Asian investors and target companies in the region remain keen on SPACs, the South China Morning Post reports, with more than a dozen blank-check companies with ties to Asia seeking to go public in the United States in the past two months alone.
The fundraising push by Asian sponsors comes even as fatigue is setting in among some institutional investors and the SEC raised questions in April about the accounting for stock warrants common to most SPAC deals, effectively pouring cold water on what has been one of the hottest fundraising trends in the past two years.
SPACs raised nearly $94 billion globally in a frantic first quarter, more than the $81 billion raised in all of 2020 and more than the $80 billion raised in the prior 15 years combined, according to data from Refinitiv. Since the beginning of April, blank-check companies have only raised about $12 billion globally, according to Refinitiv.
That has done little to dampen the enthusiasm of Asian sponsors, according to investors, deal makers and potential target companies. Read more.
