Matt Levine has been writing about this trend lately: * https://www.bloomberg.com/news/newsletters/2020-06-23/money-stuff-bill-ackman-wants-a-mature-unicorn ht

Matt Levine has been writing about this trend lately: * https://www.bloomberg.com/news/newsletters/2020-06-23/money-stuff-bill-ackman-wants-a-mature-unicorn https://www.bloomberg.com/news/newsletters/2020-06-23/money-... * https://www.bloomberg.com/opinion/articles/2020-07-14/everyone-wants-a-blank-check https://www.bloomberg.com/opinion/articles/2020-07-14/everyo... The gist is that an SPAC is less risky than an IPO for the company (you only have to negotiate with a single entity, and odds of an agreement falling through are much lower) but in return you're going to have to compensate the SPAC for taking on that risk by lowering the price. That tradeoff is more appealing in uncertain times than in good times.