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SPACs

As the promise of recession colours the outlook for 2023, it’s likely that more de-SPAC companies will be forced to look to bankruptcy
The sharp slowdown in Q3 activity positions 2022 as a tough year for dealmaking, reports LSEG deals intelligence director Matthew Toole
George Weston, corporate partner at Harneys, and Murray Roberts, director at Harneys Fiduciary, examine the mechanisms available under Cayman Islands company law for de-SPAC transactions
While economic factors and difficult market conditions have played a part in the decline of SPAC listings, the reach of the regulator’s latest rules has gone way beyond the US in hammering the sector
Notwithstanding the initial backlash against the SEC’s proposed changes, sources argue that these could benefit SPACs in the long run by weeding out less qualitative deals and making the market more sophisticated
A possible recession on the horizon could drive a new wave of operational activists, unsolicited bids, campaigns targeting existing deals and insurgencies
The SEC’s proposed changes have opened questions as to whether other jurisdictions will follow suit, and whether stricter regulation in the US could open opportunities for other SPAC markets
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