SPCX - SPAC momentum continues into 2021: Odeon Capital

Some 149 special purpose acquisition companies, known as SPACs, enter 2021 searching for business combination targets with a $57B collective war chest, according to Odeon Capital analyst Alex Arnold's SPAC Tracker.Meanwhile, 77 companies are poised to raise ~$17B of new capital through IPOs in Q1.There are 53 SPACs that are working to close announced deals with $15B of SPAC capital and expected proforma enterprise value of just over $100B.During 2020,  more than $80B was raised through close to 250 SPAC IPOs, with 132 IPOs raising $40B of new SPAC capital in Q4 alone.Momentum accelerated in December as more than 90% of SPAC IPOs were upsized, with the average deal increasing by 20%.Electric vehicle dominated 2020, "perhaps hitting its crescendo in Q4," Arnold writes. But biotech is also strong, adopting the SPAC structure for its drug discovery and development funding requirements.ESG appears to be an emerging theme for 2021, he added.Chris DeMuth,

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SPAC momentum continues into 2021: Odeon Capital