Acquisition Determinants of Energy SPACs: Reflecting a Closed Group?

Special Purpose Acquisition Companies (SPAC) as acquisition funders are now under investors scrutiny due to challenging market dynamics and pressure from regulators. Given the sustainability-related importance of energy SPACs, as well as their binary nature, of either funding an acquisition or failing, we seek to identify factors that lead to their success. Analyzing energy SPACs from 2003–2022, we find the speed of the process and established underwriter are primary indicators of success, while female presence on boards and CEOs being foreign act against success. Our results have practical implications for energy transition investors and entrepreneurs in energy sector.

Keywords: Energy; Initial public offerings; IPO; M&A; SPACs; Special purpose acquisition company

JEL Classification: G30, G34

Suggested Citation: Suggested Citation

Dimic, Nebojsa and Goodell, John W. and Piljak, Vanja and Vulanovic, Milos, Acquisition Determinants of Energy SPACs: Reflecting a Closed Group? (May 17, 2023). Finance Research Letters, 104001, Forthcoming , Available at SSRN: https://ssrn.com/abstract=4451311