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Special purposes, or SPACS, were the major companies in 2021 when everyone was from Mogul Martha Stewart to politicians like Paul Ryan investing in them. Spacs, known as empty examination companies, are also known as companies for the back door to become a public company by obtaining it by Shell. However, the direction of 2021 did not last as long as more than 60 % of the empty examination companies of that year were unable to complete the merging process and had to return the money to the investors, giving SPACS a dumpling name in this process. Now, empty examination companies have returned, but this year’s crop is a different breed. Celebrities, the tannah faded, and many Spacs come from the serial shepherds who, well, just a little boring.
So far in 2025, 61 companies have become publicly empty checks, raising $ 12.4 billion as of June 26, although it is difficult to evaluate its success because it usually takes months until the acquisition is done. This compares only 16 Spacs for the same period last year, which raised $ 2.5 billion, according to Dealogic. So far, no of this year’s deals have found a merger.
The $ 12.4 billion is the most breeding by empty companies since 2021, when the Spac market was burning. That year, 613 empty check companies were recorded, raising about $ 162.6 billion in revenue.
SPACS, Ben Kawwasnik, said that SPACS enjoy “some revival.” Empty examination companies are on the right track this year to raise $ 25 billion, a decrease of approximately 85 % from 2021, but the total KWASNICK is believed to be more sustainable. “There is still a big demand for the Spac market,” he said.
A closer look shows that Spacs was not really left. However, their disappointing results are expressed in the sector and led to the exit of many investors. Empty check companies usually have between 18 to 24 months to buy a company, or money must be returned to investors. Nearly 39 % of the 2021 category has managed to complete the merger, or De-SPAC, according to Research Spac. This led to many deals that were initially circulated well, but then crashed. One of the most famous is the Buzzfeed mix with an empty check company in December 2021. Buzzfeed rose at the beginning to $ 14.77 from $ 10 per share and I finish Its first day as a 11 % public company. The stock is currently trading at $ 2 per share.
However, some investors from 2021 SPACS managed to recover their money. Stephen Ashley, a partner with the law firm Bilsbury Winthrob Shao Bitman, said that there are many empty examination companies in 2021 chasing a small number of acquisitions. When they could not complete the merger before the deadline, Spacs was forced to filter. Some investors also regained their shares before Check Blank completed a merging process. Ashley said that both groups have recovered their money. He said: “A large number of these investors may be ready to consider investments in another round of Spacs with more experienced sponsors.”
Of course, about 2021 investors grabbed their shares after SPAC completed its merger with a company and ends up with the shares in the rest of the entity, although many of them lost money. KWASNICK of Spac Research said that most of the deals that were closed in 2021 are trading less than $ 10, which is the price usually the price of Spacs in Spac Research.
“These investors will be more cautious,” said Ashley of Bilblebury.
In 2024, the Supreme Education Council adopted New rules for SPACS, which require them to provide further disclosure of elements including conflict of interests, sponsor compensation, and mitigation. It also limited the use of aspiration data by Spacs. Ashley said: “It is clear that the Supreme Education Council had concerns about the performance of SPACS for a period of time before changing the base, and the final recipes that they settled may focus participants in the market on the best and most detection.”
Good fading
SPACS, as we know them, has been around at least the early 1990s. This year’s chapter comes from executives who have great experience. Instead of Jay-Z, Cannabis Barring Check Company or Colin Kapernick has been Social justice Plipk, there is Michael Klein, former Citigroup My banker, which launched the tenth empty check company, Churchill the capital x.Earlier this year. Or Gores Holdings X, the latest SPAC from the Gores Group, which is Arise Nearly $ 360 million in May.
Nevertheless, some of this year’s Spac crop is associated with prominent individuals. This includes tactical acquisition on Renos, which Arise 241.5 million dollars in May and has relationships with the Trump group of media and technology. Eric Suwaider, CEO of Renatus, is the former head of the digital world, SPAC, who merged with Trump, the media, the father of social truth, in 2024. Divin Nunes, President of Rennus, is a member of the former Republican Republican Congress and current Executive Director of Trump Media. (After the completion of SPAC’s merger in September 2024, Trump, the media, during its first appearance, It reached its climax At $ 79.38, then seen fluctuations and traded by about $ 18 per share.)
“It is encouraging to see serial shepherds do most of the subscriptions of this year, because they are likely to be more realistic about their horizons more than the shepherds for the first time.”
Banks that confirm Spacs for this year are another major change. In 2021, swollen brackets such as Goldman Sachs and Morgan Stanley I worked on many empty examination offers, but I left the sector to a large extent.
Citi and UBS were first and number 2 in terms of Spac insurance companies in 2021. None of the bank was completely left from the Spac market, but both of them declined significantly. CITI worked on 113 deals in 2021, giving it the rights of bragging as the best plumbing banker. This year, Citi has only two Citis of its credit. UBS has worked on empty or two examination transactions every year since 2021 when it included 92 transactions. This year, UBS only worked on one Spac.
These classifications may still change. Goldman returns to the Spacs market and is open to secure new deals for SPAC companies, Bloomberg I mentioned On June 17. Goldman refused to comment.
Without Bulge Bracket, the least well -known banks have emerged. Cantor Fitzgerd, composed of this year, Cantor Fitzgerd, the financial services company that was previously led by US Secretary of Trade Howard Lootnick. Cantor worked on 14 deals worth $ 3.6 billion. BTIG, and mediator With the support of Goldman and BlackstoneRanked second with dozens of SPAC deals worth $ 2.6 billion. In third place is Santander, the Spanish bank, which worked on five deals this year, with a total of $ 1.3 billion.
Not everyone is happy to revive. “I hate Spacs,” said one banker, who worked on the inclusive integration operations. They referred to payment companies such as payand Payoneer GlobalAnd PaySafe. Each of them uses Spacs as a means of the public and two of the three trading less than $ 10. All three companies have seen fluctuations with their stock prices, and all three have been sold recently. “They are not working well,” said banker about payment companies. “I earned the money [of SPACs] But I don’t really understand their goal. “
