**Regulatory Shifts:** Changes in SEC policies regarding SPAC disclosures and deal mechanics, which became effective in 2024, have significantly impacted the SPAC landscape, aligning de-SPAC transactions more closely with traditional IPO standards.

**Market Sentiment & Investor Selectivity:** Investor sentiment is cautiously constructive, with a focus on sponsor quality, proven track records, and deals with durable growth drivers, rather than optimistic narratives alone.

**M&A Market Conditions:** Broader macroeconomic conditions, including interest rate volatility, financing costs, and the overall M&A rebound (especially in the US), influence the ability of SPACs to identify and complete business combinations.