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The Rise of SPACs in the US
The pitch there was from first check to last check. I don't think especially with the extra regulations that have been put on SPACs since the kind of explosion in 2021 and 2022, I don't see that being a strategy that people continue pursuing. A huge amount of funding has been going to these companies in the past few years. Now that capital is gone, what are they going to do? They can't IPO. But they can't raise money either. And so this is a big problem for the late stage. That series C and series D is where the we see the lowest capital availability. Series B is still very low, but I think it's $2 is being asked