SPACs Collapse as $11 Billion of Deals Are Called Off Within an Hour
- Industry sees $11 billion in deals called off within an hour
- Circle’s blank-check fallout deals a blow to Cathie Wood’s ARK
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One of the SPAC industry’s most well-known sponsors and a would-be serial backer have seen deals worth $10.6 billion go up in smoke in less than an hour.
Alec Gores, one of the most well-respected sponsors, said Monday that Gores Holdings VIII Inc. would not be merging with materials science tech company Footprint. Meanwhile, Concord Acquisition Corp., whose chairman is former Barclays CEO Bob Diamond, pulled the plug on its tie-up with a stablecoin issuer, dealing a blow to retail traders and Cathie Wood’s Ark Investment Management.