By all counts, the number of SPAC IPOs in 2021, at 613, was a high water mark not likely to be seen again in future years. And while the 2022 count was considerably less at 86, it still represents a significant amount when taking into account that only three years ago, in 2019, SPACs had a record year pricing just 59 SPACs. However, of those 86 2022 IPOs, 70 of them were priced in the first half of the year with only 16 coming in the second half. It was a challenging year in total, but the second half proved to be especially difficult.