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vector-toc-level-2"> <a class="vector-toc-link" href="#Banking"> <div class="vector-toc-text"> <span class="vector-toc-numb">1.4</span> <span>Banking</span> </div> </a> <ul id="toc-Banking-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-SPACs_in_Europe" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#SPACs_in_Europe"> <div class="vector-toc-text"> <span class="vector-toc-numb">1.5</span> <span>SPACs in Europe</span> </div> </a> <ul id="toc-SPACs_in_Europe-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-SPACs_in_Asia" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#SPACs_in_Asia"> <div class="vector-toc-text"> <span class="vector-toc-numb">1.6</span> <span>SPACs in Asia</span> </div> </a> <ul id="toc-SPACs_in_Asia-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-SPACs_in_emerging_markets" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" 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class="interlanguage-link-target"><span>العربية</span></a></li><li class="interlanguage-link interwiki-de mw-list-item"><a href="https://de.wikipedia.org/wiki/Special_Purpose_Acquisition_Company" title="Special Purpose Acquisition Company – German" lang="de" hreflang="de" data-title="Special Purpose Acquisition Company" data-language-autonym="Deutsch" data-language-local-name="German" class="interlanguage-link-target"><span>Deutsch</span></a></li><li class="interlanguage-link interwiki-es mw-list-item"><a href="https://es.wikipedia.org/wiki/Special_Purpose_Acquisition_Company" title="Special Purpose Acquisition Company – Spanish" lang="es" hreflang="es" data-title="Special Purpose Acquisition Company" data-language-autonym="Español" data-language-local-name="Spanish" class="interlanguage-link-target"><span>Español</span></a></li><li class="interlanguage-link interwiki-fr mw-list-item"><a href="https://fr.wikipedia.org/wiki/Special_purpose_acquisition_company" title="Special purpose acquisition company – French" lang="fr" hreflang="fr" data-title="Special purpose acquisition company" data-language-autonym="Français" data-language-local-name="French" class="interlanguage-link-target"><span>Français</span></a></li><li class="interlanguage-link interwiki-ko mw-list-item"><a href="https://ko.wikipedia.org/wiki/%EA%B8%B0%EC%97%85%EC%9D%B8%EC%88%98%EB%AA%A9%EC%A0%81%ED%9A%8C%EC%82%AC" title="기업인수목적회사 – Korean" lang="ko" hreflang="ko" data-title="기업인수목적회사" data-language-autonym="한국어" data-language-local-name="Korean" class="interlanguage-link-target"><span>한국어</span></a></li><li class="interlanguage-link interwiki-it mw-list-item"><a href="https://it.wikipedia.org/wiki/Special_Purpose_Acquisition_Companies" title="Special Purpose Acquisition Companies – Italian" lang="it" hreflang="it" data-title="Special Purpose Acquisition Companies" data-language-autonym="Italiano" data-language-local-name="Italian" class="interlanguage-link-target"><span>Italiano</span></a></li><li class="interlanguage-link interwiki-he mw-list-item"><a href="https://he.wikipedia.org/wiki/%D7%97%D7%91%D7%A8%D7%AA_%D7%A8%D7%9B%D7%99%D7%A9%D7%94_%D7%9C%D7%9E%D7%98%D7%A8%D7%95%D7%AA_%D7%9E%D7%99%D7%95%D7%97%D7%93%D7%95%D7%AA" title="חברת רכישה למטרות מיוחדות – Hebrew" lang="he" hreflang="he" data-title="חברת רכישה למטרות מיוחדות" data-language-autonym="עברית" data-language-local-name="Hebrew" class="interlanguage-link-target"><span>עברית</span></a></li><li class="interlanguage-link interwiki-nl mw-list-item"><a href="https://nl.wikipedia.org/wiki/Special_Purpose_Acquisition_Company" title="Special Purpose Acquisition Company – Dutch" lang="nl" hreflang="nl" data-title="Special Purpose Acquisition Company" data-language-autonym="Nederlands" data-language-local-name="Dutch" class="interlanguage-link-target"><span>Nederlands</span></a></li><li class="interlanguage-link interwiki-ja mw-list-item"><a href="https://ja.wikipedia.org/wiki/%E7%89%B9%E5%88%A5%E8%B2%B7%E5%8F%8E%E7%9B%AE%E7%9A%84%E4%BC%9A%E7%A4%BE" title="特別買収目的会社 – Japanese" lang="ja" hreflang="ja" data-title="特別買収目的会社" data-language-autonym="日本語" data-language-local-name="Japanese" class="interlanguage-link-target"><span>日本語</span></a></li><li class="interlanguage-link interwiki-ru mw-list-item"><a href="https://ru.wikipedia.org/wiki/Special-purpose_acquisition_company" title="Special-purpose acquisition company – Russian" lang="ru" hreflang="ru" data-title="Special-purpose acquisition company" data-language-autonym="Русский" data-language-local-name="Russian" class="interlanguage-link-target"><span>Русский</span></a></li><li class="interlanguage-link interwiki-fi mw-list-item"><a href="https://fi.wikipedia.org/wiki/Spac" title="Spac – Finnish" lang="fi" hreflang="fi" data-title="Spac" data-language-autonym="Suomi" data-language-local-name="Finnish" class="interlanguage-link-target"><span>Suomi</span></a></li><li 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searchaux" style="display:none">Business entity created for acquisitions</div> <p>A <b>special-purpose acquisition company</b> (<b>SPAC</b>; <span class="rt-commentedText nowrap"><span class="IPA nopopups noexcerpt" lang="en-fonipa"><a href="/wiki/Help:IPA/English" title="Help:IPA/English">/<span style="border-bottom:1px dotted"><span title="'s' in 'sigh'">s</span><span title="'p' in 'pie'">p</span><span title="/æ/: 'a' in 'bad'">æ</span><span title="'k' in 'kind'">k</span></span>/</a></span></span>), also known as a "<b>blank check company</b>", is a <a href="/wiki/Shell_corporation" title="Shell corporation">shell corporation</a> listed on a <a href="/wiki/Stock_exchange" title="Stock exchange">stock exchange</a> with the purpose of acquiring (or merging with) a <a href="/wiki/Private_company" class="mw-redirect" title="Private company">private company</a>, thus making the private company <a href="/wiki/Public_company" title="Public company">public</a> without going through the <a href="/wiki/Initial_public_offering" title="Initial public offering">initial public offering</a> process, which often carries significant procedural and regulatory burdens.<sup id="cite_ref-NPR_1_1-0" class="reference"><a href="#cite_note-NPR_1-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-WSJ_Why_Finance_Executives_2-0" class="reference"><a href="#cite_note-WSJ_Why_Finance_Executives-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> According to the <a href="/wiki/U.S._Securities_and_Exchange_Commission" title="U.S. Securities and Exchange Commission">U.S. Securities and Exchange Commission</a> (SEC), SPACs are created specifically to pool funds to finance a future merger or acquisition opportunity within a set timeframe; these opportunities usually have yet to be identified while raising funds.<sup id="cite_ref-:2_3-0" class="reference"><a href="#cite_note-:2-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> </p><p>In the U.S., SPACs are registered with the SEC and considered publicly traded companies. The general public may buy their shares on stock exchanges before any merger or acquisition takes place. For this reason they have at times been referred to as the "poor man's <a href="/wiki/Private_equity_funds" class="mw-redirect" title="Private equity funds">private equity funds</a>."<sup id="cite_ref-:3_4-0" class="reference"><a href="#cite_note-:3-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> The majority of companies pursuing SPACs do so on the <a href="/wiki/Nasdaq" title="Nasdaq">Nasdaq</a> or <a href="/wiki/New_York_Stock_Exchange" title="New York Stock Exchange">New York Stock Exchange</a> in the US, although other exchanges, such as the <a href="/wiki/Euronext_Amsterdam" title="Euronext Amsterdam">Euronext Amsterdam</a>, <a href="/wiki/Singapore_Exchange" title="Singapore Exchange">Singapore Exchange</a>, and <a href="/wiki/Hong_Kong_Stock_Exchange" title="Hong Kong Stock Exchange">Hong Kong Stock Exchange</a> have also overseen a small volume of SPAC deals.<sup id="cite_ref-5" class="reference"><a href="#cite_note-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup> </p><p>Despite the popularity and growth in the number of SPACs, academic analysis shows investor returns on SPAC companies post-merger are almost uniformly negative, although investors in SPACs and merged companies may earn excess returns immediately after the merger.<sup id="cite_ref-6" class="reference"><a href="#cite_note-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup> Proliferation of SPACs usually accelerates around periods of economic bubbles, such as the "<a href="/wiki/Everything_bubble" title="Everything bubble">everything bubble</a>" between 2020 and 2021.<sup id="cite_ref-HBR_The_SPAC_Bubble_7-0" class="reference"><a href="#cite_note-HBR_The_SPAC_Bubble-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> </p> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="Characteristics">Characteristics</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Special-purpose_acquisition_company&action=edit&section=1" title="Edit section: Characteristics"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <div class="mw-heading mw-heading3"><h3 id="Mechanics">Mechanics</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Special-purpose_acquisition_company&action=edit&section=2" title="Edit section: Mechanics"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>SPACs generally trade as <a href="/wiki/Unit_trust" title="Unit trust">units</a> or as separate common shares and <a href="/wiki/Warrant_(finance)" title="Warrant (finance)">warrants</a> on the <a href="/wiki/Nasdaq" title="Nasdaq">Nasdaq</a> and <a href="/wiki/New_York_Stock_Exchange" title="New York Stock Exchange">New York Stock Exchange</a> (as of 2008) once the public offering has been declared effective by the SEC, distinguishing the SPAC from a blank check company formed under <a href="/w/index.php?title=SEC_Rule_419&action=edit&redlink=1" class="new" title="SEC Rule 419 (page does not exist)">SEC Rule 419</a>.<sup id="cite_ref-8" class="reference"><a href="#cite_note-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup><sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="Secondary source needed in addition to primary source (February 2021)">citation needed</span></a></i>]</sup> Commonly, units are denoted with the letter "u" (for unit) appended to the ticker symbol of SPAC shares.<sup id="cite_ref-9" class="reference"><a href="#cite_note-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup> </p><p>Trading liquidity of the SPAC's securities provide investors with a flexible exit strategy. In addition, the public currency enhances the position of the SPAC when negotiating a business combination with a potential merger or acquisition target. The common share price must be added to the trading price of the warrants to get an accurate picture of the SPAC's performance.<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (April 2022)">citation needed</span></a></i>]</sup> </p><p>By market convention, 85% to 100% of the proceeds raised in the IPO for the SPAC are held in <a href="/wiki/Trust_law" class="mw-redirect" title="Trust law">trust</a> to be used at a later date for the merger or acquisition.<sup id="cite_ref-10" class="reference"><a href="#cite_note-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup> A SPAC's trust account can only be used to fund a shareholder-approved business combination or to return capital to public shareholders at a charter extension or business combination approval meeting.<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (April 2022)">citation needed</span></a></i>]</sup> </p><p>Each SPAC has its own liquidation window within which it must complete a <a href="/wiki/Merger" class="mw-redirect" title="Merger">merger</a> or an <a href="/wiki/Takeover" title="Takeover">acquisition</a>; past this deadline the SPAC will <a href="/wiki/Dissolution_(law)" title="Dissolution (law)">dissolve</a> and return assets to its <a href="/wiki/Shareholder" title="Shareholder">stockholders</a>. In practice, SPAC sponsors often extend the life of a SPAC by making a contribution to the trust account to entice shareholders to vote in favor of a charter amendment that delays the liquidation date.<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (April 2022)">citation needed</span></a></i>]</sup> </p><p>In addition, the target of the acquisition must have a <a href="/wiki/Fair_market_value" title="Fair market value">fair market value</a> that is equal to at least 80% of the SPAC's net assets at the time of acquisition. Previous SPAC structures required a positive shareholder vote by 80% of the SPAC's public shareholders for the transaction to be <a href="https://en.wiktionary.org/wiki/consummated" class="extiw" title="wikt:consummated">consummated</a>.<sup id="cite_ref-11" class="reference"><a href="#cite_note-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup> However, current SPAC provisions do not require a shareholder vote for the transaction to be consummated unless as follows:<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (April 2022)">citation needed</span></a></i>]</sup> </p> <table class="wikitable"> <caption>Type of transaction and shareholder approved required </caption> <tbody><tr> <td>Purchase of assets</td> <td>No </td></tr> <tr> <td>Purchase of stock of target not involving a merger with the company</td> <td>No </td></tr> <tr> <td>Merger of target with a subsidiary of the company</td> <td>No </td></tr> <tr> <td>Merger of the company with a target</td> <td>Yes </td></tr></tbody></table> <div class="mw-heading mw-heading3"><h3 id="Governance">Governance</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Special-purpose_acquisition_company&action=edit&section=3" title="Edit section: Governance"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>To allow for stockholders of the SPAC to make an informed decision on whether they wish to approve the business combination, the company must make full disclosure to stockholders of the target business, including complete audited financials, and terms of the proposed business combination via an SEC merger proxy statement. All common share stockholders of the SPAC are granted voting rights at a shareholder meeting to approve or reject the proposed business combination. A number of SPACs have also been placed on the <a href="/wiki/London_Stock_Exchange" title="London Stock Exchange">London Stock Exchange</a> AIM exchange. These SPACs do not have the aforementioned voting thresholds.<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (April 2022)">citation needed</span></a></i>]</sup> </p><p>Since the financial crisis,<sup class="noprint Inline-Template" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Manual_of_Style/Dates_and_numbers#Chronological_items" title="Wikipedia:Manual of Style/Dates and numbers"><span title="The time period mentioned near this tag is ambiguous. (April 2022)">when?</span></a></i>]</sup><sup class="noprint Inline-Template" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Avoid_weasel_words" class="mw-redirect" title="Wikipedia:Avoid weasel words"><span title="The material near this tag possibly uses too vague attribution or weasel words. (April 2022)">which?</span></a></i>]</sup> protections for common shareholders have been implemented, allowing stockholders to vote in favor of a deal and still redeem their shares for a pro-rata share of the trust account. (This is significantly different from the <a href="/w/index.php?title=Blind_pool&action=edit&redlink=1" class="new" title="Blind pool (page does not exist)">blind pool</a> – blank check companies of the 1980s, which were a form of <a href="/wiki/Limited_partnership" title="Limited partnership">limited partnership</a> that did not specify what investment opportunities the company plans to pursue.) The assets of the trust are only released if a business combination is approved by the voting shareholders, or a business combination is not consummated within the amount of time allowed by a company's articles of incorporation.<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (April 2022)">citation needed</span></a></i>]</sup> </p> <div class="mw-heading mw-heading3"><h3 id="Management">Management</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Special-purpose_acquisition_company&action=edit&section=4" title="Edit section: Management"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The SPAC is usually led by a management team composed of three or more members with prior <a href="/wiki/Private_equity" title="Private equity">private equity</a>, <a href="/wiki/Mergers_and_acquisitions" title="Mergers and acquisitions">mergers and acquisitions</a>, and/or operating experience. The management team of a SPAC typically receives 20% of the equity in the vehicle at the time of offering, exclusive of the value of the warrants. The equity is usually held in escrow for two to three years, and management normally agrees to purchase warrants or units from the company in a private placement immediately prior to the offering. The proceeds from this sponsor investment (usually equal to between 2% and 8% of the amount being raised in the public offering) are placed in the trust and distributed to public stockholders in the event of liquidation.<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (April 2022)">citation needed</span></a></i>]</sup> </p><p>No salaries, finder's fees, or other cash compensation are paid to the management team prior to the business combination, and the management team does not participate in a <a href="/wiki/Liquidating_distribution" title="Liquidating distribution">liquidating distribution</a> if it fails to consummate a successful business combination. In many cases, management teams agree to pay for the expenses in excess of the trusts if there is a <a href="/wiki/Liquidation" title="Liquidation">liquidation</a> of the SPAC because no target has been found. Conflicts of interest are minimized within the SPAC structure because all management teams agree to offer suitable prospective target businesses to the SPAC before any other acquisition fund, subject to pre-existing fiduciary duties. The SPAC is further prohibited from consummating a business combination with any entity affiliated with an insider, unless a <a href="/wiki/Fairness_opinion" title="Fairness opinion">fairness opinion</a> from an independent investment banking firm states that the combination is fair to the shareholders.<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (April 2022)">citation needed</span></a></i>]</sup> </p> <div class="mw-heading mw-heading3"><h3 id="Banking">Banking</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Special-purpose_acquisition_company&action=edit&section=5" title="Edit section: Banking"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>SPAC Research, an entity running a SPAC database, maintains an underwriter <a href="/wiki/League_table" class="mw-redirect" title="League table">league table</a> which can be sorted by <a href="/wiki/Bookrunner" title="Bookrunner">bookrunner</a> volume or other criteria for any year or selection of years.<sup id="cite_ref-auto1_12-0" class="reference"><a href="#cite_note-auto1-12"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup> As of January 2021<sup class="plainlinks noexcerpt noprint asof-tag update" style="display:none;"><a class="external text" href="https://en.wikipedia.org/w/index.php?title=Special-purpose_acquisition_company&action=edit">[update]</a></sup> <a href="/wiki/I-Bankers_Direct" title="I-Bankers Direct">I-Bankers</a> Securities Inc. stated that it had participated in 132 SPAC IPOs as lead or co-manager since 2004.<sup id="cite_ref-auto_13-0" class="reference"><a href="#cite_note-auto-13"><span class="cite-bracket">[</span>13<span class="cite-bracket">]</span></a></sup> In the years leading up to 2021, <a href="/wiki/Bulge_bracket" title="Bulge bracket">bulge bracket</a> banks started participating in more SPAC IPOs, with <a href="/wiki/Cantor_Fitzgerald" title="Cantor Fitzgerald">Cantor Fitzgerald & Co</a>. and <a href="/wiki/Deutsche_Bank" title="Deutsche Bank">Deutsche Bank</a> Securities Inc. on the cover of 30 SPAC IPOs from 2015 to August 2019.<sup id="cite_ref-:0_14-0" class="reference"><a href="#cite_note-:0-14"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup> Citigroup, <a href="/wiki/Credit_Suisse" title="Credit Suisse">Credit Suisse</a>, <a href="/wiki/Goldman_Sachs" title="Goldman Sachs">Goldman Sachs</a>, and <a href="/wiki/BofA" class="mw-redirect" title="BofA">BofA</a> have all built a significant SPAC practice, while Cantor Fitzgerald led all SPAC underwriters in 2019 by book-running 14 SPACs that raised over <a href="/wiki/US$" class="mw-redirect" title="US$">US$</a>3.08 billion in IPO proceeds.<sup id="cite_ref-auto1_12-1" class="reference"><a href="#cite_note-auto1-12"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="SPACs_in_Europe">SPACs in Europe</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Special-purpose_acquisition_company&action=edit&section=6" title="Edit section: SPACs in Europe"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In July 2007, Pan-European Hotel Acquisition Company N.V. was the first SPAC offering listed on the Euronext Amsterdam, raising approximately €115 million. I-Bankers Securities has been the underwriter with CRT Capital Group as lead-underwriter.<sup id="cite_ref-:1_15-0" class="reference"><a href="#cite_note-:1-15"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-16" class="reference"><a href="#cite_note-16"><span class="cite-bracket">[</span>16<span class="cite-bracket">]</span></a></sup> That listing on NYSE Euronext (Amsterdam) was followed by Liberty International Acquisition Company, raising €600 million in January 2008. Liberty is the third largest SPAC in the world and the largest outside the U.S. The first German SPAC was Germany1 Acquisition Ltd., which raised $437.2 million at Euronext Amsterdam with Deutsche Bank and I-Bankers Securities as underwriters.<sup id="cite_ref-17" class="reference"><a href="#cite_note-17"><span class="cite-bracket">[</span>17<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-auto_13-1" class="reference"><a href="#cite_note-auto-13"><span class="cite-bracket">[</span>13<span class="cite-bracket">]</span></a></sup> <a href="/wiki/Loyens_%26_Loeff" title="Loyens & Loeff">Loyens & Loeff</a> served as legal counsels in <a href="/wiki/The_Netherlands" class="mw-redirect" title="The Netherlands">The Netherlands</a>.<sup id="cite_ref-:1_15-1" class="reference"><a href="#cite_note-:1-15"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup> </p><p>In March 2021, a report prepared by <a href="/wiki/Jonathan_Hill,_Baron_Hill_of_Oareford" title="Jonathan Hill, Baron Hill of Oareford">Lord Hill</a> for the <a href="/wiki/Rishi_Sunak" title="Rishi Sunak">Chancellor of Exchequer</a> recommended a series of changes to London company listing rules to make them more favorable to SPAC listings.<sup id="cite_ref-Thomas_and_Stafford,_FT,_3/3/2021_18-0" class="reference"><a href="#cite_note-Thomas_and_Stafford,_FT,_3/3/2021-18"><span class="cite-bracket">[</span>18<span class="cite-bracket">]</span></a></sup> Among the report's proposals is to reduce the percentage of shares that must be offered to the public from 25% to 15%.<sup id="cite_ref-BBC,_3/3/2021_19-0" class="reference"><a href="#cite_note-BBC,_3/3/2021-19"><span class="cite-bracket">[</span>19<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="SPACs_in_Asia">SPACs in Asia</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Special-purpose_acquisition_company&action=edit&section=7" title="Edit section: SPACs in Asia"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>On March 18, 2022, Aquila Acquisition Corp debuted on the Hong Kong Exchanges and Clearing Limited (HKEX). The IPO received lukewarm reception by investors, with shares down 3% in the two-week period post-IPO. Despite this decrease, there is a high demand for SPAC public offerings in Hong Kong, with HKEX reporting that they have received applications for 11 additional SPAC IPOs.<sup id="cite_ref-20" class="reference"><a href="#cite_note-20"><span class="cite-bracket">[</span>20<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="SPACs_in_emerging_markets">SPACs in emerging markets</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Special-purpose_acquisition_company&action=edit&section=8" title="Edit section: SPACs in emerging markets"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Emerging market focused SPACs, particularly those seeking to consummate a business combination in China, have been incorporating a 30/36 month timeline to account for the additional time that it has taken previous similar entities to successfully open their business combinations.<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (March 2022)">citation needed</span></a></i>]</sup> </p> <div class="mw-heading mw-heading2"><h2 id="History">History</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Special-purpose_acquisition_company&action=edit&section=9" title="Edit section: History"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1129693374">.mw-parser-output .hlist dl,.mw-parser-output .hlist ol,.mw-parser-output .hlist ul{margin:0;padding:0}.mw-parser-output .hlist dd,.mw-parser-output .hlist dt,.mw-parser-output .hlist li{margin:0;display:inline}.mw-parser-output .hlist.inline,.mw-parser-output .hlist.inline dl,.mw-parser-output .hlist.inline ol,.mw-parser-output .hlist.inline ul,.mw-parser-output .hlist dl dl,.mw-parser-output .hlist dl ol,.mw-parser-output .hlist dl ul,.mw-parser-output .hlist ol dl,.mw-parser-output .hlist ol ol,.mw-parser-output .hlist ol ul,.mw-parser-output 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3.3em}@media(max-width:640px){body.mediawiki .mw-parser-output .sidebar{width:100%!important;clear:both;float:none!important;margin-left:0!important;margin-right:0!important}}body.skin--responsive .mw-parser-output .sidebar a>img{max-width:none!important}@media screen{html.skin-theme-clientpref-night .mw-parser-output .sidebar:not(.notheme) .sidebar-list-title,html.skin-theme-clientpref-night .mw-parser-output .sidebar:not(.notheme) .sidebar-title-with-pretitle{background:transparent!important}html.skin-theme-clientpref-night .mw-parser-output .sidebar:not(.notheme) .sidebar-title-with-pretitle a{color:var(--color-progressive)!important}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .sidebar:not(.notheme) .sidebar-list-title,html.skin-theme-clientpref-os .mw-parser-output .sidebar:not(.notheme) .sidebar-title-with-pretitle{background:transparent!important}html.skin-theme-clientpref-os .mw-parser-output .sidebar:not(.notheme) .sidebar-title-with-pretitle a{color:var(--color-progressive)!important}}@media print{body.ns-0 .mw-parser-output .sidebar{display:none!important}}</style><table class="sidebar nomobile nowraplinks"><tbody><tr><th class="sidebar-title" style="font-size:110%"><a href="/wiki/History_of_private_equity_and_venture_capital" title="History of private equity and venture capital">History of private equity<br />and venture capital</a></th></tr><tr><td class="sidebar-image"><span typeof="mw:File"><a href="/wiki/File:Wall_Street_Sign_(5899884048).jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/8/85/Wall_Street_Sign_%285899884048%29.jpg/150px-Wall_Street_Sign_%285899884048%29.jpg" decoding="async" width="150" height="100" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/8/85/Wall_Street_Sign_%285899884048%29.jpg/225px-Wall_Street_Sign_%285899884048%29.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/8/85/Wall_Street_Sign_%285899884048%29.jpg/300px-Wall_Street_Sign_%285899884048%29.jpg 2x" data-file-width="4368" data-file-height="2912" /></a></span></td></tr><tr><th class="sidebar-heading" style="border-top:#aaa 1px solid"> <a href="/wiki/Early_history_of_private_equity" title="Early history of private equity">Early history</a></th></tr><tr><td class="sidebar-content"> (origins of modern <a href="/wiki/Private_equity" title="Private equity">private equity</a>)</td> </tr><tr><th class="sidebar-heading" style="border-top:#aaa 1px solid"> <a href="/wiki/Private_equity_in_the_1980s" title="Private equity in the 1980s">The 1980s</a></th></tr><tr><td class="sidebar-content"> (<a href="/wiki/Leveraged_buyout" title="Leveraged buyout">leveraged buyout</a> boom)</td> </tr><tr><th class="sidebar-heading" style="border-top:#aaa 1px solid"> <a href="/wiki/Private_equity_in_the_1990s" title="Private equity in the 1990s">The 1990s</a></th></tr><tr><td class="sidebar-content"> (<a href="/wiki/Leveraged_buyout" title="Leveraged buyout">leveraged buyout</a> and the venture capital bubble)</td> </tr><tr><th class="sidebar-heading" style="border-top:#aaa 1px solid"> <a href="/wiki/Private_equity_in_the_2000s" title="Private equity in the 2000s">The 2000s</a></th></tr><tr><td class="sidebar-content"> (<a href="/wiki/Dot-com_bubble" title="Dot-com bubble">dot-com bubble</a> to the <a href="/wiki/Credit_crunch" title="Credit crunch">credit crunch</a>)</td> </tr><tr><th class="sidebar-heading" style="border-top:#aaa 1px solid"> <a href="/wiki/Private_equity_in_the_2010s" title="Private equity in the 2010s">The 2010s</a></th></tr><tr><td class="sidebar-content"> (expansion)</td> </tr><tr><th class="sidebar-heading" style="border-top:#aaa 1px solid"> <a href="/wiki/Private_equity_in_the_2020s" title="Private equity in the 2020s">The 2020s</a></th></tr><tr><td class="sidebar-content"> (<a href="/wiki/COVID-19_recession" title="COVID-19 recession">COVID-19 recession</a>)</td> </tr><tr><td class="sidebar-navbar"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><style data-mw-deduplicate="TemplateStyles:r1239400231">.mw-parser-output .navbar{display:inline;font-size:88%;font-weight:normal}.mw-parser-output .navbar-collapse{float:left;text-align:left}.mw-parser-output .navbar-boxtext{word-spacing:0}.mw-parser-output .navbar ul{display:inline-block;white-space:nowrap;line-height:inherit}.mw-parser-output .navbar-brackets::before{margin-right:-0.125em;content:"[ "}.mw-parser-output .navbar-brackets::after{margin-left:-0.125em;content:" ]"}.mw-parser-output .navbar li{word-spacing:-0.125em}.mw-parser-output .navbar a>span,.mw-parser-output .navbar a>abbr{text-decoration:inherit}.mw-parser-output .navbar-mini abbr{font-variant:small-caps;border-bottom:none;text-decoration:none;cursor:inherit}.mw-parser-output .navbar-ct-full{font-size:114%;margin:0 7em}.mw-parser-output .navbar-ct-mini{font-size:114%;margin:0 4em}html.skin-theme-clientpref-night .mw-parser-output .navbar li a abbr{color:var(--color-base)!important}@media(prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .navbar li a abbr{color:var(--color-base)!important}}@media print{.mw-parser-output .navbar{display:none!important}}</style><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:History_of_private_equity_and_venture_capital" title="Template:History of private equity and venture capital"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:History_of_private_equity_and_venture_capital" title="Template talk:History of private equity and venture capital"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:History_of_private_equity_and_venture_capital" title="Special:EditPage/Template:History of private equity and venture capital"><abbr title="Edit this template">e</abbr></a></li></ul></div></td></tr></tbody></table> <p>Since the 1990s, SPACs have existed in the technology, healthcare, logistics, media, retail and telecommunications industries. Their history began with investment bank <a href="/w/index.php?title=GKN_Securities&action=edit&redlink=1" class="new" title="GKN Securities (page does not exist)">GKN Securities</a>, specifically, founders David Nussbaum,<sup id="cite_ref-21" class="reference"><a href="#cite_note-21"><span class="cite-bracket">[</span>21<span class="cite-bracket">]</span></a></sup> Roger Gladstone, and Robert Gladstone, who later founded EarlyBirdCapital with Steve Levine and David Miller (currently managing partner of Graubard Miller law firm) and who developed the template.<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (April 2022)">citation needed</span></a></i>]</sup> </p><p>The success of SPACs in building equity value for their shareholders has drawn interest from investors such as <a href="/wiki/Bill_Ackman" title="Bill Ackman">Bill Ackman</a> who had backed three SPACs as of 2015, including the SPAC that took <a href="/wiki/Burger_King" title="Burger King">Burger King</a> public.<sup id="cite_ref-22" class="reference"><a href="#cite_note-22"><span class="cite-bracket">[</span>22<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-23" class="reference"><a href="#cite_note-23"><span class="cite-bracket">[</span>23<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-24" class="reference"><a href="#cite_note-24"><span class="cite-bracket">[</span>24<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-25" class="reference"><a href="#cite_note-25"><span class="cite-bracket">[</span>25<span class="cite-bracket">]</span></a></sup> </p> <div class="center" style="width:auto; margin-left:auto; margin-right:auto;">SPAC IPOs have experienced drastic fluctuations since 2009, peaking in 2021, when <a rel="nofollow" class="external text" href="https://spacinsider.com/data/stats">SPACInsider</a> reports a record $162.503 billion was raised:</div> <table class="wikitable" style="margin:1em auto; max-width:350px; text-align:center;"> <caption>SPAC IPOs in the United States<sup id="cite_ref-SPACInsiderStats_26-0" class="reference"><a href="#cite_note-SPACInsiderStats-26"><span class="cite-bracket">[</span>26<span class="cite-bracket">]</span></a></sup> </caption> <tbody><tr> <th style="text-align:center">IPO Year </th> <th style="text-align:center">IPO Count </th> <th style="text-align:center">Gross Public Proceeds <br />(in billions) </th></tr> <tr> <td>2009 </td> <td>1 </td> <td>$0.036 </td></tr> <tr> <td>2010 </td> <td>7 </td> <td>$0.503 </td></tr> <tr> <td>2011 </td> <td>15 </td> <td>$1.082 </td></tr> <tr> <td>2012 </td> <td>9 </td> <td>$0.491 </td></tr> <tr> <td>2013 </td> <td>10 </td> <td>$1.455 </td></tr> <tr> <td>2014 </td> <td>12 </td> <td>$1.750 </td></tr> <tr> <td>2015 </td> <td>20 </td> <td>$3.902 </td></tr> <tr> <td>2016 </td> <td>13 </td> <td>$3.499 </td></tr> <tr> <td>2017 </td> <td>34 </td> <td>$10.048 </td></tr> <tr> <td>2018 </td> <td>46 </td> <td>$10.752 </td></tr> <tr> <td>2019 </td> <td>59 </td> <td>$13.608 </td></tr> <tr> <td>2020 </td> <td>248 </td> <td>$83.380 </td></tr> <tr> <td>2021 </td> <td>613 </td> <td>$162.503 </td></tr> <tr> <td>2022 </td> <td>86 </td> <td>$13.431 </td></tr> <tr> <td>2023 </td> <td>31 </td> <td>$3.848 </td></tr> <tr> <td>2024* </td> <td>8 </td> <td>$1.271 </td></tr></tbody></table> <figure class="mw-halign-center" typeof="mw:File/Thumb"><a href="/wiki/File:Summary-by-year-2024-spacinsider.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/0/00/Summary-by-year-2024-spacinsider.jpg/1000px-Summary-by-year-2024-spacinsider.jpg" decoding="async" width="1000" height="251" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/0/00/Summary-by-year-2024-spacinsider.jpg/1500px-Summary-by-year-2024-spacinsider.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/0/00/Summary-by-year-2024-spacinsider.jpg 2x" data-file-width="1917" data-file-height="482" /></a><figcaption>Graph-diagram of the number of <a href="/wiki/IPO" class="mw-redirect" title="IPO">IPO</a> companies which used SPAC to go public.*<sup id="cite_ref-SPACInsiderStats_26-1" class="reference"><a href="#cite_note-SPACInsiderStats-26"><span class="cite-bracket">[</span>26<span class="cite-bracket">]</span></a></sup></figcaption></figure> <p>*As of 16 May 2024<sup class="plainlinks noexcerpt noprint asof-tag update" style="display:none;"><a class="external text" href="https://en.wikipedia.org/w/index.php?title=Special-purpose_acquisition_company&action=edit">[update]</a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Regulation">Regulation</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Special-purpose_acquisition_company&action=edit&section=10" title="Edit section: Regulation"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In the US the SPAC public offering structure is governed by the Securities and Exchange Commission (SEC). A public offering for a SPAC is typically filed with the SEC under an S-1 registration statement (or an F-1 for a foreign private issuer) and is classified by the SEC under <a href="/wiki/SIC_code" class="mw-redirect" title="SIC code">SIC code</a> 6770 - <a href="/wiki/Blank_cheque#In_finance" title="Blank cheque">Blank Checks</a>. Full disclosure of the SPAC structure, target industries or geographic regions, management team biographies, share ownership, potential conflicts of interest and risk factors are standard material covered in the S-1 registration statement. It is believed that the SEC has studied SPACs to determine whether they require special regulations to ensure that these vehicles are not abused as blind pool trusts<sup class="noprint Inline-Template" style="margin-left:0.1em; white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Please_clarify" title="Wikipedia:Please clarify"><span title="The text near this tag may need clarification or removal of jargon. (February 2021)">clarification needed</span></a></i>]</sup> and blank-check corporations have been over the years. Many<sup class="noprint Inline-Template" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Manual_of_Style/Words_to_watch#Unsupported_attributions" title="Wikipedia:Manual of Style/Words to watch"><span title="The material near this tag possibly uses too-vague attribution or weasel words. (February 2021)">who?</span></a></i>]</sup> believe that SPACs do have <a href="/wiki/Corporate_governance" title="Corporate governance">corporate governance</a> mechanisms in place to protect shareholders. SPACs listed on the <a href="/wiki/American_Stock_Exchange" class="mw-redirect" title="American Stock Exchange">American Stock Exchange</a> are required to be <a href="/wiki/Sarbanes-Oxley" class="mw-redirect" title="Sarbanes-Oxley">Sarbanes-Oxley</a> compliant at the time of the offering, including such mandatory requirements as a majority of the board of directors being <a href="/wiki/Interlocking_directorate" title="Interlocking directorate">independent</a>, and having <a href="/wiki/Audit_committee" title="Audit committee">audit</a> and <a href="/wiki/Compensation_committee" class="mw-redirect" title="Compensation committee">compensation committees</a>.<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (April 2022)">citation needed</span></a></i>]</sup> </p> <div class="mw-heading mw-heading3"><h3 id="Regulatory_Developments">Regulatory Developments</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Special-purpose_acquisition_company&action=edit&section=11" title="Edit section: Regulatory Developments"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In 2022, <a href="/wiki/Elizabeth_Warren" title="Elizabeth Warren">Elizabeth Warren</a> released a report showing that Wall Street insiders were using SPACs in ways that harmed investors, and called for regulations to curb the abuse.<sup id="cite_ref-27" class="reference"><a href="#cite_note-27"><span class="cite-bracket">[</span>27<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-28" class="reference"><a href="#cite_note-28"><span class="cite-bracket">[</span>28<span class="cite-bracket">]</span></a></sup> </p><p>On January 24th, 2024, the SEC unveiled new rules for Special Purpose Acquisition Companies (SPACs), introducing clarifications to enhance regulatory transparency and integrity without significantly altering the existing framework. Critical updates include maintaining the current stance on SPACs under the '40 Act and the definition of banks as underwriters while refining the criteria for forward-looking statements by redefining "blank check company" and eliminating one safe harbor provision.<sup id="cite_ref-SPACInsiderNews_29-0" class="reference"><a href="#cite_note-SPACInsiderNews-29"><span class="cite-bracket">[</span>29<span class="cite-bracket">]</span></a></sup> Additionally, the SEC has encouraged more realistic management projections for DeSPAC transactions and required detailed disclosures on board votes and the dilutive impacts of compensation and securities issuances.<sup id="cite_ref-SPACInsiderNews_29-1" class="reference"><a href="#cite_note-SPACInsiderNews-29"><span class="cite-bracket">[</span>29<span class="cite-bracket">]</span></a></sup> These developments aim to enhance transparency and integrity within the SPAC ecosystem, reflecting a cautious approach to regulation without fundamentally altering existing practices.<sup id="cite_ref-SPACInsiderNews_29-2" class="reference"><a href="#cite_note-SPACInsiderNews-29"><span class="cite-bracket">[</span>29<span class="cite-bracket">]</span></a></sup> Warren commended the SEC on the new rules.<sup id="cite_ref-30" class="reference"><a href="#cite_note-30"><span class="cite-bracket">[</span>30<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Statistics">Statistics</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Special-purpose_acquisition_company&action=edit&section=12" title="Edit section: Statistics"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>According to an industry study published in January 2019, from 2004 through 2018, approximately $49.14 billion was raised across 332 SPAC IPOs in the US. In that period, 2018 was the largest year for SPAC issuance since 2007, with 46 SPAC IPOs raising approximately $10.74 billion. SPACs seeking an acquisition in the energy sector raised $1.4bn in 2018, after raising a record $3.9bn in 2017. NASDAQ was the most common listing exchange for SPACs in 2018, with 34 SPACs raising $6.4bn. GS Acquisition Holdings Corp. and Churchill Capital Corp. raised the largest SPACs of 2018, with $690mm each in IPO proceeds.<sup id="cite_ref-31" class="reference"><a href="#cite_note-31"><span class="cite-bracket">[</span>31<span class="cite-bracket">]</span></a></sup> In 2019, 59 SPAC IPO's raised $13.6 billion.<sup id="cite_ref-SPAC_Research_32-0" class="reference"><a href="#cite_note-SPAC_Research-32"><span class="cite-bracket">[</span>32<span class="cite-bracket">]</span></a></sup> Nearly 250 SPACs raised more than $83 billion in 2020. In the first month of 2021 there were 75 SPACs.<sup id="cite_ref-33" class="reference"><a href="#cite_note-33"><span class="cite-bracket">[</span>33<span class="cite-bracket">]</span></a></sup> </p><p>In a March 2020 event, <a href="/wiki/Allison_Lee" title="Allison Lee">Allison Lee</a>, acting chair of the <a href="/wiki/Securities_and_Exchange_Commission" class="mw-redirect" title="Securities and Exchange Commission">SEC</a>, said that the "investment returns don't match the hype surrounding the SPAC bubble."<sup id="cite_ref-34" class="reference"><a href="#cite_note-34"><span class="cite-bracket">[</span>34<span class="cite-bracket">]</span></a></sup> </p><p>From 2009 to 2024, the landscape of SPAC IPOs has seen considerable variance. In 2009, a single SPAC IPO garnered $36 million, marking a modest start. Over the years, activity increased, peaking in 2021 with 613 IPOs that collectively raised around $162 billion, averaging $265 million per IPO.<sup id="cite_ref-SPACInsiderStats_26-2" class="reference"><a href="#cite_note-SPACInsiderStats-26"><span class="cite-bracket">[</span>26<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Past_performance">Past performance</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Special-purpose_acquisition_company&action=edit&section=13" title="Edit section: Past performance"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>A study found that as of the 1st of December 2022, American-listed SPACs that completed their mergers between July 2020 and December 2021 had a mean share price of $3.85. This constitutes a fall of over 60% from the standard $10 per share that SPAC shareholders could have received if they redeemed their shares. The study also found that “<i>The average post-merger SPAC during this period underperformed the average traditional IPO by 26%.</i>”<sup id="cite_ref-35" class="reference"><a href="#cite_note-35"><span class="cite-bracket">[</span>35<span class="cite-bracket">]</span></a></sup> Another study, focusing on a longer timeframe of U.S. SPACs from December 2012 until June 2021 found average stock price decreases of 14.1% after 1 year of the merger announcement and 18% after 2 years.<sup id="cite_ref-36" class="reference"><a href="#cite_note-36"><span class="cite-bracket">[</span>36<span class="cite-bracket">]</span></a></sup> </p><p>In 2022, the SPAC market shrank significantly, with only 86 SPAC IPOs compared to 613 in 2021, reflecting more challenging economic conditions and increased regulatory scrutiny. Total funds raised dropped to $13.4 billion from $162.5 billion in 2021, and the average IPO size decreased from $265.1 million to $156.1 million. Despite these challenges, 103 merger deals were completed, illustrating ongoing difficulties in securing successful mergers.<sup id="cite_ref-SPACInsider_2022_SPAC_Review_37-0" class="reference"><a href="#cite_note-SPACInsider_2022_SPAC_Review-37"><span class="cite-bracket">[</span>37<span class="cite-bracket">]</span></a></sup> </p><p>In 2023, the SPAC market faced challenges with only 31 IPOs due to higher interest rates and stricter financial policies. However, there were signs of stabilization towards the year's end. The total raised was $3.8 billion, with an average IPO size of $124.1 million, and 98 mergers were completed. A slight improvement in initial trading performance by December suggested a potential stabilization, with IPOs closing slightly above their expected values, offering a hopeful outlook for 2024.<sup id="cite_ref-SPACInsider_2023_SPAC_Review_38-0" class="reference"><a href="#cite_note-SPACInsider_2023_SPAC_Review-38"><span class="cite-bracket">[</span>38<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="See_also">See also</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Special-purpose_acquisition_company&action=edit&section=14" title="Edit section: See also"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><a href="/wiki/Capital_formation" title="Capital formation">Capital formation</a></li> <li><a href="/wiki/Direct_public_offering" title="Direct public offering">Direct listing</a></li> <li><a href="/wiki/Initial_public_offering" title="Initial public offering">Initial public offering</a></li> <li><a href="/wiki/Reverse_IPO" class="mw-redirect" title="Reverse IPO">Reverse IPO</a></li> <li><a href="/wiki/Special-purpose_entity" title="Special-purpose entity">Special-purpose entity</a></li></ul> <div class="mw-heading mw-heading2"><h2 id="References">References</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Special-purpose_acquisition_company&action=edit&section=15" title="Edit section: References"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1239543626">.mw-parser-output .reflist{margin-bottom:0.5em;list-style-type:decimal}@media screen{.mw-parser-output .reflist{font-size:90%}}.mw-parser-output .reflist .references{font-size:100%;margin-bottom:0;list-style-type:inherit}.mw-parser-output .reflist-columns-2{column-width:30em}.mw-parser-output .reflist-columns-3{column-width:25em}.mw-parser-output .reflist-columns{margin-top:0.3em}.mw-parser-output .reflist-columns ol{margin-top:0}.mw-parser-output .reflist-columns li{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .reflist-upper-alpha{list-style-type:upper-alpha}.mw-parser-output .reflist-upper-roman{list-style-type:upper-roman}.mw-parser-output .reflist-lower-alpha{list-style-type:lower-alpha}.mw-parser-output .reflist-lower-greek{list-style-type:lower-greek}.mw-parser-output .reflist-lower-roman{list-style-type:lower-roman}</style><div class="reflist reflist-columns references-column-width"> <ol class="references"> <li id="cite_note-NPR_1-1"><span class="mw-cite-backlink"><b><a href="#cite_ref-NPR_1_1-0">^</a></b></span> <span class="reference-text"><style data-mw-deduplicate="TemplateStyles:r1238218222">.mw-parser-output cite.citation{font-style:inherit;word-wrap:break-word}.mw-parser-output .citation q{quotes:"\"""\"""'""'"}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}.mw-parser-output .id-lock-free.id-lock-free a{background:url("//upload.wikimedia.org/wikipedia/commons/6/65/Lock-green.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-limited.id-lock-limited a,.mw-parser-output .id-lock-registration.id-lock-registration a{background:url("//upload.wikimedia.org/wikipedia/commons/d/d6/Lock-gray-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-subscription.id-lock-subscription a{background:url("//upload.wikimedia.org/wikipedia/commons/a/aa/Lock-red-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .cs1-ws-icon a{background:url("//upload.wikimedia.org/wikipedia/commons/4/4c/Wikisource-logo.svg")right 0.1em center/12px no-repeat}body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-free a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-limited a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-registration a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-subscription a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .cs1-ws-icon a{background-size:contain;padding:0 1em 0 0}.mw-parser-output .cs1-code{color:inherit;background:inherit;border:none;padding:inherit}.mw-parser-output .cs1-hidden-error{display:none;color:var(--color-error,#d33)}.mw-parser-output .cs1-visible-error{color:var(--color-error,#d33)}.mw-parser-output .cs1-maint{display:none;color:#085;margin-left:0.3em}.mw-parser-output .cs1-kern-left{padding-left:0.2em}.mw-parser-output .cs1-kern-right{padding-right:0.2em}.mw-parser-output .citation .mw-selflink{font-weight:inherit}@media screen{.mw-parser-output .cs1-format{font-size:95%}html.skin-theme-clientpref-night .mw-parser-output .cs1-maint{color:#18911f}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .cs1-maint{color:#18911f}}</style><cite id="CITEREFDomonoske2020" class="citation news cs1">Domonoske, Camila (2020-12-29). <a rel="nofollow" class="external text" href="https://www.npr.org/2020/12/29/949257672/the-spectacular-rise-of-spacs-the-backwards-ipo-thats-taking-over-wall-street">"The Spectacular Rise Of SPACs: The Backwards IPO That's Taking Over Wall Street"</a>. <i><a href="/wiki/NPR" title="NPR">NPR</a></i>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20210222190749/https://www.npr.org/2020/12/29/949257672/the-spectacular-rise-of-spacs-the-backwards-ipo-thats-taking-over-wall-street">Archived</a> from the original on 2021-02-22. <q>So what is a SPAC? A "special purpose acquisition company" is a way for a company to go public without all the paperwork of a traditional IPO, or initial public offering. In an IPO, a company announces it wants to go public, then discloses a lot of details about its business operations. After that, investors put money into the company in exchange for shares. A SPAC flips that process around. Investors pool their money together first, with no idea what company they're investing in. The SPAC goes public as a shell company. The required disclosures are easier than those for a regular IPO, because a pile of money doesn't have any business operations to describe. Then, generally, the SPAC goes out and looks for a real company that wants to go public, and they merge together. 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(2018). <i>Regulation A+ and Other Alternatives to a Traditional IPO</i>. Hoboken, New Jersey: Wiley. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/9781119416166" title="Special:BookSources/9781119416166"><bdi>9781119416166</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Regulation+A%2B+and+Other+Alternatives+to+a+Traditional+IPO&rft.place=Hoboken%2C+New+Jersey&rft.pub=Wiley&rft.date=2018&rft.isbn=9781119416166&rft.aulast=Feldman&rft.aufirst=David+N.&rfr_id=info%3Asid%2Fen.wikipedia.org%3ASpecial-purpose+acquisition+company" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFKlausnerOhlroggeRuan2021" class="citation journal cs1">Klausner, Michael; Ohlrogge, Michael; Ruan, Emily (2021). "A Sober Look at SPACs". <i>Stanford Law and Economics Olin Working Paper</i>. <b>559</b>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Stanford+Law+and+Economics+Olin+Working+Paper&rft.atitle=A+Sober+Look+at+SPACs&rft.volume=559&rft.date=2021&rft.aulast=Klausner&rft.aufirst=Michael&rft.au=Ohlrogge%2C+Michael&rft.au=Ruan%2C+Emily&rfr_id=info%3Asid%2Fen.wikipedia.org%3ASpecial-purpose+acquisition+company" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFPollard2016" class="citation journal cs1">Pollard, Troy (2016). <a rel="nofollow" class="external text" href="https://scholar.colorado.edu/acct_gradetds/10">"Sneaking in the back door? An evaluation of reverse mergers and IPOs"</a>. <i>Review of Quantitative Finance and Accounting</i>. <b>47</b> (2): 305–341. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1007%2Fs11156-015-0502-8">10.1007/s11156-015-0502-8</a>. <a href="/wiki/S2CID_(identifier)" class="mw-redirect" title="S2CID (identifier)">S2CID</a> <a rel="nofollow" class="external text" href="https://api.semanticscholar.org/CorpusID:54029302">54029302</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Review+of+Quantitative+Finance+and+Accounting&rft.atitle=Sneaking+in+the+back+door%3F+An+evaluation+of+reverse+mergers+and+IPOs&rft.volume=47&rft.issue=2&rft.pages=305-341&rft.date=2016&rft_id=info%3Adoi%2F10.1007%2Fs11156-015-0502-8&rft_id=https%3A%2F%2Fapi.semanticscholar.org%2FCorpusID%3A54029302%23id-name%3DS2CID&rft.aulast=Pollard&rft.aufirst=Troy&rft_id=https%3A%2F%2Fscholar.colorado.edu%2Facct_gradetds%2F10&rfr_id=info%3Asid%2Fen.wikipedia.org%3ASpecial-purpose+acquisition+company" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFSjostrom2007–2008" class="citation journal cs1">Sjostrom, W. K. Jr. (2007–2008). "The Truth About Reverse Mergers". <i>Entrepreneurial Business Law Journal</i>. <b>2</b>: 743–751.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Entrepreneurial+Business+Law+Journal&rft.atitle=The+Truth+About+Reverse+Mergers&rft.volume=2&rft.pages=743-751&rft.date=2007%2F2008&rft.aulast=Sjostrom&rft.aufirst=W.+K.+Jr.&rfr_id=info%3Asid%2Fen.wikipedia.org%3ASpecial-purpose+acquisition+company" class="Z3988"></span></li></ul> <div class="mw-heading mw-heading2"><h2 id="External_links">External links</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Special-purpose_acquisition_company&action=edit&section=17" title="Edit section: External links"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><a rel="nofollow" class="external text" href="https://www.investopedia.com/terms/s/spac.asp">Investopedia</a></li> <li><a rel="nofollow" class="external text" href="https://www.sec.gov/answers/blankcheck.htm">Blank Check Company</a></li> <li><a rel="nofollow" class="external text" href="https://www.latimes.com/entertainment-arts/business/newsletter/2021-02-16/hollywood-spacs-beachbody-investments-disney-the-wide-shot">Article about SPACs in the entertainment industry</a></li></ul> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><style data-mw-deduplicate="TemplateStyles:r1236075235">.mw-parser-output .navbox{box-sizing:border-box;border:1px solid #a2a9b1;width:100%;clear:both;font-size:88%;text-align:center;padding:1px;margin:1em auto 0}.mw-parser-output .navbox .navbox{margin-top:0}.mw-parser-output .navbox+.navbox,.mw-parser-output .navbox+.navbox-styles+.navbox{margin-top:-1px}.mw-parser-output .navbox-inner,.mw-parser-output .navbox-subgroup{width:100%}.mw-parser-output .navbox-group,.mw-parser-output .navbox-title,.mw-parser-output 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.navbox-odd{background-color:transparent}.mw-parser-output .navbox .hlist td dl,.mw-parser-output .navbox .hlist td ol,.mw-parser-output .navbox .hlist td ul,.mw-parser-output .navbox td.hlist dl,.mw-parser-output .navbox td.hlist ol,.mw-parser-output .navbox td.hlist ul{padding:0.125em 0}.mw-parser-output .navbox .navbar{display:block;font-size:100%}.mw-parser-output .navbox-title .navbar{float:left;text-align:left;margin-right:0.5em}body.skin--responsive .mw-parser-output .navbox-image img{max-width:none!important}@media print{body.ns-0 .mw-parser-output .navbox{display:none!important}}</style></div><div role="navigation" class="navbox" aria-labelledby="Private_equity_and_venture_capital" style="padding:3px"><table class="nowraplinks hlist mw-collapsible autocollapse navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="2"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231"><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Private_equity_and_venture_capital" title="Template:Private equity and venture capital"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Private_equity_and_venture_capital" title="Template talk:Private equity and venture capital"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Private_equity_and_venture_capital" title="Special:EditPage/Template:Private equity and venture capital"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="Private_equity_and_venture_capital" style="font-size:114%;margin:0 4em"><a href="/wiki/Private_equity" title="Private equity">Private equity</a> and <a href="/wiki/Venture_capital" title="Venture capital">venture capital</a></div></th></tr><tr><th scope="row" class="navbox-group" style="width:1%">Investment types</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Buyout" title="Buyout">Buyout</a> <ul><li><a href="/wiki/Leveraged_buyout" title="Leveraged buyout">Leveraged</a></li></ul></li> <li><a href="/wiki/Venture_capital" title="Venture capital">Venture</a></li> <li><a href="/wiki/Mezzanine_capital" title="Mezzanine capital">Mezzanine</a></li> <li><a href="/wiki/Growth_capital" title="Growth capital">Growth</a></li> <li><a href="/wiki/Private_equity_secondary_market" class="mw-redirect" title="Private equity secondary market">Secondaries</a></li> <li><a href="/wiki/Equity_co-investment" title="Equity co-investment">Equity co-investment</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/History_of_private_equity_and_venture_capital" title="History of private equity and venture capital">History</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Early_history_of_private_equity" title="Early history of private equity">Early history</a></li> <li><a href="/wiki/Private_equity_in_the_1980s" title="Private equity in the 1980s">1980s</a></li> <li><a href="/wiki/Private_equity_in_the_1990s" title="Private equity in the 1990s">1990s</a></li> <li><a href="/wiki/Private_equity_in_the_2000s" title="Private equity in the 2000s">2000s</a></li> <li><a href="/wiki/Private_equity_in_the_2010s" title="Private equity in the 2010s">2010s</a></li> <li><a href="/wiki/Private_equity_in_the_2020s" title="Private equity in the 2020s">2020s</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Terms and <br />concepts</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Leveraged_buyout" title="Leveraged buyout">Buyout</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Financial_sponsor" title="Financial sponsor">Financial sponsor</a></li> <li><a href="/wiki/Management_buyout" title="Management buyout">Management buyout</a></li> <li><a href="/wiki/Divisional_buyout" title="Divisional buyout">Divisional buyout</a></li> <li><a href="/wiki/Buy%E2%80%93sell_agreement" title="Buy–sell agreement">Buy–sell agreement</a></li> <li><a href="/wiki/Leveraged_recapitalization" title="Leveraged recapitalization">Leveraged recapitalization</a></li> <li><a href="/wiki/Dividend_recapitalization" title="Dividend recapitalization">Dividend recapitalization</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Venture_capital" title="Venture capital">Venture</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Angel_investor" title="Angel investor">Angel investor</a></li> <li><a href="/wiki/Business_incubator" title="Business incubator">Business incubator</a></li> <li><a href="/wiki/Post-money_valuation" title="Post-money valuation">Post-money valuation</a></li> <li><a href="/wiki/Pre-money_valuation" title="Pre-money valuation">Pre-money valuation</a></li> <li><a href="/wiki/Simple_agreement_for_future_equity" title="Simple agreement for future equity">SAFE</a></li> <li><a href="/wiki/Seed_money" title="Seed money">Seed money</a></li> <li><a href="/wiki/Startup_company" title="Startup company">Startup company</a></li> <li><a href="/wiki/Venture_capital_financing" class="mw-redirect" title="Venture capital financing">Venture capital financing</a></li> <li><a href="/wiki/Venture_debt" title="Venture debt">Venture debt</a></li> <li><a href="/wiki/Venture_round" title="Venture round">Venture round</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Structure</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Private_equity_firm" title="Private equity firm">Private equity firms</a> and <a href="/wiki/Private_equity_fund" title="Private equity fund">funds</a></li> <li><a href="/wiki/Limited_partnership" title="Limited partnership">Limited partnership</a></li> <li><a href="/wiki/Limited_liability_company" title="Limited liability company">Limited liability company</a></li> <li><a href="/wiki/Carried_interest" title="Carried interest">Carried interest</a></li> <li><a href="/wiki/Management_fee" title="Management fee">Management fee</a></li> <li><a href="/wiki/Pledge_fund" title="Pledge fund">Pledge fund</a></li> <li><a href="/wiki/Publicly_traded_private_equity" title="Publicly traded private equity">Publicly traded private equity</a> <ul><li><a href="/wiki/Business_Development_Company" title="Business Development Company">Business Development Company</a></li> <li><a href="/wiki/Venture_capital_trust" title="Venture capital trust">Venture capital trust</a></li></ul></li> <li><a href="/wiki/Private_investment_in_public_equity" title="Private investment in public equity">Private investment in public equity (PIPE)</a></li> <li><a class="mw-selflink selflink">SPAC</a></li></ul> </div></td></tr></tbody></table><div></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Investors</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Corporate_venture_capital" title="Corporate venture capital">Corporations</a></li> <li><a href="/wiki/Institutional_investor" title="Institutional investor">Institutional investors</a></li> <li><a href="/wiki/Pension_fund" title="Pension fund">Pension funds</a></li> <li><a href="/wiki/Insurance#Insurance_companies" title="Insurance">Insurance companies</a></li> <li><a href="/wiki/Fund_of_funds" title="Fund of funds">Fund of funds</a></li> <li><a href="/wiki/Financial_endowment" title="Financial endowment">Endowments</a></li> <li><a href="/wiki/Private_foundation" title="Private foundation">Foundations</a></li> <li><a href="/wiki/Investment_banking" title="Investment banking">Investment banks</a></li> <li><a href="/wiki/Merchant_bank" title="Merchant bank">Merchant banks</a></li> <li><a href="/wiki/Commercial_bank" title="Commercial bank">Commercial banks</a></li> <li><a href="/wiki/High-net-worth_individual" title="High-net-worth individual">High-net-worth individuals</a></li> <li><a href="/wiki/Family_office" title="Family office">Family offices</a></li> <li><a href="/wiki/Sovereign_wealth_fund" title="Sovereign wealth fund">Sovereign wealth funds</a></li> <li><a href="/wiki/Crowdfunding" title="Crowdfunding">Crowdfunding</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Related <br />financial terms</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Assets_under_management" title="Assets under management">AUM</a></li> <li><a href="/wiki/Capitalization_table" title="Capitalization table">Cap table</a></li> <li><a href="/wiki/Capital_call" title="Capital call">Capital call</a></li> <li><a href="/wiki/Capital_commitment" title="Capital commitment">Capital commitment</a></li> <li><a href="/wiki/Capital_structure" title="Capital structure">Capital structure</a></li> <li><a href="/wiki/Distribution_waterfall" title="Distribution waterfall">Distribution waterfall</a></li> <li><a href="/wiki/Earnings_before_interest,_taxes,_depreciation_and_amortization" title="Earnings before interest, taxes, depreciation and amortization">EBITDA</a></li> <li><a href="/wiki/Envy_ratio" title="Envy ratio">Envy ratio</a></li> <li><a href="/wiki/High-yield_debt" title="High-yield debt">High-yield debt</a></li> <li><a href="/wiki/Initial_public_offering" title="Initial public offering">IPO</a></li> <li><a href="/wiki/Internal_rate_of_return" title="Internal rate of return">IRR</a></li> <li><a href="/wiki/Leverage_(finance)" title="Leverage (finance)">Leverage</a></li> <li><a href="/wiki/Liquidation_preference" title="Liquidation preference">Liquidation preference</a></li> <li><a href="/wiki/Mergers_and_acquisitions" title="Mergers and acquisitions">M&A</a></li> <li><a href="/wiki/Public_Market_Equivalent" title="Public Market Equivalent">PME</a></li> <li><a href="/wiki/Taxation_of_private_equity_and_hedge_funds" title="Taxation of private equity and hedge funds">Taxation of private equity and hedge funds</a></li> <li><a href="/wiki/Undercapitalization" title="Undercapitalization">Undercapitalization</a></li> <li><a href="/wiki/Vintage_year" title="Vintage year">Vintage year</a></li></ul> </div></td></tr><tr><td class="navbox-abovebelow" colspan="2"><div> <ul><li><span class="noviewer" typeof="mw:File"><span title="Category"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/16px-Symbol_category_class.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/23px-Symbol_category_class.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/31px-Symbol_category_class.svg.png 2x" data-file-width="180" data-file-height="185" /></span></span><a href="/wiki/Category:Private_equity_and_venture_capital_investors" title="Category:Private equity and venture capital investors">Private equity and venture capital investors</a></li> <li><span class="noviewer" typeof="mw:File"><span title="Category"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/16px-Symbol_category_class.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/23px-Symbol_category_class.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/31px-Symbol_category_class.svg.png 2x" data-file-width="180" data-file-height="185" /></span></span> <a href="/wiki/Category:Private_equity_firms" title="Category:Private equity firms">Private equity firms</a></li> <li><span class="noviewer" typeof="mw:File"><span title="List-Class article"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/d/db/Symbol_list_class.svg/16px-Symbol_list_class.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/d/db/Symbol_list_class.svg/23px-Symbol_list_class.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/d/db/Symbol_list_class.svg/31px-Symbol_list_class.svg.png 2x" data-file-width="180" data-file-height="185" /></span></span> <a href="/wiki/List_of_private_equity_firms" title="List of private equity firms">List of private equity firms</a></li> <li><span class="noviewer" typeof="mw:File"><span title="Category"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/16px-Symbol_category_class.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/23px-Symbol_category_class.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/31px-Symbol_category_class.svg.png 2x" data-file-width="180" data-file-height="185" /></span></span><a href="/wiki/Category:Venture_capital_firms" title="Category:Venture capital firms">Venture capital firms</a></li> <li><span class="noviewer" typeof="mw:File"><span title="List-Class article"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/d/db/Symbol_list_class.svg/16px-Symbol_list_class.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/d/db/Symbol_list_class.svg/23px-Symbol_list_class.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/d/db/Symbol_list_class.svg/31px-Symbol_list_class.svg.png 2x" data-file-width="180" data-file-height="185" /></span></span> <a href="/wiki/List_of_venture_capital_firms" title="List of venture capital firms">List of venture capital firms</a></li> <li><span class="noviewer" typeof="mw:File"><span title="Category"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/16px-Symbol_category_class.svg.png" decoding="async" width="16" height="16" class="mw-file-element" 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