SPAC Veteran Klein to Shutter Blank Check Firm After Deal Break

Wall Street maven Michael Klein’s SPAC empire was dealt another blow when a deal to take CorpAcq Holdings Ltd. public was called off.

The banker’s Churchill Capital Corp. VII on Sunday said it will shut down after the deal was terminated, citing conditions about the market for initial public offerings. The liquidation will mark the third special-purpose acquisition company backed by Klein to throw in the towel.

It’s another sign that the once-frenzied financing mechanism is struggling to retain investor enthusiasm, with more than 30 terminated deals this year and roughly 370 liquidations since the end of 2021, data ...