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  "documentTitle": "Merging with SPAC",
  "authorId": "PwC",
  "authorName": "Mayer Brown, PwC",
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  "notes": "Includes PwC and Mayer Brown branding; data source is Dealogic.",
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      "text": "Operating companies are increasingly looking to SPACs as a source of liquidity.",
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      "text": "SPAC Merger $-value (in billions) (2017-2021 YTD)",
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      "text": "SPAC merger volume (2017-2021 YTD)",
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      "text": "SPAC merger volume: 63",
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      "kind": "source-note",
      "text": "Source: Dealogic as of 5/14/21. Excludes non-US offerings, non-SEC registrants, SPVs, closed-end funds, offerings less than $25 million, and offerings that took place on OTC or pink sheet exchanges. All dual listed IPOs include the US portion only for deal value.",
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      "text": "Operating companies are increasingly looking to SPACs as a source of liquidity.",
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      "kind": "title",
      "text": "Capital raised through SPAC mergers",
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      "evidence": "Multiple stacked-bar and combo charts (5,6,8,9) accumulate volume/proceeds evidence ending in 'disruptor' precedent (10).",
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