Evidence is mounting that the boom in blank cheque companies is beginning to fade.

Figures from S&P Global Market Intelligence show that so-called special purpose acquisition companies, or Spacs, raised some $16bn from IPOs across 110 transactions in the second quarter of 2021. And while it was the fourth-largest quarterly volume of Spac issuance over the last four and a half years, it was an 82% plunge from the quarter before. First-quarter Spac volume reached a whopping $88bn.