Before the SPAC boom, there were a number of proptech companies in the IPO pipeline. As more SPACs, which are also known as special purpose acquisition companies or blank check companies, have hit the market, this pipeline is emptying.
“That could have taken quite some time to clear itself out because there is just a huge backlog of companies that were doing an IPO, irrespective of whether they were proptech or not,” says Zak Schwarzman, a partner at MetaProp. READ MORE