A-Rod’s SPAC Is Latest to Be Hit by Wave of Investors Bailing

A blank-check company led by former New York Yankee Alex Rodriguez became the latest firm to be rocked by investors opting to swap their stock for cash as the industry fizzles.

Slam Corp., the special-purpose acquisition company formed between Rodriguez’s investment firm A-Rod Corp. and hedge fund Antara Capital LP, said roughly 61% of its 57.5 million shares were redeemed when investors approved a deadline extension for the SPAC to hunt for a deal.

The SPAC, which said it’s seeking targets in the sports, media, entertainment, health and wellness, and consumer technology sectors, could be hamstrung by holding ...