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Galston + Daniel Henninger + Holman W. Jenkins + Andy Kessler + William McGurn + Walter Russell Mead + Peggy Noonan + Mary Anastasia O'Grady + Jason Riley + Joseph Sternberg + Kimberley A. Strassel More + Editorials + Commentary + Future View + Letters to the Editor + The Weekend Interview + Potomac Watch Podcast + Foreign Edition Podcast + Free Expression Podcast + Opinion Video + Notable & Quotable * Books & Arts Reviews + Film + Television + Theater + Masterpiece Series + Music + Dance + Opera + Exhibition + Cultural Commentary Sections + Arts + Books More + WSJ Puzzles + Life Video + Arts Video * Real Estate Sections + Commercial Real Estate More + Real Estate Video * Life & Work Sections + Cars + Careers + Food & Drink + Home & Design + Ideas + Personal Finance + Recipes + Travel + Wellness Columns + Your Health + Work & Life + The Middle Seat + Bonds + At Work + Turning Points + On Wine + On The Clock More + WSJ Puzzles + Space & Science * Style Sections + Fashion + Life & Style + Film + Television + Music + Arts & Auctions Columns + My Monday Morning + Off Brand + On Trend * Sports Sections + Beijing 2022 Olympics + MLB + NBA + NFL + Golf + Tennis + Soccer Columns + Jason Gay Search [ ]Search Share * Facebook * Twitter * LinkedIn * Copy Link * Markets * Stocks SPACs Are Warning They May Go Bust More than two dozen companies say they may not survive much longer Private companies are flooding to special-purpose acquisition companies, or SPACs, to bypass the traditional IPO process and gain a public listing. WSJ explains why some critics say investing in these so-called blank-check companies isn't worth the risk. Illustration: Zoe Soriano/WSJ By Eliot Brown May 27, 2022 5:30 am ET The SPAC boom brought a wave of companies to the public markets promising years of rapid growth and profits to investors. Two years since the boom began, many of these companies are already warning they may go bust. At least 25 companies that merged with special-purpose acquisition companies between 2020 and 2021 have issued so-called going-concern warnings in recent months, according to research firm Audit Analytics. Subscribe Sign In [wsj-logo-b] Continue reading your article with a WSJ membership View Membership Options Resume Subscription We are delighted that you'd like to resume your subscription. You will be charged $ + tax (if applicable) for The Wall Street Journal. You may change your billing preferences at any time in the Customer Center or call Customer Service. 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