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TLDR: Alec Gores, a well-known backer of special-purpose acquisition companies (SPACs), and former Barclays CEO Bob Diamond have seen two deals worth $10.6bn f
by Always42 4y ago
TLDR:
Alec Gores, a well-known backer of special-purpose acquisition companies (SPACs), and former Barclays CEO Bob Diamond have seen two deals worth $10.6bn fail within an hour of each other. Gores Holdings VIII said it would not be merging with materials science tech firm Footprint, while Concord Acquisition pulled the plug on its deal with stablecoin issuer Circle Internet Financial. The cancellations are part of a broader downturn in the SPAC market, which has seen more than 55 transactions terminated this year.