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Forget Flying Taxis—Down-to-Earth Companies Are Now the Prime SPAC Targets

Boring is better in the beaten-down world of SPACs right now.

At the height of the boom in special-purpose acquisition companies, speculative merger targets like electric-car makers and flying-taxi startups ruled the day. But people who track and make SPAC deals say the types of unprofitable companies that became popular among SPAC investors during the pandemic are falling out of favor.