In the same week in July, two more special purpose acquisition company (SPAC) mergers in the smart building security space wrestled with this alternative IPO approach. First, Crown Proptech Acquisitions failed in their attempted merger with access control firm Brivo after the deadline passed before they were able to raise the funds required. Then, 5 days later, Taiwanese video surveillance firm, Gorilla Technology, announced their entry to the Nasdaq exchange with a short-lived share price rise followed by a sharp decline that has drawn doubt over their future. There is growing concern around the SPAC approach. “SPAC deals rocketed to popularity as an under-the-radar way to take companies public after high-profile flameouts of traditional IPOs, such as WeWork’s in 2019. Years of cheap borrowing followed by government responses to the pandemic had kept capital markets flowing,” writes Orion Jones for The Real Deal in New York. “But a merky track record for SPAC investors combined with rule […]