SPAC Winter Is So Bad One Adviser Opened a Liquidation Business

Just how bad are things in SPAC land? On Wednesday, ICR, an advisory firm that worked on more than 100 blank-check deals during the boom over the last two years, announced a new business venture: Helping sputtering SPACs shut down.

“Whether it is the Sponsor’s only SPAC, or if they have sponsored multiple SPACs, there are reputational considerations to consider when announcing the decision to liquidate,” Phil Denning, a partner at ICR, said in the statement.

There are plenty of potential clients out there: Hundreds of SPACs are struggling to find acquisition targets to take public and are running out ...