Let's take a quick trip back to 2021, a year in which tech stocks were flying high, and the new phenomenon of Special Purchase Acquisition Company (SPAC) listings on NASDAQ were de rigeur.
SPAC listings were the talk of the town during 2021, because they represented a new and ingenious way for privately held companies to circumvent the usual due diligence associated with listing on a prestigious public stock exchange by creating a 'blank check' company which acquires the firm that wishes to list, and then meets the criteria very quickly via the new entity.
Many companies that were nearly startups were able to become publicly traded. The most fascinating of these were the little-known manufacturers of electric vehicles, who had not sold any vehicles but were valued at high levels, sometimes in the billions.
2022 was a completely different year. The tech stocks were falling in value and the sobering truth of declining economies across North America was apparent, punctuated with high levels of inflation and cost of living crises. 2021 is the year of the speculative memes and pie-inthe-sky valuations of unknown firms doing SPAC…