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US SPACs Data Hub

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Welcome to the White & Case US SPACs Data Hub, which provides a quarterly review and analysis of key drivers and trends behind US SPAC IPO and de-SPAC activity.

US de-SPAC Data & statistics roundup

US de-SPAC M&A Commentary

US de-SPAC M&A value felt the impact of a wider slowdown in global M&A markets to end 2022. 84 percent down year-on-year at US$59.86 billion versus US$368 billion in 2021.

De-SPAC deal count proved more resilient but also declined from 2021 levels, sliding 40 percent year-on-year. There were 119 de-SPAC M&A transactions in 2022, compared to 197 deals the previous year.

Despite stiffening macro-economic headwinds, de-SPAC M&A actually improved through the course of the year. Only 15 de-SPAC deals worth US$8.09 billion progressed in Q1 2022—the weakest quarter for dealmaking since Q2 2020. In Q4 2022, however, de-SPAC deal count stood at 46, with deal value recovering to US$21.57 billion

 

US de-SPAC M&A Data

These statistics track the de-SPAC mergers involving a US target from January 1, 2019 to December 31, 2022.

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

Rank date

Number of deals

Market share (%)

2019

30

7

2020

93

21

2021

197

45

2022

119 27

Industry Total

439

100

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

Rank date

Number of deals

Market share (%)

Q1 2019

3 1

Q2 2019

4 1

Q3 2019

13 3

Q4 2019

10 2

Q1 2020

5 1

Q2 2020

8 2

Q3 2020

33 7

Q4 2020

47 11

Q1 2021

80 18

Q2 2021

49 11

Q3 2021

29 7

Q4 2021

39 9

Q1 2022

15 3

Q2 2022

28

6

Q3 2022

30 7

Q4 2022

46 11

Industry Total 

439 100

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

Target macro industry

Number of deals

Market share (%)

Deal value (US$M)

High Technology 

32 27 12,457.01

Healthcare

28 23 9,618.15

Industrials 

17 14 13,145.08

Financials

14 12 9,429.62

Energy and Power

8 7 4,985.22

Media and Entertainment

6 5 3,598.96

Consumer Products and Services

6 5 2,624.00

Consumer Staples

4 3 1,482.96

Materials

2 2 2,267.00

Real Estate

1 1 255.00

Telecommunications

1 1 0.00

Industry Total 

119 100 59,862.99

Source: Refinitiv, an LSEG business

 

 

 

De-SPAC M&A: Sectors in focus

Industrials

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
Bloomberg: SPACs Collapse as $11 Billion of Deals Are Called Off Within an Hour

Technology

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

Healthcare

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.

Financials

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.

Energy & Power

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.

US SPAC Data & statistics roundup

US SPAC IPO Commentary

Volatile stock markets and increasingly risk-averse investors set a challenging backdrop for SPAC IPOs in 2022, which fell significantly from the all-time highs achieved in 2021. The number of SPAC IPOs slid from 612 to just 83, and SPAC IPO proceeds fell 92 percent from US$156.70 billion in 2021 to US$13 billion in 2022.

SPAC IPO activity has regressed throughout the year, with only seven listings securing proceeds of US$540 million in Q4 2022. Q4 was the weakest quarter in 2022 and marked the third successive quarter where SPAC IPO deal count and IPO proceeds have fallen.

In a softening market, Nasdaq retained its position as the most popular stock exchange for SPAC listings, with 71 IPOs in 2022. There were only 12 SPAC IPOs on the New York Stock Exchange (NYSE) in 2022. In 2021, Nasdaq and the NYSE recorded 432 and 180 SPAC IPOs respectively.

US SPAC IPOs data

These statistics track the SPAC IPOs that have listed on US stock exchanges from January 1, 2019 to December 31, 2022.

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

Year

Number of issues

SPAC IPO market share (%)

2019

59

5

2020

247

25

2021

612

61

2022

83 8

Total

1,001

100

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

Year

Number of issues

SPAC IPO market share (%)

Q1 2022

54 5

Q2 2022

14 2

Q3 2022

8 1

Q4 2022

7 1

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

Year

Listed on Nasdaq

Listed on NYSE

Total

2019

43 16 59

2020

131 116 247

2021

432 181 613

2022

71 12 83

Total

677 324 1001

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

Issuer

Number of issues

SPAC IPO market share (%)

Total proceeds US$ million

Pershing Square Tontine Holdings Ltd

1 0.1 4,000.00

Churchill Capital Corp IV

1 0.1 2,070.00

Soaring Eagle Acquisition Corp

1 0.1 1,725.00

Foley Trasimene Acquisition Corp II

1 0.1 1,467.03

Churchill Capital Corp VII

1 0.1 1,380.00

KKR Acquisition Holdings I Corp

1 0.1 1,380.00

Austerlitz Acquisition Corp II

1

0.1

1,380.00

Social Capital Hedosophia Holdings Corp VI

1 0.1 1,150.00

Foley Trasimene Acquisition Corp.

1 0.1 1,035.00

Jaws Mustang Acquisition Corp

1 0.1 1,035.00

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

Issuer

Number of issues

Market share (%)

United States 

64 77

Cayman Islands

4 5

Singapore

4 5

Malaysia 

3 4

China (Mainland)

3 4

Hong Kong

2 2

Sweden

1

1

Mexico

1 1

United Kingdom

1 1

Industry Total

83 100

Source: Refinitiv, an LSEG business

Full-year 2021

Issuer

Number of issues

Market share (%)

United States

538 87.5

Cayman Islands

26 4.2

Hong Kong

16 2.6

United Kingdom

5 0.8

Singapore

5 0.8

Israel

4 0.7

Malaysia

4

0.7

China (Mainland)

2 0.3

South Africa

1 0.2

Germany

1 0.2

Cyprus

1 0.2

Bahamas

1 0.2
Canada 1

0.2

Switzerland 1

0.2

Brazil 1

0.2

Kazakhstan 1

0.2

Mexico 1

0.2

Netherlands 1

0.2

Taiwan 1

0.2

Industry Total

612 100

Source: Refinitiv, an LSEG business

Full-year 2020

Issuer

Number of issues

Market share (%)

United States

224 90.8

Cayman Islands

5 2.0

China (Mainland)

5 2.0

United Kingdom

4 1.6

Hong Kong

4 1.6

Singapore

2 0.8

Israel

1 0.4

Russian

1

0.4

Mexico

1 0.4

Industry Total

247 100

Source: Refinitiv, an LSEG business

Full-year 2019

Issuer

Number of issues

Market share (%)

United States

52 88

Singapore

2 3

Hong Kong

2 3

Cayman Islands

1 2

Mexico

1

2

China (Mainland)

1 2

Industry Total

59 100

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

Issuer

Number of issues

Market share (%)

United States

878 87.7

Cayman Islands

36 3.6

Hong Kong

24 2.4

Singapore

13 1.3

China (Mainland)

11 1.1

United Kingdom

10 1.0

Malaysia

7

0.7

Israel

5 0.5

Mexico

4 0.4

South Africa

1 0.1

Germany

1 0.1

Cyprus

1 0.1
Bermuda 1

0.1

Russian

1 0.1

Bahamas

1 0.1

Canada

1 0.1

Switzerland

1 0.1

Brazil

1 0.1

Sweden

1 0.1

Kazakhstan

1 0.1

Netherlands

1 0.0

Taiwan

1 0.0

Industry Total

1,001 100

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.

 

 

 

Beyond the numbers

SPACS have had a bumpy ride, but continue to attract entrepreneurs

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

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