Another Silicon Valley blank-check company — this one sponsored by Altimeter Capital — is closing up shop, unable to find a company to merge with before its self-imposed deadline.
"The Company anticipates that the Company cannot consummate an initial business combination within the time period required," it said in its filing. The SPAC's IPO came at the height of the blank-check boom, when record numbers of such entities were going public in IPOs and taking private companies public in mergers. But interest in SPACs cooled in the second half of last year as the vast majority of companies that went public in such mergers saw their share prices plunge by at least half after their combinations.
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