Nineteen companies have canceled SPAC mergers in 2022, including this past week’s terminations for Forbes and SeatGeek, representing nearly $18 billion of dumped deal value, Axios reports.
The SPAC market is more damaged than dead, given that there are over 120 mergers still waiting to close. Some of those will get done, with an edge likely going to smaller ones vs. larger ones, but many others will join Forbes and SeatGeek in the scrap heap.
It’s also worth emphasizing that the IPO market is also stagnant, with hopes for a June flurry having faded.
What happens to companies that had been counting on cash infusions via SPAC mergers, particularly as growth equity investors hold a tighter grip on their wallets? Read more.
