Serial blank-check investor Martin Franklin is warning of more pain to come for SPACs, recommitting to his notion that the market for the vehicles is overheated and should be governed by the same guidelines as initial public offerings, Bloomberg reports.
“A lot of these companies are going to disappear,” Franklin, co-chairman at API Group, said Thursday in an interview on Bloomberg TV. “I’ve been saying this for quite some time that it was going to end badly and now it is. The reality is that we’re not finished because you’ve got a lot of companies that went public that had no business going public.”
Franklin was one of the early SPAC pioneers, raising money for blank-check acquisitions as early as 2006 and taking companies including Nomad Foods and hedge fund GLG Partners public. Read more.
