Spacs with $160bn seek targets as they run out of time – The National

Spacs with $160bn seek targets as they run out of time – The National

Billions of dollars earmarked for takeovers by blank-cheque companies have piled up unused as the hot-then-not mania fades for speculative stocks.

Almost 600 special-purpose acquisition companies holding about $160 billion in trust are searching for something to buy, data compiled by Boardroom Alpha shows.

That marks a more than seven-fold jump for Spacs from the same period in 2020 and the clock is ticking against them. Spacs typically have a short window to either buy something with the money they raise — 12 to 18 months plus brief extensions — or else return the money to investors.