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Capital may not be the main driver to going public.

“It starts with bad returns, but it takes a while for that to work through the system,” Kennedy says, adding: “The deal announcements that were made in May have been in the works for several months.” Then redemption rates start to go up, then deals are terminated, then the SPAC entities are liquidated and sponsors face millions in fees. When de-SPACed companies started performing poorly on the public markets, that was only the first line in the cog. A lot of these SPAC deals take months to come to an agreement, then five or six months to go from announcement to completion.

There’s a natural delay in the SPAC market.

It’s a question I posed to Matt Kennedy, senior IPO market strategist at Renaissance Capital, who is usually able to field my going-public questions.

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So here’s something that’s been puzzling me: When most companies are deciding to stay private longer, startups are terminating their merger plans, and regulators are proposing new regulation to crack down on SPAC disclosure requirements, why are any companies still heading down this road? Blade Therapeutics recently postponed its special meeting. Yesterday, Forbes and SeatGeek called quits on their mergers. You get the picture.Īt the same time, plenty of deals are being delayed or falling apart. Before that, there was Appreciate, a Minnetonka, Minn.-based single family rental marketplace and management platform, and Dragonfly Energy, a Reno, Nev.-based lithium-ion battery manufacturer.

On May 19, there were two SPAC deals: electric aviation and air travel company Surf Air Mobility and electric scooter and bike-sharing app Marti. Earlier this week, it was ECARX Holdings, a Shanghai-based mobility tech company. Today you’ll see below that Freightos, a Barcelona and Jerusalem-based online freight shipping marketplace, agreed to go public via SPAC merger. The SPAC section of this newsletter, while oftly sleepy compared to last year, is still alive and well. It’s been a bit more complicated with SPACs. It’s no secret that the 2021 IPO party-a DJ’d event that had included an infinity pool, unicorn floaties, and shrimp ceviche hors d’oeuvres-ended when the markets tanked.

Second, I was starting each day with a slew of S-1 filings. Wow! That IPO and SPAC section is really long.

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“The market was not very receptive to space entrepreneurs trying to build a full solution, therefore there was not much access to capital,” Sanjay Nekkanti, Dhruva CEO, told VICE World News.Every day, you started your morning as you usually do-by opening up the Term Sheet newsletter. But many companies were struggling even just a decade back.ĭhruva Space, one of the two private companies authorized by InSpace, said they started in 2012 with the aim to privatise space activity in India. Prasad added that much of the success of India’s current private players are on the backs of four generations of their predecessors, starting with legacy companies such as Godrej that have been in the business for over 30 years. “There’s literally no limit to what can be achieved.” “With China being seen as unreliable collaborators, and Russia’s war impeding global trust, India stands out in a unique place with its space capabilities, ability to do business and the right mix of talent and infrastructure,” he said. Narayan Prasad, co-founder of India’s first space think tank, Spaceport Sarabhai, told VICE World News that India is looking at its own “Henry Ford moment,” where India has emerged as the favourite choice in the global space market. But their role was restricted to building components for ISRO. ISRO has over 350 private partners, putting the country in fifth place globally in terms of strength of private companies in the space sector. “India is poised for growth,” he said, adding an upcoming space policy will be investor friendly.Ĭhethan Kumar, a Times of India journalist who has been covering the space sector for a decade, told VICE World News that the biggest impact from privatisation is the independence and financial support given to the private players. He predicts India will make up at least 10 percent of the global space economy in the next decade, up from the current 2 percent. Vinod Kumar, director of promotions at InSpace, told VICE World News the department had received about 150 proposals from private space companies since 2020. Digantara is one of the two private companies to have received authorisations so far. Many of them are currently jostling to be authorised by the newly-minted InSpace, or the Indian National Space Promotion and Authorisation Centre, an agency that acts as a link between ISRO and private sector companies.

There have been over 100 active space startups since 2012, according to the Economic Survey of India.

A big part of this change is India’s shift to privatisation of space exploits.