SPAC Party Broken Up as New Ventures Slow to a Trickle
- Just seven blank checks have debuted or filed for IPOs in 2023
- More than 140 sponsors liquidated in 2022 as deals collapsed
Photographer: Teradat Santivivut/Getty Images
This article is for subscribers only.
The blank-check frenzy that raised more than $245 billion over a two-year stretch has dried up, with just a handful of sponsors pooling investor money in 2023.
“The SPAC party is over,” says Greg Martin, co-founder of Rainmaker Securities, which facilitates secondary transactions for private companies.