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The SPAC market has gone from a high-powered firehose to the slow dribble of a leaky sink in just one month. In April there have been 11 SPACS announced—in March there were 115.

There is no one singular reason, but attorneys who work in and around the mergers and acquisitions and capital markets world say it’s a combination of increased SEC scrutiny (and a qualification change of how warrants are classified on financial statements), market saturation and the general theory that this couldn’t go on forever.

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Patrick Smith

Patrick Smith, based in New York, covers the business of law, including the ways law firms compete for clients and talent, cannabis law and marketing innovation. Reach him at [email protected] or on Twitter at @nycpatrickd

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