Despite the dramatic deflation of SPAC-mania in recent months — and a downturn in the broader market — some SPACs are still announcing new mergers, Axios’ Kia Kokalitcheva writes.
Why it matters: The SPAC category’s demise has been heavily predicted by skeptics of the model, but it hasn’t quite happened yet.
By the numbers: Between Jan. 1 and April 18 of this year, 38 mergers with U.S.-listed SPACs were announced, plus three more globally, per Dealogic data.
Meanwhile, a whopping 609 U.S.-listed SPACs are still searching for acquisition targets as of April 22 — up from 551 at the end of 2021.
Between the lines: This year’s deals have been smaller in general, says SPAC Research founder Ben Kwasnick.Axios Markets By Matt Phillips and Emily Peck · Apr 25, 2022