Mergers & Acquisitions

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Holland & Knight LLP

Chauncey Lane

Executive Editor, Mergers & Acquisitions
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MONTH-IN-BRIEF (Nov 2022)

SPAC Mergers Are on the Rise

By Yelena Dunaevsky, Esq.

Over the past year, SPACs have been through market shifts, regulatory thrashing, economic issues, novel litigation theories, and SEC enforcement actions. But while new SPAC IPOs have slowed to a trickle, in the last three months, we saw an uptick in announced and completed SPAC mergers (deSPACs).

Bar graph titled "Number of SPAC Deals Closed." The graph shows the count of SPAC deals closed and announced per year starting in 2016. The number of deals closed slowly rose from 4 in 2016 to 28 in 2019, then jumped to 64 in 2020 and nearly tripled in 2021, with 199 deals closed and 16 announced. In 2022, 127 deals were announced and 92 closed.

Source: SPAC Research

One deal that made headlines on November 18 and did fairly well out of the gate was the merger of Grindr, the world's largest social networking app for the LGBTQ+ community, with Tiga Acquisition Corp. Is this one deal enough to turn the tide for SPACs and open the door for other successful business combinations in early 2023? Only time will tell. For now, according to SPAC Insider, 478 SPAC teams are still looking for a target as of November 28.

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