US SPACs Data Hub

Annual summary of de-SPAC transactions in the US

This chart shows de-SPACs in the US by volume and value between January 2019 and December 2022.

January 1, 2019 to December 31, 2022

Source: Refinitiv, an LSEG business

Quarterly summary of de-SPAC transactions in the US

This chart shows de-SPACs in the US by volume and value between January 2019 and December 2022.

January 1, 2019 to December 31, 2022

Source: Refinitiv, an LSEG business

Number of de-SPAC deals in the US by target industry

This chart shows de-SPACs in the US by volume, value and target industry between January 2022 and December 2022.

January 1, 2019 to December 31, 2022

Source: Refinitiv, an LSEG business

Top-three largest de-SPAC deals:

• Flexjet agreed to combine with Horizon Acquisition Corp. II in a deal worth US$2.98 billion
• Ares Acquisition Corp.agreed to combine with X Energy Reactor Co. in a US$2.02 billion deal
• Breeze Holdings Acquisition Corp. agreed to combine with TV Ammo in a US$1.25 billion deal

Industrials de-SPAC deal activity closed the year strongly to rank the sector as the largest by de-SPAC deal value in 2022 and the third-largest by deal count.

There were 17 de-SPAC transactions in industrials in 2022, worth a combined US$13.14 billion. The three largest industrials de-SPAC deals all progressed in the final quarter of the year.

Rising energy and wage costs have proven challenging for industrials players, but companies with strong positions in niche subsectors have attracted investor interest.

In the largest industrials deal of the year, Horizon Acquisition Corp. II, a SPAC fronted by LA Dodgers owner Todd Boehly, agreed to a US$2.98 deal to acquire Flexjet, a subscription-based private jet service that forecasted revenues in excess of US$2 billion for 2022 and has benefited from the reopening of air travel post-lockdown¹. Earlier, Tuscan Holdings Corp. II made a US$850 million move for membership-based private plane operator² Surf Air Mobility, although the business ended up listing directly rather than pursuing a de-SPAC transaction³.

Ares Acquisition Corp led the second-largest industrials de-SPAC deal with a US$2.02 billion move for X Energy Reactor Co, a developer of clean energy fuels and small modular reactors, in a deal driven by the US government's focus on energy transition⁴.

A US$1.25 billion move for ammunition technology business TV Ammo from Breeze Acquisition Holdings⁵ ranked as the third-largest industrials deal of the year. Despite a flurry of large industrials deals in Q4 2022, the industrials space hasn’t been entirely shielded from M&A volatility, with Gores Holding VIII, headed by Alec Gores, calling off a deal to de-SPAC with materials science company Footprint⁶.

_{1 Bloomberg: Boehly’s Horizon in Talks to Merge With Jet Operator Flexjet
2 Bloomberg: Surf Air to Go Public Via SPAC Deal at $1.42 Billion Value
3 REUTERS: Surf Air confidentially files for direct listing after ending SPAC deal
4 MarketWatch: X Energy Reactor to go Public Through $2 Billion Ares SPAC Merger
5 REUTERS: Ammunition tech firm TV Ammo to go public in $1.2 billion blank-check deal
6 Bloomberg: SPACs Collapse as $11 Billion of Deals Are Called Off Within an Hour}

Top-three largest de-SPAC deals:

• Grindr backed by Tiga Acquisition Corp. in a US$1.96 billion deal
• Social Leverage Acquisition Corp. I agreed to acquire W3bcloud Holdings in a US$1.1 billion deal
• Kludein I Acquisition Corp. backed Near Intelligence in a US$922 million deal

A correction in technology stock prices and increasingly risk-averse dealmakers weighed on technology de-SPAC deals, with value for 2022 coming in at US$12.45 billion, almost 90 percent below the US$108.78 billion worth of deals recorded in the red-hot tech markets of 2021.

The Dow Jones US Technology Index has fallen by 30 percent over the past 12 months⁷, with investors pivoting away from the high-growth but pre-profit startups that spurred much de-SPAC dealflow in 2021 to steadier businesses.

Despite the large drop in technology de-SPAC M&A, the sector remained the second-largest by value and the most active by deal count, with 32 transactions.

High-quality technology assets with dominant market positions or expertise in the more resilient cloud computing space have continued to attract dealmaker interest even though overall technology deal activity has cooled.

A US$1.96 billion de-SPAC deal to take dating app Grindr public⁸ was the largest technology deal of the year, with Tiga Acquisition Corp., a Singaporean SPAC led by hedge fund manager Raymond Zage, securing the transaction⁹.

In the computing infrastructure subsector Social Leverage Acquisition Corp I, a SPAC sponsored by early-stage venture capital firm Social Leverage, agreed to acquire W3bcloud Holdings, a storage and computing infrastructure business, in a US$1.1 billion deal¹⁰.

Kludein I Acquisition Corp. landed the third-largest de- SPAC technology deal of the year with a US$922 million move for data analytics business Near Intelligence.

_{7 MarketWatch: Dow Jones U.S. Technology Index. Subs: As at 9 January 2022.
8 Forbes: Grindr Lines Up A $2.1 Billion SPAC Deal Despite A Chilly Market, Privacy Concerns
9 Forbes: Grindr Lines Up A $2.1 Billion SPAC Deal Despite A Chilly Market, Privacy Concerns
10 businesswire: W3BCLOUD to Go Public via Business Combination With Social Leverage Acquisition Corp I}

Top-three largest de-SPAC deals:

• Social Capital Suvretta III acquired ProKidney in a US$1.92 billion deal
• Avista Public Acquisition Corp. II backed OmniAB in a transaction valued at US$999 million
• Apollomics agreed to a US$899 million deal with Maxpro Capital Acquisition Corp.

Healthcare ranked as the second-largest sector for de-SPAC deals by deal count and the third-largest by deal value in 2022, reflecting the sector’s defensive characteristics in a choppy market.

De-SPAC healthcare deal value totaled US$9.61 billion for the year, with a deal count of 28 transactions. Healthcare’s share of de-SPAC deal count and deal value have both increased in 2022.

Social Capital Suvretta III's January acquisition of ProKidney in a deal valued at US$1.92 billion has held it position as the largest healthcare de-SPAC deal throughout 2022. ProKidney develops treatments for chronic kidney disease using a patient’s own cells¹¹.

Avista Public Acquisition Corp. II’s US$999 million transaction to take antibody discovery business OmniAB public ranked as the second-largest de-SPAC of the year, followed by Maxpro Capital Acquisition Corp.'s US$899 million deal with late-stage clinical biopharmaceutical company Apollomics¹². The Maxpro SPAC is fronted by Moses Chen, the head of specialist biomedical investment firm Maxpro Ventures.

_{11 Business Standard: Palihapitiya's SPAC to merge with ProKidney in $2.6 billion deal
12 apollomics: Apollomics Inc., a Late-Stage Clinical Biopharmaceutical Company to be Listed on Nasdaq Through Business Combination with Maxpro Capital Acquisition Corp.}

Largest de-SPAC deals:

• Avalon Acquisition Inc. to acquire The Beneficient Co. Group in a transaction valued at US$2.92 billion
• Majic Wheels Corp. agreed to a US$719.60 million deal with OceanTech Acquisitions 1 Corp.

Financials ranked as the fourth-largest sector for de-SPAC deal volume and value in 2022, registering 14 transactions valued at US$9.42 billion.

In another jumbo transaction in the sector, Avalon Acquisition Inc., which is led by Grail Partners' dealmakers Donald Putnam and Craig Cognetti, agreed to acquire The Beneficient Co. Group in a US$2.92 billion deal. The business provides liquidity and services to qualifying individual investors and small institutions invested in asset classes such as private equity and venture capital¹³. In the third-largest financials de-SPAC deal Majic Wheels, a holding company running companies across fintech, software development, and crypto exchange platforms, agreed to a US$719.60 million deal with OceanTech Acquisitions 1 Corp., a SPAC led by veteran tech entrepreneur and investor Joseph Adir¹⁴.

De-SPAC activity in financials has also faced challenges throughout the year, with volatile capital markets and cratering value in cryptocurrency assets putting the brakes on deal flow in the sector.

_{13 REUTERS: Alternative asset specialist Beneficient to go public in $3.5 bln SPAC deal
14 businesswire: Majic Wheels Corp. Enters Definitive Merger Agreement with OceanTech Acquisitions I Corp.}

Top three largest de-SPAC deals:

• Net Power agreed to a US$1.35 billion deal with Rice Acquisition Corp. II
• Executive Network Partnering acquired Grey Rock Oil & Gas Assets in a US$1.3 billion deal
• Amprius Technologies completed a US$800 million deal with Kensington Capital Acquisition Corp. IV

The energy and power sector was the fifth-largest sector for de-SPAC deal value and volume in 2022, landing eight deals valued at US$4.98 billion for the period.

The sector closed the year strongly with the largest deal in the space in 2022 crossing the line in December, as Rice Acquisition Corp. II agreed to a US$1.35 billion transaction with Net Power.

Net Power has developed a patented process to materially reduce the carbon emissions generated from using natural gas, a capability that attracted Rice Acquisition Corp. II, which is led by energy industry veteran Daniel Rice¹⁵.

Rice's first SPAC—Rice Acquisition Corp. I—successfully invested in clean energy when it backed US renewable natural gas group Archaea, which has subsequently agreed to a US$4.1 billion deal with oil major BP¹⁶.

Energy transition has been a key driver of energy and power de-SPAC transactions. Amprius Technologies, a producer of silicon anodes used in lithium-ion batteries, agreed to a US$800 million transaction with Kensington Capital Acquisition Corp. IV and Bluescape Clean Fuels, a producer of renewable gasoline from landfill waste, agreed to a US$500 million deal with the CENAQ Energy Corp. SPAC¹⁷.

The shift to a net-zero emissions energy system is likely to continue providing a steady stream of dealflow despite ongoing macro-uncertainty. According to McKinsey, some US$275 trillion will have to be invested by 2050 to deliver net-zero targets, with M&A a key lever for delivering the required investment¹⁸.

_{15 REUTERS: Energy veteran Rice's SPAC to take NET Power public in $1.5 bln deal
16 REUTERS: BP to buy U.S. biogas producer Archaea for $4.1 bln
17 Seeking Alpha: SPAC CENAQ Energy to merge with renewable gas producer Bluescape Clean Fuels
18 McKinsey Global Institute: What it will cost to get to net-zero}

_{De-SPAC M&A figures and coverage include both announced and completed transactions.}

Annual breakdown of US-listed SPAC IPOs

This chart shows the breakdown of annual SPAC IPOs listed on the US stock exchanges by volume between January 2019 and December 2022..

January 1, 2019 to December 31, 2022

Source: Refinitiv, an LSEG business

2022 quarterly breakdown of US-listed SPAC IPOs

This chart shows the quarterly breakdown of SPAC IPOs listed on the US stock exchanges by volume between January 2022 and December 2022.

January 1, 2022 to December 31, 2022

Source: Refinitiv, an LSEG business

Annual Nasdaq and NYSE breakdown of US-listed SPAC IPOs

This chart shows the breakdown of annual SPAC IPOs listed on Nasdaq and the NYSE by volume.

January 1, 2019 to December 31, 2022

Source: Refinitiv, an LSEG business

Top 10 US SPAC IPO issuers by proceed amount

This chart shows the top-10 US SPAC IPO issuers between January 2019 and December 2022.

January 1, 2019 to December 31, 2022

Source: Refinitiv, an LSEG business

Issuer by number of US SPAC IPO listings

The following charts show US SPAC IPOs by the issuer (by number of issues for 2022, 2021, 2020 and 2019).

Full-year 2022

Source: Refinitiv, an LSEG business

Full-year 2021

Source: Refinitiv, an LSEG business

Full-year 2020

Source: Refinitiv, an LSEG business

Full-year 2019

Source: Refinitiv, an LSEG business

Issuer by number of US SPAC IPO listings

This chart shows US SPAC IPOs by the issuer nation (by number of issues between January 2022 and December 2022).

January 1, 2019 to December 31, 2022

Source: Refinitiv, an LSEG business

_{The issuer's country is based on the address for notices provided by a SPAC on its registration statement and other relevant sources, and does not necessarily reflect the SPAC’s jurisdiction of incorporation or formation.}

After climbing to unprecedented highs in 2021, US SPACs have had a tough 12 months. But in the face of volatile markets and the prospect of tighter regulation, the US SPAC model remains an attractive route to a public listing for entrepreneurs around the world.

US SPACs have had a difficult run through the course of 2022.

Rising interest rates and higher inflation have knocked back global stock markets and M&A activity. US SPAC IPO issuance and de-SPAC M&A activity have felt the impact of the wider slowdown and experienced double digit declines in activity.

On the regulatory front, proposed regulations from the SEC regarding potential liability for underwriters involved in de-SPAC transactions have chilled bank appetite to underwrite de-SPAC deals, while investors have pivoted away from the high-growth risk assets that spurred de- SPAC activity in 2021, favoring stabler, more established sectors and assets¹⁹.

Despite all the challenges facing the US SPAC market, however, de-SPAC M&A and SPAC IPO activity has stayed in line with pre-pandemic levels, and companies have continued to see a de-SPAC deal as a flexible pathway to a public market listing.

A de-SPAC deal in the US has proven particularly appealing to Asian startups, who have favored merging with US SPACs over working with listed investment companies in domestic markets.

According to Refinitiv figures published in the Financial Times, at least nine businesses based in either Singapore or Hong Kong had merged with US SPACs by the end of November 2022, with no businesses from the two jurisdictions choosing to do similar deals in their local cities²⁰.

According to the Financial Times, the higher valuations and better analyst coverage available in US markets, as well as more flexibility, most notably around minimum market capitalization thresholds, have appealed to companies in Asia-Pacific²¹.

It has been a trying period, but US SPACs have still managed to provide companies —both local and from abroad—with a credible source of capital formation.

_{19 https://www.whitecase.com/insight-our-thinking/us-ma-h1-2022-spacs-overcoming-expectations
20 https://www.ft.com/content/a4c42097-a963-46af-90c7-f0e33be947bc
21 https://www.ft.com/content/a4c42097-a963-46af-90c7-f0e33be947bc}