BOSTON, MA, April 19, 2023 — In this issue of our Event-Driven Update, we discuss M&A deal activity trends in the first quarter of the year.

SPAC sponsors have expanded their search globally in the quest for target companies with at least 10 international SPAC deals announced since late February. Interestingly, internationally themed SPACs accounted for nearly half of all SPAC mergers in Q1, as foreign companies accessed the U.S. equity capital markets under largely dormant new issue conditions. To date, the rationale for using a SPAC to go public continues to evolve, with some leveraging SPACs to divest businesses to go public, while others have used SPACs to switch the listing exchange while raising cash.

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