Demise of largest SPAC ever comes amid market and regulatory headwinds

As an IPO during the go-go year of 2020 for SPACs, Ackman’s Pershing Square Tontine Holdings ran up against a two-year deal deadline facing many SPACs. Blank check companies, or SPACs, typically have 24-months to buy a company or they must return the money they raised to shareholders.

As of July 20, there were 590 SPACs still looking for a merger partner, according to Cordell Eminent Scholar Jay Ritter.

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