According to ICR’s SPAC Market Update and Outlook, SPAC proceeds in the first quarter of this year were $10.1 billion, the lowest amount since the second quarter of 2020, when SPAC numbers began to take off. The number of SPAC IPOs in Q1 2022 was 54, also the fewest since Q2 2020, the report finds. That’s a big comedown from the peak of 298 SPAC IPOs reached in the first quarter of 2021, which accounted for $89.2 billion in proceeds. While things began to cool off considerably right after that high point, Q4 2021 still boasted 166 SPAC IPOs, with proceeds of $34.2 billion. In addition, the number of IPOs that pulled the plug on their listings rose sharply in the first quarter. As regards the outlook for the rest of 2022, the report says that until the SEC’s proposed rule and amendment changes for SPACs are formalized, “it is likely that SPAC issuance will slow materially.”
The Worldcom Public Relations Group adds San Juan, PR-based Duarte Pino, Parris Communications in Kansas City, MO and ProGlobal, located in Dubai, United Arab Emirates, as partners in the organization. Duarte Pino specializes in management services designed to help expand Hispanic-led businesses in the US and Puerto Rico. Parris Communications provides media relations, crisis counsel, and strategic communications for clients in such sectors as hospitals, healthcare IT, real estate, retail and banking. Part of the Dubai-based 24 Dimensions investment group, ProGlobal offers public relations, corporate communications, digital marketing, social media management, brand development, creative design, event management and lead generation services. “These are all outstanding agencies, and each of them is an important addition to our global partnership," said Stephanie Paul, managing director of The Phillips Group and Worldcom’s global recruitment chair.
Lyceus Group, a Seattle-based firm that represents clients in the financial services, real estate, cryptocurrency and technology spaces, opens a downtown Austin, TX office. Lyceus Group’s Austin office will be led by Rex Carlin, who will now serve as vice president for the firm. Carlin has been with the firm since 2019. The Austin office will focus on expanding Lyceus’ footprint in the technology startup and real estate spaces. Financial services continue to be a key priority in both its Austin and Seattle offices. “The growing financial services and technology spaces coupled with the exceptional talent pool in Austin, make expanding to Austin an obvious choice for Lyceus Group,” said Lyceus Group president Tucker Slosburg.
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