A two-year surge in the number of SPACs reversed in 2022 amid financial market volatility, tougher scrutiny of SPACs by the Securities and Exchange Commission and a rise in interest rates during the most aggressive monetary tightening in four decades.
The number of SPAC initial public offerings plummeted to 84 last year, an 86% decline compared with the 613 completed in 2021, according to the PCAOB, which oversees the accounting firms that audit public companies. READ MORE