Home Business SPACs aren’t popping anymore as new deals flood the market, scrutiny increases

SPACs aren’t popping anymore as new deals flood the market, scrutiny increases

by Sakuragun Chan

Jin Lee | Bloomberg | Getty Images

Just a few weeks ago, every SPAC IPO was guaranteed a big pop on the first day it came to the public market. Not anymore.

The first-day return of U.S. special purpose acquisition companies has dropped to near 0% in March from 5.4% in February and 6.1% in January, according to data from University of Florida finance professor Jay Ritter. The current debut performance is even worse than blank-check deals’ historical average of a 1.1% increase from 2003 to 2020, his data said.

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