Special purpose acquisition companies, or SPACs, were hot commodities last year, raising over $160 billion in 2021 -- twice as much as the year before -- with hundreds more of them waiting in the wings today.
But the market for these blank-check companies has cooled off considerably since then, as many went on to significantly underperform. Turns out, too much of a good thing can be too much.
The Polestar 1 electric car. Image source: Polestar.
Source Fool.com