D&O Underwriters Approach SPACs Cautiously: Report

Some of the biggest goodwill impairments in 2022 came from SPAC-backed companies like cryptocurrency platform Bakkt Holdings, business-services provider Advantage Solutions, 3-D printing firm Fathom Digital Manufacturing, self-driving vehicle startup Aurora Innovation and now-bankrupt bitcoin miner Core Scientific.

An array of NewSpace companies were funded through billions raised through SPACs and venture financing and are on the cutting edge. The bad news is the high cost of capital and government regulation is pulling them back to Earth.

The newly-formed unit, called alternative equity products group, will also bring together other parts of its equity capital markets functions including private placements, pre-initial public offering convertibles and equity-linked products.

Capital A, formerly known as AirAsia Group Berhad, was hard-hit by pandemic travel restrictions in Asia, leading Bursa Malaysia Securities to classify it as a PN17 company, or financially distressed.