As sentiment around speculative pockets of the SPAC market turns south, the volume of public offerings has sharply abated to the lowest level in two years, according to PitchBook data, Yahoo Finance reports.
After a blowout year for SPAC activity in 2021, only 78 SPAC listings were issued in the three-month period ended March 31 with a median deal size valued at just half of what it was last year. In the first quarter of 2021, SPAC IPO issuance shattered records, with roughly 300 blank-check companies raising nearly $88 billion — more than in all of 2020, when the SPAC revival began to pick up.
The slowdown in a once-manic pace for public offerings via blank-check deals comes amid a broader sell-off of risk assets that has hit the SPAC market especially hard as investors reappraise high-growth companies priced during last year’s environment of elevated valuations. Read more.
