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PitchBook Analyst Note: SPAC Update and Performance

Q1 2022

PitchBook Analyst Note: SPAC Update and Performance

April 6, 2022

Tracking deSPAC performance through a tumultuous market

SPAC activity in Q1 reached the lowest point since early 2020, with only 78 listings and the median deal size cut in half compared to last year. Meanwhile, aftermarket performance is suffering among SPAC combinations initiated amid the elevated valuation climate of the past two years, as high-growth sectors are revalued in the public markets.

The macroeconomic headwinds for the once-manic SPAC market look to be substantial, and the outlook is uncertain for both new listings and mergers. Our Q1 SPAC Update and Performance analyst note tracks current SPAC market activity and introduces an index to track public performance of deSPAC combinations after the mergers have been completed.

Table of contents
Introduction 1
Aftermarket performance 2
Activity 4
Index methodology 7