In 2020, special-purpose acquisition company (SPAC) IPOs dominated the market. During the year, the so-called blank cheque shell companies raised a record $83 billion.
The environment continued in 2021.
During the first month of 2021 alone, new SPAC issues raised $26 billion. The market went on to break another record in the year, with $160 billion raised on US exchanges as investors piled into these blank check companies.
Q4 2021 hedge fund letters, conferences and more
Unfortunately, by the end of 2021, the market was already starting to burst.
The total valuation of SPACs on the market was cut in half by the end of the year.
The hostile environment has continued into 2022. One...
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