It’s more or less how another 216 companies backed into public markets in 2021, according to SPAC Research. They’re on track to miss the mark by more than 40%, delivering only about $55 billion, according to recent forecasts compiled by LSEG. The electric-vehicle industry, for one, was a serial SPAC user whose exuberance sputtered badly. Dressing them up as acquisitions of private firms by listed shell companies enables the participants to play by looser rules. SPAC investors buy shares in the empty vessel before its sponsor and takeover target agree on a valuation.

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Persons: Vishal Garg, Better’s, Breakingviews, SPACs, ”, Joel Rubinstein, Donald Trump’s, Spruce, Woodruff Sawyer, Gary Gensler, Ellis, Gensler, Lauren Silva Laughlin, Sharon Lam Organizations: Reuters, & Finance, Research, LSEG, Polestar Automotive, White, The Securities, Exchange Commission, XL Fleet, SEC, Reuters Graphics Reuters, Case, Kirkland, U.S . Securities, Financial Services, Thomson