The craze for blank-cheque companies in 2021 is coming home to roost, with nearly $79bn in capital raised by Spacs two years ago failing to find a target and falling into liquidation.

The flurry of Spacs reached a peak in 2021, with a frenzy of launches raising a record $172bn. But 40% of the 690 Spacs launched that year have now been liquidated, according to data provider Dealogic.