So, that brings us to today. As of today, there are over 350 SPACs representing $91 billion that are actively seeking an acquisition (there are also 155 SPACS representing $30 billion that have announced a business combination). Of the 350+ SPACs, roughly 44% (156 SPACs worth $44 billion) are set to expire by March 31, 2023. Of those that have announced a business combination, 101 SPACs with $20 billion have a March 31, 2023 deadline. So, you have a total of almost 260 SPACs with just shy of $65 billion that have a deadline within 60 days. Said differently, almost 55% of all outstanding SPAC capital reaches maturity by March 31, 2023 (barring any extensions). This will leave about $50 billion outstanding. By June 30, 2023 another $34 billion of SPACs are set to mature. In the absence of new issuance, outstanding SPAC capital will drop to approximately $23 billion. From peak to trough (about 15 months) almost $140 billion will have been returned to SPAC investors! Where will this money go??
