SPACs simply are not investor-friendly. Never mind that SPAC sponsors collect a 20% fee. Most of the 2020-2021 SPAC class consists of CEOs that are not public market-ready nor are their companies. Most SPAC companies are venture-stage companies masquerading as seasoned public companies. Many are pre-revenue or at the early stages of revenue generation (profits are another story). Our fear is that when this bubble bursts another generation of retail investors will permanently leave the public markets as was the case in 1999. We considered publishing a CEORater CEO Risk Report focused on SPACs but the list was too long and the commentary too generic: “Unproven CEO and management team that have yet to prove they are capable of scaling a business.” Meanwhile the SPAC list keeps growing.

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