A number of planned mergers between crypto and web3 companies with SPACs are being delayed or canceled as a result of the recent market rout, Forbes reports.
SPACs during the pandemic became particularly appealing to crypto firms, whose unique business models could pose challenges to getting listing approval through traditional routes of going public, such as an IPO. In total, 14 firms such as metaverse infrastructure company InfiniteWorld, crypto mining companies CoreScietific, Cipher Mining and Bakkt, and USDCUSDC +0.1%-backer Circle, entered merger agreements with SPACS in 2019.
However, only five of 14 deals announced since have actually gone through as the market for SPACs crashed with the market reversal. Read more.
