Choppy Conditions Tripped up Capital Markets Again in 2023

Michael Maline’s commentary was included in a Law360 article examining how special-purpose acquisition companies (SPACs) struggled in the 2023 financial market.

Michael observed that in the case of “a mature, bigger company that's merging with a SPAC — those deals can still get done, It's the smaller ones that are more speculative that are going to fall by the wayside, as they already have."

He also commented on how private investment in public equity (PIPEs) in a reverse merger is now less likely. "Those PIPEs have been getting harder and harder to do because no one's convinced that once you go public, you are not going to suffer the same fate that a lot of other companies have, which is that the stock doesn't move or goes down," Michael said.