Moelis’s Ambitious SPAC Plans Go Bust With Industry in Collapse
- Banker-backed blank check will return cash to investors early
- Palihapitiya, Ackman have also thrown in the towel in 2022
Ken Moelis, founder and chief executive officer of Moelis & Co.
Photographer: Andrey Rudakov/BloombergThis article is for subscribers only.
Wall Street titan Ken Moelis’s plans to start a SPAC empire are now over, as the bubble is bursting for the struggling investment vehicles that once attracted everyone from finance heavyweights to celebrities.
The banker’s Atlas Crest Investment Corp. II said Tuesday it will seek investor approval to shut down early, returning money to shareholders and throwing in the towel on the special-purpose acquisition company. Early Wednesday, a Moelis-backed team pulled the plug on another SPAC, marking its third withdrawn venture before going public in the past year, forgoing efforts to raise $1.2 billion among them.