Market Report
Special Purpose Acquisition Companies (SPACs)
2022 Highlights and Current Outlook

Market Report : SPAC – Current 2023 Outlook and 2022 Highlights

2023 Outlook
Number of SPACs Searchingfor Targets by Industry
As of February 7, 2023, 348 SPACs were
set to expire in 2023. Just in the month ofMarch, 92 SPACs with more than $26 billion(bn) in trust accounts are obligated tocomplete mergers.

31737

Looming expiration dates put a lot ofpressure on blank check companies tocomplete business combinations. As ofFebruary 7, 2023, 19 SPACs with more than
$5 bn in trust have already liquidated in2023, compared to 0 liquidations for thesame period last year.

7158

19
5

Most of the 2023 liquidations so far were
SPACs seeking targets in the technology,media, and telecommunications (TMT)
industry. There are still 158 TMT-focused
SPACs with more than $40 bn in trust thatare looking to complete a merger in 2023.
Given the current state of the market, SPACs
will likely face more liquidations in 2023
than 2021 and 2022 combined.

28

Technology Media and Telecommunications
ConsumerElectric Vehicle
Energy and Natural Resources
Financial Services
Health CareIndustrial
Other* Data as of February 7th, 2023; Source: SPAC Insider

SPACs Seeking Target Amount in Trust by Expiration 2023 (mm)$30,000$26,169$25,000$20,000$15,371$14,295$15,000$9,168$10,000$7,741$5,249$3,902$5,000$2,630$1,129$644$1,750$0FebMar

AprMayJunJul

Aug

Sep

Oct

NovDec* Data as of February 7, 2023; Source: SPAC Insider
2

Market Report : SPAC – Current 2023 Outlook and 2022 Highlights

Executive Summary2022 Highlights*8686 IPOs, totaling over $13 bn in grosspublic proceeds

147

As of December 31, 2022, 147 deSPAC transactions were announced
but not yet completed, totaling over
$96 billion of total enterprise value>$183bOver $183 bn of total enterprise value
in 102 completed de-SPAC
transactions

386

386 SPACs active and seeking targets
as of December 31, 2022

The SPAC market experienced
significant decline in 2022, with an 85%
decline in IPOs from 2021 and a record
number of liquidations during the year.
The average IPO size declined from$265 million (mn) in 2021 to $156 mn in2022. Additionally, 142 liquidations
occurred in 2022, compared to only one
in 2021, and the average redemption
rate nearly doubled.
SPACs are facing many challenges,including a stricter regulatoryenvironment, a declining stock market
and rising interest rates. With over 380
SPACs searching for targets, the market
remains competitive and is further
impacted by these headwinds.

* Data represents the 12 months ending December 31, 2022; Source: SPAC Insider

2022 SPAC Market Transaction Activity
Completed Transactions

Pending Transactions

11%

13%

1%

4%
36%
22%

36%
15%

4%
5%3%8%

14%

12%

11%5%

3

Market Report : SPAC – Current 2023 Outlook and 2022 Highlights

2022 Executive Summary
Median De-SPAC Share Percent Return by Industry (2009 – 2022)
-94%

-94%
-82%-80%

-79%

-79%

-77%

-77%

-75%

-73%
-66%

-66%
-59%
-47%
-41%
-35%
-25%

2022 League Tables
IPO Underwriters

DE-SPAC Financial Advisors
No. ofBookrunner

No. ofTotal Deal Value

Underwriter

Deals

Volume ($ mn)

UnderwriterDeals($ mn)

EF Hutton

20$1,921.0

ARC Group

12$6,804.0

Maxim Group

7$782.5

Chardan

8$2,217.1Chardan

7$583.2

Oppenheimer

7$4,296.6

Citigroup

6$1,957.5

Stifel

6$4,654.1

Cantor Fitzgerald

6$1,692.5

Credit Suisse

5$6,001.0

EarlyBirdCapital

6$614.8

Barclays

5$5,419.0

BTIG

4$626.2

Jefferies

5$3,050.3

J.P. Morgan

3$718.8

Cohen & Company

5$2,992.8

Bank of America

3$581.2

Alliance Global Partners

5$2,957.3

I-Bankers Securities

3$517.5

Maxim Group

5$753.9

IPO Legal Advisors

De-SPAC Legal Advisors

SPAC IPO Counsel

No. ofTotal DealCounsel

Deals

Volume ($ mn)

Volume ($ mn)

Loeb & Loeb

22$12,672.2

20$2,232.0

Latham & Watkins

15$11,160.1

Ellenoff Grossman & Schole

19$3,433.8

Ellenoff Grossman & Schole

15$7,949.2

Winston & Strawn

8$828.0

Nelson Mullins Riley & Scarborough

14$8,082.4

Davis Polk & Wardwell

7$1,895.8

Skadden, Arps, Slate, Meagher & Flom

7$1,481.2

Kirkland & Ellis

12$9,223.5

Proskauer Rose

5$1,112.5

White & Case

11$11,992.8

Kirkland & Ellis

5$853.0

DLA Piper

11$4,915.3

Nelson Mullins Riley & Scarborough

5$523.3

Cooley9$6,320.7

Hunter Taubman Fischer & Li

5$430.7

Davis Polk & Wardwell

7$5,470.8

White & Case

4$1,395.0

Paul Hastings

7$4,785.3

No. ofTotal DealCounsel

Deals

Loeb & Loeb

Source: SPAC Insider

4

Market Report : SPAC – Current 2023 Outlook and 2022 Highlights

Select De-SPAC Transactions
FAIRNESS OPINION

FAIRNESS OPINION

FAIRNESS OPINION(Pending Transaction)(Pending Transaction)

Chardan NexTech
Acquisition 2 Corp. hasmerged with Dragonfly
Energy Holdings Corp.
(NasdaqGM:DFLI) in a deSPAC transaction

On October 3, 2022,
Freedom Acquisition I Corp.
(NYSE: FACT) announced it
has entered into a businesscombination agreementwith Complete Solaria, Inc.
in a de-SPAC transaction

On May 19, 2022, KludeIn IAcquisition Corp. (NASDAQ:INKA) announced it hasentered into a businesscombination agreement with
Near Intelligence Holdings,
Inc. in a de-SPAC
transaction

FAIRNESS OPINION

FAIRNESS OPINION

FAIRNESS OPINION(Pending Transaction)(Pending Transaction)

On November 14, 2022.
TLG Acquisition One Corp.
(NYSE: TLGA) announced it
has entered into a businesscombination agreementwith ElectrIQ Power, Inc.
in a de-SPAC transaction

On October 17, 2022, EG
Acquisition Corp. (NYSE:EGGF) announced it hasentered into a businesscombination agreementwith flyExclusive in a deSPAC transaction

Tiga Acquisition Corp. hasmerged with Grindr Inc.
(NYSE:GRND) in a deSPAC transaction

FAIRNESS OPINION

FAIRNESS OPINION

FAIRNESS OPINION

Decarbonization Plus
Acquisition Corporation IV
has merged with
Hammerhead Energy Inc.
(NasdaqCM:HHRS) in ade-SPAC transaction

Pathfinder Acquisition
Corporation has mergedwith Movella Holdings Inc.
(NasdaqGM:MVLA) in a deSPAC transaction

CleanTech Acquisition Corp.
has merged with Nauticus
Robotics, Inc.
(NasdaqCM:KITT) in a deSPAC transaction

All trademarks, trade names or logos referenced herein are the property of their respective owners.
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