A little more than a year ago we talked to you in this newsletter about the SPACs, companies without a defined business and which serve as a shell to place companies on the stock market without the need to follow the steps of an initial stock offering.. This "blank check" company was in vogue in the market. The situation has changed radically. Many of these vehicles are selling for less money than investors paid and their promoters are facing a more skeptical market.

The decline in risk appetite and the fall of value stocks explain the drop in the value of SPAC. The De-SPAC De-SPAC indexindex, which measures the performance of companies that went public through these companies, had fallen 62% from the beginning of the year to mid-June, doubling the decline of the S&P, according to Businessweek magazine.according to Businessweek magazine.