What a difference a few weeks can make.  When the SEC pointed out that projections may not be as protected as people thought for SPACs and then required SPACs to reassess their accounting treatment for warrants, the SPAC boom slowed down a lot.  Is this a permanent change or will the hot market return after these new views are fully absorbed?  I am not in the business of making predictions about financial markets but the evidence set forth in this article makes a compelling case that the new SEC scrutiny coupled with the cooling off of the PIPE market, which is a crucial source of funding for deSPAC mergers, may mean that private companies once again find that raising money from traditional VC sources may be more attractive and timely.