End of the SPAC era In unsurprising news, the SPAC era 昀椀rmly closed in 2023. This year has not seen a single completed SPAC of a European tech company. This is, of course, a sharp decline from the frenzied activity of prior years with 11 SPACs in 2022 and 14 in the peak year of 2021. The return of SPACs in greater numbers should not be expect- ed any time soon. Count of European SPACs 0 Source SPACs in 2023 so far Issuers have been delaying plans to undertake IPOs on both sides of the Atlantic, as the buy-side remains reluctant to invest given prevailing interest rates and macro-economic, geo-political and 昀椀scal uncertainties. Edward Dyson Partner, Capital Markets, Orrick As such, we’re seeing growth companies pursue direct listings (supported by shareholder and commercial bank working capital facilities) and reverse mergers/takeovers as alternative routes to market, and we expect to see that trend continue in 2024. | 242