More than 600 SPACs are still searching for a partner, Financial Times reports. Many that did find and merge with a target, a process known as a de-SPAC, have failed to live up to the hype.
The recent publicity around SPACs has been so toxic that Marwyn, a London-based blank check company, last week announced it would seek a standard listing rather than use the UK’s SPAC regime. Marwyn chair James Corsellis called the US SPAC model “inappropriate,” “misaligned and ill conceived.” Investors are starting to catch on. The flood of SPAC IPOs has slowed to a trickle: just 63 floated in the first quarter, down more than 80 per cent on 2021, Dealogic says. De-SPAC mergers fell similarly to 32 and are shrinking in size as more investors exercise their right to ask for their money back. Read more.
