{"id":551271,"date":"2022-06-06T13:08:39","date_gmt":"2022-06-06T13:08:39","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/06\/could-this-be-the-end-of-spacs\/"},"modified":"2022-06-06T13:08:39","modified_gmt":"2022-06-06T13:08:39","slug":"could-this-be-the-end-of-spacs","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/06\/could-this-be-the-end-of-spacs\/","title":{"rendered":"Could this be the end of SPACs?"},"content":{"rendered":"

<\/a> Could this be the end of SPACs? <\/strong>After a pandemic-driven frenzy in companies going public through special purpose acquisition companies (SPACs), interest in the once-buzzy financial instrument is sharply declining. More stringent regulations around new SPAC transactions, poor performances in recent SPAC debuts, and a challenging macroeconomic environment have left many investors wary of SPACs and has pulled back the curtain on scores of overvalued tech stocks.<\/p>\n

Over before you ever knew what they were? <\/strong>Head to ourexplainer on SPACs<\/a> if we\u2019ve lost you.<\/p>\n

The SPAC market is crashing and new transactions are being left stranded:<\/strong> After a record year with more than USD 162.5 bn raised<\/a> on US exchanges in 2021, the SPAC market has crashed. One SPAC index has fallen by some 22% over the past three quarters, Bloomberg<\/a> reports. Over 600 SPACs are currently up in the air, struggling to land merger partners before going public, and in January alone some 20 US companies abandoned their bid altogether, CNBC<\/a> reported, citing equity analysts. In the first five months of the year, some 95 planned SPAC transactions that would have raised a combined USD 26 bn have been scrapped, including \u201c30 SPACs seeking to raise over USD 8 bn [that] have been abandoned by sponsors without even alerting the Securities and Exchange Commission to their change of plans,\u201d according to Bloomberg data<\/a>. The figure also includes 65 sponsors that formally withdrew their SPAC plans worth some USD 18 bn.<\/p>\n

Did someone say \u201ctanking US SPAC market\u201d? <\/strong>Some 25 companies that completed SPAC mergers in 2020 and 2021 have issued \u201cgoing-concern\u201d warnings, which indicates that they are likely to go bust within 12 months, the Wall Street Journal<\/a> reports, citing data from Audit Analytics. That\u2019s more than 10% of all the SPACs that listed during the so-called SPAC boom, with many startups \u2014 including several EV makers, scooter-rental company Helbiz, and glass window maker View \u2014 missing their forecasts so far. Shares of companies that listed through SPACs in 2021 alone were down 59.5% on average as of 24 May, according to analysis from University of Florida researchers.<\/p>\n

Homegrown darling Swvl looks like it\u2019s facing much of the same hurdles: <\/strong>Mass transport app Swvl, which went public on the Nasdaq via a de-SPAC merger with Queen\u2019s Gambit Growth earlier this year<\/a> that valued it at USD 1.5 bn, has seen its share price plunge from late April highs of USD 10.09 to its current USD 5.05 valuation. The company\u2019s shares are down 49.0% since its listing in March.<\/p>\n

A symptom of Swvl\u2019s woes: Significant downsizing of its headcount:<\/strong> The company said last month<\/a> it is laying of 32% of its staff (around 400 jobs) in a bid to cut costs and turn cashflow positive by next year. This shift towards profitability has become important to the company in light of the powerful headwinds currently affecting global markets, CFO Youssef Salem told us at the time.<\/p>\n

Their immense popularity over the past two years is part of the problem: <\/strong>Incredibly high demand for SPACs in 2020 and 2021 is partially responsible for artificially inflating many of these transactions, the Wall Street Journal<\/a> said, citing analysts. Only now have these overvalued companies had to reckon with market realities where their performance falls short of drummed up expectations.<\/p>\n

Loose regs on performance projections have also contributed to this performance gap:<\/strong> Part of the allure of going public via SPAC was that companies were less restricted in their future earnings reports than typical IPOs, which often led to over-exaggerated projections.<\/p>\n

New regulations issued by the SEC set out to bring things under control: <\/strong>The SEC earlier this year<\/a>announced a new set of rules for SPAC transactions that were intended to \u201cimprove the usefulness and clarity of the information provided to investors\u201d and \u201cto enhance investor protections.\u201d They set out to do so through restrictions on future projections, increasing sponsor liability and allowing for legal action to be taken against false claims made by these companies.<\/p>\n

But it seems that these rules have only turned more companies away:<\/strong> SPAC underwriting giants like Goldman Sachs have announced that they would be dramatically reducing their involvement<\/a> with SPACs they helped take public since new SEC guidelines that put underwriters at higher liability risk and require SPACs to offer more info on conflicts of interest.<\/p>\n

But this all coincides with a larger downturn in the stock market \u2014 partially because of global trends:<\/strong> Tech companies\u2019 stock shed some USD 1 tn in value last month<\/a>. Other indicators are showing terrible market conditions too: The S&P 500 is down 1.6% year-to-date, while the Nasdaq Composite is down 2.5% YTD. Snap, which saw its shares plummet 43% last month after announcing<\/a> that the company will be missing earnings targets, has blamed inflation, high interest rates, supply chain challenges and Russia\u2019s war in Ukraine for its performance. The company\u2019s shares are now down 68.9% YTD. Google parent company Alphabet\u2019s shares are also down 21.0% YTD, while Facebook parent company Meta is down 43.7% YTD.<\/p>\n

As for SPACs, the worst is still yet to come: <\/strong>\u201cThe bottom is not in yet, because you have too many SPACs chasing too few [transactions]; that has got to resolve itself,\u201d said Matthew Tuttle, CEO of Tuttle Capital Management, which tracks SPAC returns, told Bloomberg<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Could this be the end of SPACs? After a pandemic-driven frenzy in companies going public through special purpose acquisition companies (SPACs), interest in the once-buzzy financial instrument is sharply declining. More stringent regulations around new SPAC transactions, poor performances in recent SPAC debuts, and a challenging macroeconomic environment have left many investors wary of SPACs […]<\/p>\n","protected":false},"author":1,"featured_media":551272,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[9595],"tags":[102,633,9585,2791,439,507,9242],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-551271","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-whats-next-2","tag-capital-markets","tag-enterprisepm","tag-sec","tag-snap","tag-spacs","tag-swvl","tag-whats-next","wpautop","entry"],"acf":{"mongo_id":"205b0069-6dec-4c6c-a54e-17d348846a60","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/6\/398.jpg","photo_position":"above","related_issue":[551261],"teaser":"","voice_url":""},"yoast_head":"\nCould this be the end of SPACs? - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/06\/could-this-be-the-end-of-spacs\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Could this be the end of SPACs?\" \/>\n<meta property=\"og:description\" content=\"Could this be the end of SPACs? After a pandemic-driven frenzy in companies going public through special purpose acquisition companies (SPACs), interest in the once-buzzy financial instrument is sharply declining. 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The unusual financial vehicle has broken records in 2020, with 82 of the 223 SPACs launched since 2015 coming this year. The awkward-sounding acronym is becoming increasingly commonplace in the financial press as big\u2026","rel":"","context":"In "Enterprise explains"","block_context":{"text":"Enterprise explains","link":"https:\/\/enterpriseam.com\/egypt\/category\/explainers\/enterprise-explains\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/9\/240.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":643387,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/09\/08\/fra-issues-new-regulations-for-delisting-spacs\/","url_meta":{"origin":551271,"position":2},"title":"FRA issues new regulations for delisting + SPACs","author":"enterpriseam admin","date":"8 September 2024","format":false,"excerpt":"Fair value can now decide the price of minority shares for voluntary delisted companies","rel":"","context":"In "Capital markets"","block_context":{"text":"Capital markets","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/capital-markets\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/7\/1417.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":644471,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/09\/26\/catalyst-partners-middle-east-gets-fra-greenlight-to-launch-egypts-first-spac\/","url_meta":{"origin":551271,"position":3},"title":"Catalyst Partners Middle East gets FRA greenlight to launch Egypt\u2019s first SPAC","author":"enterpriseam admin","date":"26 September 2024","format":false,"excerpt":"The SPAC will have a month to apply to list on the EGX","rel":"","context":"In "Capital markets"","block_context":{"text":"Capital markets","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/capital-markets\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/7\/1898.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":564960,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/09\/is-the-spac-party-coming-to-an-end\/","url_meta":{"origin":551271,"position":4},"title":"Is the SPAC party coming to an end?","author":"enterpriseam admin","date":"9 March 2021","format":false,"excerpt":"Is the SPAC party coming to an end? Blank-check companies have jumped the shark: They\u2019re the topic of rap songs (watch, runtime: 3:09), they\u2019re getting featured in Twitter memes, and promoters are getting bored to a point that one of them named their vehicle \u201cJust Another Acquisition Corp.\u201d Elsewhere, a\u2026","rel":"","context":"In "THE MACRO PICTURE"","block_context":{"text":"THE MACRO PICTURE","link":"https:\/\/enterpriseam.com\/egypt\/category\/the-macro-picture\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/3\/430.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":557301,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/09\/14\/egx-could-open-the-door-for-spacs\/","url_meta":{"origin":551271,"position":5},"title":"EGX could open the door for SPACs","author":"enterpriseam admin","date":"14 September 2021","format":false,"excerpt":"Egypt could be welcoming SPACs soon, after EGX boss Mohamed Farid suggested amendments to listing rules that would allow Egyptian companies to go to market while being acquired by or merging with another company. The amendments have been submitted to the Financial Regulatory Authority (FRA) for consideration, according to an\u2026","rel":"","context":"In "Capital markets"","block_context":{"text":"Capital markets","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/capital-markets\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/9\/178.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/551271","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=551271"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/551271\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/afternoon\/551261"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/551272"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=551271"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=551271"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=551271"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=551271"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=551271"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}