🪦 The Graveyard

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Nikola

NKLA

EV/Automotive

Nikola burst onto the scene in 2020 as the most hyped SPAC of the era, promising to revolutionize trucking with hydrogen fuel cell and battery-electric technology. The company's stock surged to nearly $94 per share, giving it a valuation larger than Ford — despite having zero revenue and no production vehicles. The unraveling began in September 2020 when short-seller Hindenburg Research published a devastating report titled 'Nikola: How to Parlay an Ocean of Lies into a Partnership with the Largest Auto OEM in America.' The report alleged that Nikola's famous truck demonstration video was staged — the vehicle was simply rolling downhill, not driving under its own power. Hindenburg also alleged that founder Trevor Milton had made dozens of false statements about the company's technology. The SEC launched an investigation, and Milton resigned as chairman in September 2020. In July 2021, Milton was indicted on three counts of fraud. He was found guilty in October 2022 and sentenced to four years in federal prison plus a $125 million fine. Meanwhile, Nikola attempted to pivot to actually producing battery-electric trucks, delivering a small number of Tre BEV models. But the damage was done. Nikola executed a 1-for-30 reverse stock split in June 2024 to avoid delisting, buying a few more months. By February 2025, the company filed for Chapter 11 bankruptcy, having burned through billions in cash with minimal revenue. The $28 billion peak valuation evaporated entirely, making Nikola one of the most spectacular frauds in SPAC history.

57 months public

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Arrival SA

ARVL

EV/Automotive

Arrival was founded in 2015 by Denis Sverdlov, a former Russian telecom executive, with a radical vision: build electric vehicles in small, distributed "microfactories" rather than traditional massive assembly plants. The company merged with CIIG Merger Corp in March 2021, achieving a peak valuation of $13 billion. The backing was impressive. Hyundai and Kia invested $110 million. UPS placed an order for 10,000 electric delivery vans — a marquee customer that validated the concept. BlackRock was among institutional investors. The microfactory approach promised lower capital costs and the ability to produce vehicles closer to customers. But the microfactory concept proved far harder to execute than pitched. Arrival's first factory in Bicester, UK struggled to produce vehicles at any meaningful rate. The company's custom-designed composite body panels and proprietary components created manufacturing complexity rather than simplifying it. Arrival pivoted repeatedly — from vans to buses, from the UK to the US — burning cash with each strategy change. The UPS order was never fulfilled. Headcount was slashed from 2,800 to under 800. A 1-for-50 reverse stock split in 2023 bought time but not salvation. By January 2024, Arrival filed for bankruptcy in the UK, with its assets eventually liquidated. The $13 billion valuation evaporated entirely — one of the largest destructions of SPAC-era value.

32 months public

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WeWork

WE

Real Estate

WeWork's SPAC journey was its second attempt at going public, following the spectacular implosion of its planned 2019 IPO that revealed massive losses and questionable governance under founder Adam Neumann. After Neumann was ousted and SoftBank took control, WeWork merged with BowX Acquisition Corp, a SPAC led by former Platinum Equity executive Vivek Ranadivé, in October 2021 at a $9 billion valuation — a fraction of its once-claimed $47 billion. The post-merger reality was grim. WeWork continued hemorrhaging cash, burning through hundreds of millions per quarter on long-term leases signed during its aggressive expansion phase. The co-working model required massive upfront capital for buildouts while generating short-term flexible revenue that couldn't cover costs. COVID-19's shift to remote work dealt a devastating blow. Occupancy rates remained stubbornly below breakeven levels even as the pandemic waned. WeWork attempted to renegotiate or exit leases, but the sheer scale of its obligations — over $13 billion in long-term lease commitments — proved insurmountable. In August 2023, WeWork issued a going-concern warning, and by November 2023, it filed Chapter 11. The company emerged from bankruptcy in mid-2024 with a dramatically smaller footprint, having rejected hundreds of leases. For SPAC investors, the result was a total loss — the stock was canceled in bankruptcy proceedings.

30 months public

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Fisker

FSR

EV/Automotive

Henrik Fisker founded his second EV company after his first, Fisker Automotive, went bankrupt in 2013 — a red flag that SPAC investors largely ignored. The new Fisker Inc. merged with Spartan Energy Acquisition Corp in October 2020, raising capital to develop the Fisker Ocean, a mid-priced electric SUV. For a while, things looked promising. Fisker secured a manufacturing agreement with Magna International, avoiding the capital-intensive step of building its own factory. The Ocean began deliveries in mid-2023, and the design received positive initial reviews. But problems surfaced quickly. The Ocean suffered from severe software glitches, including issues with braking, battery management, and infotainment systems. Customer complaints piled up. Fisker struggled to fix bugs fast enough and lacked the software engineering depth of competitors like Tesla. Meanwhile, the company burned cash at an alarming rate, spending heavily on marketing and operations while struggling to scale production. By early 2024, Fisker was in crisis. A potential rescue deal with Nissan fell through, and the company disclosed it had only $121 million in cash. Fisker paused production, laid off staff, and filed Chapter 11 bankruptcy in June 2024. Approximately 4,700 Ocean SUVs were sold at steep discounts during liquidation. Henrik Fisker had now bankrupted two EV companies bearing his name.

49 months public

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Cazoo Group

CZOO

EV/Automotive

Cazoo merged with AJAX Financial Alternatives (Dan Baker) in August 2021, becoming Europes answer to Carvana. The company bought and sold used cars online with home delivery across the UK, France, Germany, and Spain. Cazoo expanded aggressively — buying subscription car companies, building reconditioning centers, and spending massively on marketing (including Premier League sponsorships). But unit economics never worked in Europe where margins are thinner and logistics more complex. After burning $2B+, Cazoo retreated from continental Europe in 2023, did a 1:100 reverse split, and ultimately went bankrupt in 2024.

37 months public

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Hyliion

HYLN

EV/Automotive

Hyliion was founded by Thomas Healy, a 28-year-old Carnegie Mellon graduate, and merged with Tortoise Acquisition Corp in October 2020 at the peak of EV SPAC mania. The company pitched a compelling idea: retrofit existing semi-trucks with hybrid-electric and eventually fully electric powertrains, offering a faster path to decarbonizing trucking than building entire new vehicles. The stock surged to nearly $59 before the merger even closed, driven by retail investor enthusiasm for anything EV-related. Hyliion's flagship product, the Hypertruck ERX (Electric Range Extender), was supposed to use natural gas to generate electricity for an electric drivetrain, offering lower emissions and fuel costs. But development proved far harder than projected. The ERX faced repeated delays, and when prototype reviews finally emerged, performance fell short of promises. The company struggled to attract fleet customers willing to take a chance on unproven technology from a startup. Revenue remained negligible — under $1 million per quarter through most of its public life. By 2023, with cash dwindling and no path to meaningful revenue, Hyliion effectively wound down operations. The stock had fallen over 99% from its peak, representing one of the most dramatic destructions of speculative value in the SPAC era. Healy's vision was arguably sound but years too early for the market.

37 months public

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23andMe

ME

Healthcare

23andMe was one of the most recognized consumer biotech brands when it merged with VG Acquisition Corp, a SPAC backed by Richard Branson's Virgin Group, in June 2021. CEO Anne Wojcicki pitched a dual business model: consumer DNA testing kits and a drug discovery platform using the company's massive genetic database. The consumer genetics business had peaked before the SPAC merger. New kit sales plateaued as the novelty wore off, and the addressable market proved smaller than projected. The drug development pipeline — meant to justify the premium valuation — progressed slowly, with no blockbuster candidates emerging. In October 2023, 23andMe disclosed a devastating data breach affecting 6.9 million users. Hackers exploited the 'DNA Relatives' feature to scrape genetic and ancestry information. The breach triggered lawsuits, regulatory scrutiny, and a massive erosion of consumer trust. Several board members resigned, including all independent directors by September 2024. With the stock in penny-stock territory, CEO Wojcicki made multiple attempts to take the company private, all rejected by a special committee. By March 2025, 23andMe filed Chapter 11 bankruptcy, raising alarming questions about what would happen to the genetic data of 15 million customers. Privacy advocates warned that the DNA database — one of the world's largest — could be sold to the highest bidder in bankruptcy proceedings.

46 months public

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NU Ride

NRDE

Technology

N-Ride went public through a SPAC merger and has struggled significantly as a public company, with going concern warnings and a reverse stock split. The stock trades at pennies, representing a failed SPAC venture.

37 months public

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Embark Technology

EMBK

Technology

Embark was founded in 2016 by Alex Rodrigues, who dropped out of the University of Waterloo at age 19 to pursue autonomous trucking. The company merged with Northern Star Investment Corp in November 2021, raising capital to develop self-driving software for freight trucks. The pitch was appealing: rather than building its own trucks, Embark would create a universal autonomous driving platform that truck manufacturers could integrate. Partner announcements with Werner Enterprises and other fleets generated optimism. But autonomous trucking proved far more challenging than the SPAC presentation suggested. The technology required years more development, regulatory approvals remained distant, and competitors like Waymo and TuSimple had larger teams and deeper pockets. Embark's cash runway shortened rapidly. In a relatively unusual move for a failed SPAC, Embark's board voted to wind down operations and return remaining cash to shareholders in early 2023. Rather than burning through every last dollar, the company distributed approximately $4 per share — about 40% of the original trust value. While still a significant loss, it was more responsible than many SPAC failures that spent everything before filing bankruptcy.

18 months public

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Lordstown Motors

RIDE

EV/Automotive

Lordstown Motors was born from the ashes of GM's closed Lordstown Assembly plant in Ohio. CEO Steve Burns acquired the factory and merged with DiamondPeak Holdings SPAC in October 2020, promising the Endurance — an electric pickup truck aimed at commercial fleets. The company attracted political attention, with the Trump administration touting it as a manufacturing revival story. Burns claimed 100,000 pre-orders for the Endurance, a figure that became central to investor enthusiasm and the company's $5 billion valuation. In March 2021, Hindenburg Research published a report alleging that the pre-orders were largely fabricated — many were non-binding expressions of interest from entities that had no intention or ability to purchase trucks. The SEC and DOJ opened investigations. Burns and CFO Julio Rodriguez resigned in June 2021. New management tried to salvage the company, eventually producing a small number of Endurance trucks. But with fewer than 40 vehicles sold and manufacturing costs far exceeding revenue, the math never worked. Lordstown sold its factory to Foxconn in a contentious deal, then filed Chapter 11 in June 2023. The DOJ later filed fraud charges related to the pre-order misrepresentations.

37 months public

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Cano Health

Healthcare

Jaws Healthcare Innovators Acquisition Corp (a Peter Thiel-sponsored SPAC) merged with Cano Health in June 2021. The company grew aggressively through acquisitions, operating 56+ medical centers. However, rising costs and the bankruptcy of major partner Steward Health Care destabilized the business. Cano was delisted from NYSE and filed for Chapter 11 in February 2024, emerging as a private company in July 2024 after reducing debt by $1 billion.

0 months public

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Lilium NV

LILM

Aerospace/Defense

Lilium merged with Qell Acquisition Corp in September 2021. The Munich-based company developed a 7-seat electric jet for urban air mobility. It had a slick design and impressive backing (Tencent, Baillie Gifford). But developing an entirely new category of aircraft proved impossibly expensive. Lilium burned through $1.5B+ without ever certifying its jet or generating a dollar of revenue. Filed for insolvency in October 2024. Assets were purchased by a consortium for a fraction of the investment.

42 months public

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SunPower

SPWR

Clean Energy

SunPower had been a leading solar company for decades before going public via SPAC-related transaction. As solar panel prices collapsed and interest rates rose, SunPower's residential business cratered. The company filed for Chapter 11 bankruptcy in August 2024. By September 2024, SunPower had ceased all customer support operations. Its assets were sold off to various buyers.

0 months public

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Proterra

PTRA

EV/Automotive

Proterra was one of the more legitimate SPAC stories — the company had been building electric transit buses since 2004 and had real government and municipal customers. It merged with Dune Acquisition Corp in June 2021 to fund expansion of its battery and bus manufacturing operations. The company had genuine revenue (over $200M annually) and a real product. Its Catalyst electric bus was deployed in cities across the US, and its battery technology powered vehicles from other manufacturers. Energy Secretary Jennifer Granholm even served on Proterra's board before joining the Biden administration. But Proterra's economics were brutal. Each bus cost more to build than it sold for, and the company couldn't achieve the scale needed to bring costs down. Supply chain disruptions from COVID and the chip shortage further hampered production. The company was burning through cash far faster than expected. By 2023, Proterra was running out of runway. Despite its real products and government backing, the company filed Chapter 11 in August 2023. Its bus and battery divisions were sold separately in bankruptcy, with Phoenix Motorcars acquiring the battery business. It was a cautionary tale that even legitimate companies could be destroyed by the SPAC structure's emphasis on growth over profitability.

27 months public

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Virgin Orbit

VORB

Aerospace/Defense

Virgin Orbit was Richard Branson's second space venture (alongside Virgin Galactic), focused on launching small satellites using a rocket deployed from a modified Boeing 747 called 'Cosmic Girl.' The company merged with NextGen Acquisition Corp II in December 2021. The air-launch concept was innovative — by launching from an airplane, Virgin Orbit could theoretically operate from any airport with a long enough runway, offering flexibility that ground-based rockets couldn't match. The company had completed successful launches and had government and commercial contracts. Everything fell apart with a high-profile launch failure in January 2023. A mission launched from Cornwall, UK — the first orbital launch attempt from British soil — failed when the rocket's upper stage experienced an anomaly. The mission was supposed to showcase Virgin Orbit's international capabilities and attract new customers. The failure halted operations at the worst possible time. Virgin Orbit was already burning cash rapidly and needed new contracts to survive. With the launch failure undermining customer confidence, new bookings dried up. Richard Branson declined to inject more personal capital. By April 2023, just 16 months after going public, Virgin Orbit filed Chapter 11. Its assets were acquired by Rocket Lab and others at bankruptcy auction for pennies on the dollar.

22 months public

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Virgin Orbit Holdings

Aerospace/Defense

NextGen Acquisition Corp II merged with Virgin Orbit in December 2021 at a $3.2 billion valuation. The company had successfully launched satellites but a January 2023 mission from the UK failed catastrophically. Unable to secure additional funding, Virgin Orbit filed for Chapter 11 in April 2023. Its assets were auctioned off, with Rocket Lab and others acquiring various components for approximately $36 million total.

0 months public

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Cyxtera Technologies

CYXT

Technology

Cyxtera Technologies was a colocation data center operator with over 60 facilities across North America, Europe, and Asia. The company merged with Starboard Value Acquisition Corp in July 2021, sponsored by the well-known activist hedge fund. The data center industry was booming, driven by cloud computing and digital transformation. Cyxtera's pitch was that its large footprint and enterprise customer relationships positioned it to capture this growth. Starboard Value's involvement lent credibility. But Cyxtera was carrying massive debt from a 2017 leveraged buyout by BC Partners. The SPAC merger didn't adequately address this debt burden. As interest rates rose in 2022-2023, the cost of servicing .7 billion in debt became unsustainable. Despite reasonable revenue (~00M annually), Cyxtera couldn't generate enough free cash flow to service its debt and invest in growth simultaneously. In June 2023, the company filed Chapter 11 bankruptcy. The data centers continued operating — the physical assets had value — but equity holders were wiped out. It was a reminder that even good assets can be destroyed by bad capital structures.

24 months public

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View

VIEW

Real Estate

View merged with CF Acquisition Corp VIII (Cantor Fitzgerald) in March 2021. The company makes electrochromic smart windows that tint automatically based on sunlight — installed in airports, offices, and high-end buildings. But the technology was expensive, installation complex, and the market tiny. View burned through over $2B in cash, restated financials due to accounting errors, received SEC subpoenas, and filed for bankruptcy in November 2023. It was one of the most capital-destructive SPACs in history.

29 months public

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Alta Mesa Resources, Inc.

Blank Check

Silver Run Acquisition Corp II merged with Alta Mesa Holdings in February 2018, combining Alta Mesa's Oklahoma assets with Kingfisher Midstream. The deal was valued at $3.8 billion but the assets were overvalued. Within months, Alta Mesa took a $3 billion write-down on the acquired assets. The company filed for Chapter 11 in September 2019, making it one of the earliest major SPAC failures.

16 months public

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Bird Global

BRDS

EV/Automotive

Bird was a poster child of the micro-mobility craze, founded in 2017 by Travis VanderZanden, a former Uber and Lyft executive. The company became synonymous with electric scooters littering city sidewalks and went public through a merger with Switchback II Corp in November 2021. The scooter business model had fundamental problems that the SPAC merger couldn't solve. Scooters suffered from vandalism, theft, and rapid wear — average vehicle lifespans were measured in months, not years. Cities imposed increasingly restrictive regulations, limiting where scooters could operate and how many could be deployed. Bird burned through cash at a staggering rate, spending on scooter fleets, operations staff, and expansion into new markets. The company projected $800 million in revenue by 2023 but managed only $260 million. A 1-for-30 reverse stock split in late 2023 couldn't save the stock from penny-stock territory. By December 2023, Bird filed Chapter 11 with just $3.3 million in cash — barely enough to keep the lights on for a week. The assets were sold to existing lenders, and Bird continued operations under new ownership. For investors who bought into the SPAC, the scooters had essentially scooted away with their money.

31 months public

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CareMax

Blank Check

Dune Acquisition Corporation merged with CareMax in June 2021. The healthcare company grew aggressively through acquisitions but was hit by rising costs and exposure to the Steward Health Care bankruptcy. CareMax was delisted from Nasdaq in September 2024 and filed for Chapter 11 in November 2024 with a prearranged reorganization plan.

42 months public

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Sonder Holdings

SONDQ

Blank Check

Gores Metropoulos II merged with Sonder in January 2022. The apartment-hotel company expanded rapidly but couldn't achieve profitability with its asset-light leasing model. Despite a 2024 licensing deal with Marriott, Sonder's financial situation deteriorated. Marriott terminated the agreement in November 2025, and Sonder filed for Chapter 7 liquidation — a complete wind-down of operations — the same month.

0 months public

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DermTech

DMTKQ

Technology

Constellation Alpha Capital Corp merged with DermTech in 2019. The company's non-invasive skin cancer test showed promise but struggled with reimbursement and commercialization. DermTech filed for Chapter 11 in June 2024, laid off 20% of staff, and sought a buyer for its technology. The company was renamed DTech Liquidating Inc as assets were sold off.

73 months public

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Heliogen

HLGN

Clean Energy

Heliogen was founded by Bill Gross (Idealab founder, not the PIMCO Bill Gross) and attracted backing from Bill Gates, among other prominent investors. The company developed AI-powered concentrated solar technology that could generate extreme heat for industrial processes like cement and steel manufacturing. The concept was ambitious: use mirrors and AI to focus sunlight intensely enough to replace fossil fuels in heavy industry. Heliogen merged with Athena Technology Acquisition Corp in December 2021. But the technology was far from commercial readiness. Building utility-scale concentrated solar facilities required enormous capital investment, and industrial customers were reluctant to bet on unproven technology for critical processes. Heliogen's pilot facility in Lancaster, California showed promise but couldn't demonstrate the economics needed for widespread adoption. Cash burned rapidly on R&D and facility development with minimal revenue. By mid-2023, Heliogen filed Chapter 11 bankruptcy. The company's assets and technology were sold in bankruptcy proceedings. Despite the star-studded investor list, concentrated solar for industrial heat proved too early-stage for public market capital.

26 months public

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Lion Electric

LEV

EV/Automotive

Lion Electric was a Montreal-based manufacturer of zero-emission school buses and medium/heavy-duty trucks. Unlike many EV SPACs, Lion had real products — it had been building electric school buses since 2017 and had delivered vehicles to school districts across North America. The company merged with Northern Genesis Acquisition Corp in May 2021, using proceeds to build a new battery plant and scale production. The timing seemed favorable: the Biden administration was pushing for EV adoption in government fleets, and school bus electrification programs were gaining momentum. But Lion struggled with the same fundamental challenge facing many EV startups: the cost of batteries made each vehicle unprofitable at current production volumes, and scaling up required capital that the company was rapidly depleting. The new battery plant added costs without immediately reducing per-unit expenses. Supply chain disruptions, high interest rates, and slower-than-expected fleet electrification decisions by municipalities all contributed to the decline. Revenue grew but never fast enough to offset cash burn. By December 2024, Lion Electric filed for creditor protection and eventually entered bankruptcy proceedings, ending another chapter in the EV SPAC saga.

43 months public

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Canoo

GOEV

EV/Automotive

Canoo was led by Tony Aquila, a brash executive who promised to revolutionize EVs with a skateboard-style modular platform. The company merged with Hennessy Capital Investment Corp IV in December 2020, becoming the latest in a wave of EV SPACs. The original plan was innovative: a subscription-based model where customers would pay monthly for access to Canoo's lifestyle vehicles. The quirky, pod-like design attracted attention. But after going public, Aquila scrapped the subscription model entirely, pivoting to traditional sales and commercial fleet vehicles. Canoo announced a high-profile deal with Walmart for 4,500 delivery vehicles in July 2022, sending the stock briefly higher. But the company struggled to begin production at its Oklahoma factory. Repeated delays, leadership turnover (Canoo burned through multiple C-suite executives), and an SEC investigation into its business practices created constant turmoil. The company projected $1.8 billion in revenue by 2024. The actual number was zero. Despite building a factory in Oklahoma and receiving state incentives, Canoo never manufactured vehicles at commercial scale. By January 2025, with virtually no cash remaining, Canoo ceased operations and filed for bankruptcy. The Walmart deal was never fulfilled.

56 months public

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Volta

VLTA

EV/Automotive

Volta had one of the more creative SPAC pitches: free EV charging stations funded by digital advertising screens. The company placed chargers at high-traffic retail locations like grocery stores and malls, where brands would pay to advertise on large screens while drivers charged their cars. The company merged with Tortoise Acquisition Corp II in August 2021. The timing seemed ideal as EV adoption was accelerating and the advertising model offered a differentiated approach to the fragmented charging market. But the economics never worked at scale. Advertising revenue per station was lower than projected, and the cost of installing and maintaining stations was higher than expected. Volta also had to compete for prime retail locations against well-funded competitors like ChargePoint and Blink. The company churned through CEOs and strategy pivots. In early 2023, Shell made a lowball acquisition offer that Volta's board initially rejected. But with cash running out and no alternatives, Volta accepted a revised offer from Shell for approximately $169 million — a fraction of its $1.7 billion peak valuation. For SPAC investors, the Shell acquisition returned pennies on the dollar.

21 months public

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Eos Energy

EOSE

Clean Energy

Eos Energy pitched an appealing alternative to lithium-ion batteries: zinc-based energy storage that promised to be cheaper, safer, and more environmentally friendly for grid-scale applications. The company merged with B. Riley Principal 150 Merger Corp in November 2020. The technology showed promise in lab settings, but transitioning to commercial-scale manufacturing proved enormously challenging. Eos struggled with production yields, quality control, and the fundamental economics of competing against rapidly improving lithium-ion alternatives. Despite signing some pilot agreements with utilities, Eos couldn't generate enough revenue to sustain operations. The company went through multiple rounds of dilutive financing, eroding shareholder value. Each quarterly report brought more losses and more excuses for delayed milestones. By mid-2023, Eos filed for bankruptcy protection. The zinc battery technology was arguably ahead of its time — but in the SPAC era, 'ahead of its time' was just another way of saying 'not ready for public markets.'

39 months public

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Pear Therapeutics

Healthcare

Thimble Point Acquisition Corp merged with Pear Therapeutics in December 2021 at a $1.6 billion valuation. Despite having three FDA-authorized digital therapeutics products, Pear struggled with insurance reimbursement and physician adoption. The company burned through cash and filed for Chapter 11 in April 2023, just 16 months after going public. Its assets were sold for approximately $6 million.

0 months public

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Tattooed Chef

TTCFQ

Blank Check

Forum Merger III Corp merged with Tattooed Chef in October 2020 during the plant-based food boom. The company gained distribution in major retailers but couldn't achieve profitability, facing high costs and declining consumer interest in plant-based foods. The stock fell from over $20 to pennies. Tattooed Chef filed for Chapter 11 in July 2023 and its liquidating trustee later sued former directors for $100 million in damages.

44 months public

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Getaround

GETR

EV/Automotive

Getaround was founded in 2009 as a peer-to-peer car sharing platform, allowing car owners to rent their vehicles to others through a smartphone app. The company merged with InterPrivate II VSM Tec in December 2022, one of the last SPAC mergers of the boom era. The car-sharing concept seemed promising: Turo had shown demand existed, and Getaround differentiated itself with connected car technology that allowed keyless access. The company also acquired European competitor Drivy in 2019, expanding internationally. But Getaround's unit economics were deeply negative. The cost of technology (connected car hardware), insurance, customer acquisition, and operations far exceeded the commission revenue from each rental. The company was losing money on essentially every transaction. Post-SPAC, the stock immediately plunged. Revenue stagnated while losses mounted. Getaround attempted restructuring, exiting unprofitable markets and cutting staff, but it was too late. By 2024, the company was in penny-stock territory and headed for insolvency.

25 months public

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Electric Last Mile Solutions

ELMS

EV/Automotive

Electric Last Mile Solutions promised affordable electric delivery vans for the last-mile logistics market. The company merged with Forum Merger III Corp in June 2021, targeting the booming e-commerce delivery sector. Almost immediately, problems emerged. In February 2022, an internal investigation revealed that CEO James Taylor and CTO Jason Luo had purchased shares at prices significantly below the trust value ahead of the merger — a serious breach of SPAC rules and securities law. Both executives resigned. With its leadership gone and credibility shattered, ELMS couldn't raise additional capital. The company's electric van was essentially a rebadged Chinese vehicle from Sokon Industry Group, calling into question the company's actual technology and IP. By June 2022, just 12 months after going public, ELMS filed for Chapter 7 liquidation — not even Chapter 11 reorganization, but straight liquidation. It set the record for the fastest SPAC-to-bankruptcy timeline, a dubious distinction in a field with plenty of competition.

13 months public

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Enjoy Technology

ENJY

Consumer

Enjoy Technology was founded by Ron Johnson, the former Apple retail chief who also had a disastrous stint as JCPenney CEO. Enjoy's model sent 'experts' to customers' homes to set up and sell tech products, partnering with carriers like AT&T. The company merged with Marquee Raine Acquisition Corp in October 2021, but the business model had fundamental problems. Customer acquisition costs were extremely high — sending trained staff to individual homes was expensive. Revenue per visit rarely covered the cost of the visit itself. The company burned through cash at a pace that shocked even seasoned SPAC watchers. By mid-2022, just months after going public, Enjoy was already in financial distress. Johnson's track record at JCPenney should have been a warning sign — his attempt to transform the retailer had been one of the biggest failures in retail history. Enjoy filed Chapter 11 in June 2022, just 11 months after its SPAC merger. Assets were acquired by Asurion, a tech insurance company, for a fraction of the merger valuation. It was another reminder that a famous founder's name on a SPAC was often more of a warning than an endorsement.

13 months public

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IronNet Cybersecurity

IRNT

Technology

IronNet Cybersecurity was founded by General Keith Alexander, the former director of the NSA and head of US Cyber Command. The company merged with LGL Systems Acquisition Corp in August 2021, promising to bring military-grade collective defense technology to commercial cybersecurity. The stock had a wild ride immediately after merger. Due to an unusually small public float, IronNet became caught up in meme stock/gamma squeeze dynamics, briefly surging to $47.50 per share in September 2021 — a moment that gave the company a market cap exceeding $1 billion despite minimal revenue. But the cybersecurity product never gained meaningful commercial traction. Customers found the technology complex to implement and the value proposition unclear compared to established competitors like CrowdStrike, Palo Alto Networks, and SentinelOne. Revenue remained stuck in the low tens of millions. IronNet burned through its cash reserves, repeatedly missed revenue guidance, and restated financial results. By September 2023, the company filed for Chapter 11 bankruptcy. Alexander's NSA pedigree, which was supposed to be the ultimate endorsement of the technology, proved irrelevant in a competitive commercial market.

28 months public

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IronNet

DFNS

Blank Check

LGL Systems Acquisition Corp merged with IronNet in September 2021, trading on its NSA pedigree and collective defense concept. The company never achieved product-market fit, burning through cash while generating minimal revenue. IronNet suspended operations and filed for Chapter 11 in October 2023 after simply running out of money. The bankruptcy filing revealed the company had just $2.6 million in cash.

0 months public

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Wejo Group

WEJO

Technology

Wejo merged with Virtuoso Acquisition Corp in November 2021. The UK-based company collected data from connected vehicles (GPS, speed, braking) and sold analytics to insurers, cities, and advertisers. It claimed partnerships with GM, Toyota, and BMW. But data monetization proved far harder than projected — privacy concerns, complex contracts, and tiny revenue. Wejo burned through its SPAC cash in 18 months and filed for bankruptcy in March 2023.

21 months public

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AppHarvest

APPH

Industrials

AppHarvest promised to revolutionize American agriculture with massive high-tech greenhouses in Appalachian Kentucky. The company's pitch combined sustainability (using 90% less water than open-field farming), technology (AI-controlled growing environments), and social impact (creating jobs in economically depressed Appalachian communities). The company merged with Novus Capital Corp in February 2021, with celebrity board member Martha Stewart lending credibility. The stock surged to $42, valuing the company at $1 billion. AppHarvest opened its first 60-acre greenhouse in Morehead, Kentucky, growing tomatoes. But growing tomatoes at scale proved far harder and more expensive than projected. The high-tech greenhouse had enormous operational costs, and AppHarvest's tomatoes had to compete with cheaper imports from Mexico. The company reported massive losses on every tomato sold — it literally cost more to grow them than grocery chains would pay. AppHarvest pivoted to building additional facilities for leafy greens and berries, but each new facility added more debt and more losses without solving the unit economics problem. A securities fraud lawsuit alleged the company had misrepresented its technology and production capabilities. By July 2023, AppHarvest filed Chapter 11, and its facilities were sold at auction.

26 months public

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Fast Radius

FSRD

Industrials

Fast Radius operated an on-demand digital manufacturing platform that combined additive manufacturing (3D printing) with traditional CNC machining and injection molding. The company was named a World Economic Forum 'Lighthouse' factory, lending it credibility. The company merged with ECP Environmental Growth Opportunities Corp in February 2022 — late in the SPAC cycle when enthusiasm was already waning. The IPO raised less than expected as SPAC redemptions were running high. Fast Radius struggled from day one as a public company. Manufacturing margins were thin, customer acquisition was slow, and the company couldn't generate enough revenue to cover its overhead. The cloud manufacturing market was still nascent, and customers were hesitant to switch from established supply chains. By November 2022, just 10 months post-merger, Fast Radius filed Chapter 11. SyBridge Technologies acquired the company's assets. It was a textbook case of a company going public via SPAC years before its market was ready.

5 months public

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Mondee Holdings

MOND

Blank Check

ITHAX Acquisition Corp merged with Mondee in July 2022. The travel platform struggled to stabilize operations and generate sustainable revenue. Mondee ceased all operations in October 2024 and filed for Chapter 11 bankruptcy, ultimately seeking to liquidate. The company's assets are being wound down through bankruptcy proceedings.

0 months public

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dMY Technology Group / IronNet

DMYT

Technology

dMY Technology Group was a serial SPAC sponsor that attracted celebrity investor Steph Curry. The NBA superstar's involvement generated buzz when the SPAC merged with IronNet Cybersecurity, founded by former NSA Director Keith Alexander. On paper, it seemed like a strong combination: a marquee celebrity backer, a legendary intelligence chief's cybersecurity company, and a prolific SPAC sponsor. But IronNet's collective defense platform failed to gain meaningful commercial traction. The technology was complex, the sales cycle long, and established players dominated. Revenue stayed in the low millions while losses mounted. The stock declined from $16 steadily to zero. IronNet filed for bankruptcy in September 2023, wiping out all equity value including Curry's investment.

28 months public

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QualTek Services

Blank Check

Roth CH Acquisition II Corp merged with QualTek in February 2022, just as the Fed began raising rates. The telecom services company was immediately crushed by rising borrowing costs on its leveraged balance sheet. QualTek was delisted from Nasdaq in early 2023 and filed for Chapter 11 in May 2023. It emerged from bankruptcy in July 2023 as a private company, with stockholders losing all equity.

12 months public

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Boxed

Blank Check

Seven Oaks Acquisition Corp merged with Boxed in December 2021. The e-commerce grocery platform struggled to compete with Amazon and traditional warehouse clubs, burning through cash. The collapse of Silicon Valley Bank, where Boxed held funds, accelerated its demise. Boxed filed for Chapter 11 in April 2023 and shut down its retail operations, trying to sell its software business.

0 months public

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Airspan Networks Holdings

MIMOQ

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New Beginnings Acquisition Corp merged with Airspan Networks in August 2021. The wireless equipment maker struggled with supply chain issues and intense competition from larger players. After selling its Mimosa Networks unit to Jio Platforms for $60M in 2023, Airspan still couldn't stabilize its finances and filed for Chapter 11 in March 2024.

0 months public

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Pinstripes Holdings

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Banyan Acquisition Corp merged with Pinstripes Holdings in 2024 at a $520 million SPAC valuation. The eatertainment chain was delisted and filed for Chapter 11 bankruptcy in September 2025, closing locations less than two years after going public. The case eventually converted to Chapter 7 liquidation, highlighting the gap between its SPAC valuation and reality.

0 months public

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Enovis

ENOV

Industrials

Enovis operated in the medical technology and industrial sectors, but struggled to achieve the growth trajectory promised during its public market debut. The company faced headwinds from supply chain disruptions, competitive pressure, and the difficult post-SPAC market environment. The medical device market, while large, proved harder to penetrate than projected. Enovis lacked the scale of established players like Stryker and Zimmer Biomet, making it difficult to win hospital contracts and negotiate with distributors. Operational challenges mounted as the company tried to integrate acquisitions and rationalize its portfolio. Each quarter brought disappointing results and revised guidance, eroding investor confidence. By 2022, the stock had collapsed from its peak, and the company eventually filed for bankruptcy protection, unable to service its debt obligations in a rising interest rate environment.

15 months public

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Rosehill Resources

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Rosehill Resources went public via SPAC in 2017, acquiring Permian Basin oil assets. The company was hit hard by the COVID-19 pandemic and the 2020 oil price crash that briefly sent crude to negative prices. Rosehill filed for Chapter 11 in July 2020 and emerged as a private company in September 2020, just 69 days later. Stockholders lost all equity.

38 months public

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Quanergy Systems

QNGY

Technology

Quanergy was once one of the most promising LiDAR companies, having been valued at $1.6 billion in private funding rounds. The company developed solid-state LiDAR sensors meant for autonomous vehicles, robotics, and smart city applications. By the time Quanergy merged with CITIC Capital Acquisition Corp in February 2022, the LiDAR market had become brutally competitive. Dozens of companies were pursuing the technology, driving prices down and making it difficult for any single player to achieve profitability. Quanergy's solid-state technology, while promising on paper, lagged behind competitors like Luminar and Ouster in performance and reliability. The company struggled to land major automotive OEM contracts, which were essential for the volume production needed to bring costs down. With minimal revenue and a rapidly depleting cash balance, Quanergy filed for Chapter 11 in December 2022 — just 9 months after going public. The assets were sold at auction, and the company was dissolved. The LiDAR SPAC wave had produced multiple casualties, but Quanergy's failure was among the swiftest.

7 months public

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Landsea Homes

LSEA

Real Estate

Landsea Homes was a Chinese-backed homebuilder operating in high-growth US markets including Arizona, California, Florida, and Texas. The company merged with LF Capital Acquisition Corp in 2021, emphasizing its 'High Performance Homes' brand of energy-efficient construction. The timing was initially favorable — the US housing market was red-hot in 2021-2022 with low interest rates driving unprecedented demand. But when the Federal Reserve began aggressively raising rates in 2022, the housing market cooled rapidly. Landsea was particularly vulnerable because it was smaller than major homebuilders and had less pricing power. Rising interest rates increased the cost of its development loans while simultaneously reducing buyer demand. The company's focus on premium, eco-friendly homes made it especially sensitive to affordability concerns. As home sales slowed and inventory accumulated, Landsea couldn't generate enough cash to service its debts. The company filed for bankruptcy in 2023, another victim of the interest rate cycle that followed the easy-money SPAC era.

24 months public

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Clarus Therapeutics Holdings

Healthcare

Blue Water Acquisition Corp merged with Clarus Therapeutics in September 2021. Despite having an FDA-approved product (JATENZO), the company struggled with commercial launch, facing competition and slow physician adoption. Just one year after going public, Clarus filed for Chapter 11 in September 2022, making it one of the quickest SPAC-to-bankruptcy cases.

0 months public

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American Virtual Cloud Technologies

Technology

Pensare Acquisition Corp merged with what became AVCT in 2020. The company acquired Kandy Communications from Ribbon Communications to build a cloud communications platform but struggled to generate revenue. AVCT filed for Chapter 11 in January 2023 and its securities were deregistered by May 2023.

-1 months public

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Wag! Group Co.

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CHW Acquisition Corp merged with Wag! Group in August 2022. The pet care platform struggled to compete and generate profits, with its stock falling below $1 by August 2024 and below $0.20 by March 2025. After receiving multiple Nasdaq delisting notices, Wag! filed for a prepackaged Chapter 11 bankruptcy in 2025, with its secured lender set to take ownership of the company.

0 months public

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Greenland Acquisition

GNLN

Consumer

Greenland Acquisition Corp was a smaller SPAC that merged with cannabis-adjacent companies during the marijuana legalization hype. The company operated in the cannabis supply chain, providing equipment and technology to growers. The cannabis SPAC boom was driven by expectations of imminent federal legalization in the US, which would have opened a massive market. But legalization repeatedly stalled in Congress, and the companies that went public via SPAC found themselves in a shrinking market with collapsing prices. Greenland's revenue never materialized at the scale needed, and the cannabis industry's oversupply crisis made conditions worse. State-legal cannabis companies faced intense price competition, and many of Greenland's potential customers were themselves going bankrupt. The company filed for bankruptcy in 2023, another casualty of the cannabis SPAC wave that assumed federal legalization was imminent.

47 months public

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Movella Holdings

MVLA

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Movella went public via SPAC in 2023. The motion sensor company quickly ran into financial trouble, defaulting on its Note Purchase Agreement. In 2025, it completed a corporate restructuring that transferred 100% equity of its subsidiary to a new entity controlled by creditors. The stock trades at $0.001/share and the company is effectively defunct as a public entity.

10 months public

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Near Intelligence

NIR

Technology

Near Intelligence was a Singapore-based data intelligence company that provided location-based analytics to marketers and enterprises. The company merged with KludeIn Acquisition Corp in early 2023, making it one of the last SPACs of the era. Going public in 2023 was terrible timing — the SPAC market had collapsed, investor enthusiasm had evaporated, and redemption rates were running above 90%. Near raised far less capital than needed to fund its growth plans. The company's data analytics platform faced increasing headwinds from privacy regulations (GDPR, state privacy laws) that limited the collection and use of location data. Revenue declined as customers pulled back spending on data services. In a remarkably swift collapse, Near Intelligence filed for Chapter 11 bankruptcy in December 2023, less than 9 months after its SPAC merger closed. It was a fitting end to the SPAC era — a company that should never have gone public, going bankrupt in record time.

7 months public

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Nogin

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Software Acquisition Group Inc III merged with Nogin in August 2022. The e-commerce platform struggled with declining revenue from its brand clients and mounting losses. Nogin filed for Chapter 11 in December 2023, planning to sell the business to a subsidiary of B. Riley Financial. The restructuring plan was confirmed in April 2024.

0 months public

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ID Auto

EV/Automotive

The company went public via SPAC in 2017 operating e-commerce websites for auto parts. Parts ID struggled with competition from Amazon and established auto parts retailers. The company filed for Chapter 11 bankruptcy in Delaware in December 2023, seeking to restructure or sell its assets.

44 months public

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Financial Strategies Acquisition

Fintech

Financial Strategies Acquisition Corp IPO'd as a blank check company but was unable to find and complete a suitable business combination within its allotted timeframe. The SPAC was liquidated and trust funds were returned to shareholders. It was categorized as bankrupt but was actually a standard SPAC liquidation.

0 months public

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Progress Acquisition

Blank Check

Progress Acquisition Corp IPO'd in February 2021, raising $150 million to acquire a media/entertainment/technology company. Led by CEO David Arslanian, the SPAC was unable to complete a deal within its deadline and was liquidated. Trust funds were returned to shareholders. It was categorized as bankrupt but was a standard SPAC liquidation.

0 months public

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Legacy Ejy

Blank Check

Marquee Raine Acquisition Corp merged with Enjoy Technology in October 2021. Founded by Ron Johnson (who led Apple's retail stores and was CEO of JC Penney), Enjoy's mobile commerce model required expensive in-home delivery experts. The company burned through cash rapidly and filed for Chapter 11 in June 2022 — just 8 months after going public, making it one of the quickest SPAC-to-bankruptcy collapses.

0 months public