(Finance) – This year At least 21 companies listed on Wall Street have failed through a business combination with a Special Purpose Acquisition Company (SPAC). We read this in an analysis by Bloomberg, according to which the bankruptcies have wiped out over 46 billion dollars in total value, taking their maximum market capitalizations as a reference.
The biggest failure was that of WeWorkwhich boasted a market value of $9.4 billion after going public in 2021. This is followed by electric vehicle makers Lordstown Motors And Proterra, which had reached market values of approximately $5.1 billion and $3.7 billion, respectively. At 3.7 billion dollars there was also AppHarvestWhile Virgin Orbit Holdings And IronNet they had reached 3.5 billion dollars.
Furthermore, the analysis notes that many of these companies ended up in Chapter 11 less than two years after going public. Specifically, the software company Near Intelligence filed for Chapter 11 this month, less than 9 months after its stock debuted on the Nasdaq.