Colonnade’s SPAC Attack Index rose 41% to 1072 in Q3/2021, as pressure continues to build on the mountain of SPAC capital raised in the past five quarters to find suitable acquisition targets. Nearly 90 new SPAC IPOs were priced in Q3, injecting an additional $18 billion of capital into the system. More than 450 SPACs that have raised over $133 billion are aggressively looking at deals. Over 80 SPAC mergers were completed in Q3/2021, double the prior quarter, providing some relief to the system. The pressure to deploy capital in a short time period continues to influence deal dynamics in the private markets.