SPFR - SPAC market is 'a lot of out of control' Barry Sternlicht says

The SPAC market is a "lot of of control," billionaire investor and SPAC sponsor Barry Sternlicht said in an interview on CNBC."Don't expect Wall Street to regulate the launch of SPACs, they are making too much money," Sternlicht said on CNBC. "If you can walk you can do a SPAC."Sternlicht said he lost out on a SPAC deal when another party agreed to due three days of due diligence, while he wanted 60 days to study the potential target."We can't complete against stupidity," Sternlicht said.Yesterday, Sternlicht's Jaws Spitfire Acquisition SPAC (SPFR) announced that it would be taking 3D printer maker Velo3D public in a deal that will value the company at $1.6b.Sternlicht said he is starting to see some "discipline" in the SPAC market from the buy side, from firms like Fidelity, Wellington, and T Rowe, who are starting to say "you are paying too much, I don't like that

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SPAC market is 'a lot of out of control,' Barry Sternlicht says