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The SPAC Boom Was Already Fading Before the SEC’s Crackdown

The New York Stock Exchange (NYSE) 

The New York Stock Exchange (NYSE) 

Photographer: Michael Nagle/Bloomberg

Hi, it’s Lizzie here from a very rainy springtime New York. In today’s Bloomberg Deals Newsletter we’re looking at how the U.S. SPAC market had already slowed, even before the SEC’s planned crackdown. Elsewhere, Dubai is defying the global IPO slowdown, and a big Spanish-Italian deal is in the works.

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We've been following the SPAC market somewhat obsessively since 2019, when my colleagues broke that Draftkings was going to do a blank-check merger. That was the deal that unofficially set off the modern SPAC craze, but almost as soon as the gold rush started, advisers were warning us that the market was overheated and regulators would swoop.