SPAC market hits a wall as issuance dries up and valuation bubble bursts

The SPAC boom is officially a thing of the past.

“I think that was a once-in-a-lifetime experience just like during the internet bubble,” said Cordell Eminent Scholar Jay Ritter. “A year ago, the whole market was overpaying and now we have a reset. Giving a valuation of $500 million on a zero revenue company … those days are gone.”

Read more in this story from CNBC.