As the number of blank-check companies racing to do a deal starts to stack up, advisers have some advice for companies that find themselves on the receiving end of the SPACs’ inquiries: Don’t pick up the phone, Bloomberg reports.
SPACs typically have to beat a two-year deal deadline to avoid returning the money they’ve raised back to their investors. After a recent surge in issuance, next year could see potential targets courting an unprecedented wave of suitors.
In October 2022, the number of SPACs hitting the wall will more than double to 31 from the previous month, with as much as $10.2 billion on the table to be given back to investors, according to data compiled by Bloomberg. By March 2023, that figure will jump to $34.5 billion with 106 SPACs expiring, the data showed. Read more.
