New SPAC Issues Reported to Decline by 10% in 2008, Nascent Industry Cringes
Reuters is reporting that SPACs IPOs are expected to decline by 10% in 2008.
Barry Grossman of Ellenoff Grossman & Schole LLP is quoted as saying:
"The whole IPO market will be down significantly this year ... There are a lot of SPACs in the pipeline right now and there's so much inventory out there that I can see people saying: 'I have enough SPACS in my portfolio right now; let me look around.' But if you have quality management, those deals are still getting done."
We say that projections that the SPAC market will decline by only 10% are naive, at best. SPAC IPOs this year are already down over 55% vs. the same period last year, and aren't showing any signs of recovery, while a stagnant backlog continues to grow. It ain't shaping up to be pretty.
Click here for more.
Barry Grossman of Ellenoff Grossman & Schole LLP is quoted as saying:
"The whole IPO market will be down significantly this year ... There are a lot of SPACs in the pipeline right now and there's so much inventory out there that I can see people saying: 'I have enough SPACS in my portfolio right now; let me look around.' But if you have quality management, those deals are still getting done."
We say that projections that the SPAC market will decline by only 10% are naive, at best. SPAC IPOs this year are already down over 55% vs. the same period last year, and aren't showing any signs of recovery, while a stagnant backlog continues to grow. It ain't shaping up to be pretty.
Click here for more.
Labels: Commentary, News
posted by SPAC Information at
7:12 AM
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