-blank checks of 2021, but the proposed offerings are still above the $75 million average deal size of the past six months.
SPAC activity plummeted in 2022, weighed down by...
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