Last year was unprecedented: There were about 150 SPAC listings in the US, Fortune reports in this op/ed piece from the magazine’s Term Sheet. But those days are long gone. Sure, fewer companies are seeking to go public in general because of the markets. But the underlying reasons for the diminished interest in SPACs—and even SPAC breakups—run deeper than that. Sean Harper, CEO and co-founder of homeowners insurance company Kin Insurance, who called off his planned SPAC merger the last week of January, explained to Fortune why he thinks this is happening. The key issue? Soaring redemption rates. Read more.
Why One CEO Called it Quits on a SPAC and More May Follow
