Banks and sponsors are pumping out new blank-check firms even as the market for old ones is in free-fall, Bloomberg reports.
Forty-four special-purpose acquisition companies have priced their initial public offerings this year, data compiled by Bloomberg show, despite a 40% drop for a key industry index from its February 2021 peak and a glut of firms looking for targets. If the pace keeps up, this year could see about 264 IPOs, a far cry from last year’s record of more than 600, but still more than 2020’s hefty count of 248. Read more.
