SPACs suffered when large investors exercised their options to withdraw funds during $2022.$

Many SPACs were required to liquidate and return money to their investors when they failed to identify an attractive target firm within the two$-$year

period they are required to complete a merger.

Falling stock prices and rising interest rates in $2022$ virtually froze the market for IPOs in general and SPACs performed even worse than traditional

IPOs during this period.

Early investors generally enjoy the same performance return as later investors in the SPAC.