Business
London seeks to cancel SPAC market
Will the SPAC survive beyond 2021 as a useful fundraising tool or just another chapter in the history of regulated arbitrage? London’s surprisingly strong markets help provide the answer.
Most investors and companies have turned away from what was once Wall Street’s hottest trend: special purpose acquisitions, or SPACs. In one recent example, space logistics company D-Orbit canceled a deal. In many cases, shareholders of vehicles exercise their right to get their money back. The US route was reflected in the smaller European market, where 60% fewer SPACs were listed from January to August than a year earlier, Dealogic data showed.