A growing list of de-SPACs have gone bankrupt, adding further pressure to the beleaguered blank check space. Year-to-date, five companies that went public via SPAC merger have filed for bankruptcy, matching the full-year total from 2022 with more than eight months left in the year.
Three de-SPACs filed for bankruptcy in the first week of April, all of which completed their mergers in December 2021. Digital therapeutics developer Pear Therapeutics (PEAR) was the latest, crashing 52% on Monday to $0.11 per share after its Chapter 11 filing late last week. Like many SPAC mergers, Pear showed explosive growth projections, which it failed to meet.
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