連SPAC之王也關閉2家空殼公司！曾掀熱潮的上市「快速通關」不靈了？

Fei Teng Wireless Technology (FT-RF) is a Taiwan antenna manufacturer. Since our inception in 2001, we have been consistently inventing and improving in order to better understand and respond to the demands of our clients.

By delivering trustworthy design technology and stringent quality control, we have years of award-winning experience in numerous industries and applications such as military, commercial, and citizen frequency bands.

FT-RF specializes in producing:

Military Antennas (Jammer Antenna, Military Horn antenna, Military vehicle antenna, Antenna Telescope Mast, Marine, Panel, Log Periodic antenna, Gooseneck, Whip, GPS, Connector, Adapter...) Please visit the website: https://military.ft-rf.com.tw/
Outdoor Antenna and Indoor Antenna: Including Lora Antenna, ISM, LPWA antenna (868MHz antenna aka EU868, 915MHz antenna aka US915, 923MHz antenna aka AS923 and others.), 4G LTE antenna, 5G antenna, Wifi Antenna, Multi-Frequency Antenna, UHF antenna..., RF components, Cables and Connectors. We offer a variety of high-performance antennas for Global LoRaWAN applications, including 868 MHz, 915 MHz, 868 MHz, and 923 MHz... Our product line comprises both durable outdoor antennas and indoor high-performance dipole antennas that are suitable for a variety of LoRa applications, including Helium Network support. Please visit the website here: https://ft-rf.com.tw/.
Horn Antenna: RF Microwave Antennas, EMC test equipment (Double Ridged Horn Antenna, Open boundary double ridged horn antenna, Quad Ridged Horn Antenna, Standard Gain Horn antenna, Waveguide to coax Adapter, precision Sleeve Dipole Antenna, Log Periodic Antenna, Antenna Tripod, RF connectors... Please visit the website: https://horn.ft-rf.com.tw/
We provide measurement and calibration Tests, ODM, OEM services for certain products.

We have hundreds of customers from over 60 countries, and to meet their demands, we developed a plant in Vietnam (with a total infrastructure area of 10000 square meters, which includes three major buildings dedicated to operations and production) in addition to the main manufacturing facility in Taiwan. Now, we are focusing on automatic production lines and investing in automation equipment. In the future, we pledge to deliver the highest-quality product in the shortest possible period.

The horn antenna is a broadband passive device, shaped like a pyramid horn, referred to as a TEM antenna, which guides the beam of radio waves at a precise frequency. FT-RF Double Ridged Horn antennas have frequency capabilities ranging from 400MHz to 40GHz depending on type and style. These series are characterized by a huge frequency range and extremely high input powers. With increasing frequency, the gain rises to a maximum of 18 dBi. At higher frequencies, the increased gain compensates for the increasing cable losses.

The advantages of Horn antenna:

- Wide bandwidth: Because the horn antenna has no resonant parts, it can function over a wide range of frequencies.

- Easy waveguide interface: These antennas are very easy to interface to waveguide due to their shape, but they can also be designed with a transition so that a regular coaxial feeder can be used.

- Easy to make, simple design.

The horn is suitable for both transmitting and receiving purposes, especially suitable for EMC and immunity test measurements.

Recommended Accessories

- Antenna Tripod: easy and fast-changing polarisation. 100% stable handling

- SMA Cable: High-quality special SMA cable

「SPAC之王」帕利阿皮蒂亞（Chamath Palihapitiya）決定關閉旗下2支瞄準科技產業的SPAC股票，並將相關資金還給股東，主要原因是找不到適合的收購標的。根據《Axios》的報導，帕利阿皮蒂亞表示，此舉反應了許多私有科技公司，不願意在大環境下行的狀況下調整估值。

就連SPAC之王都必須收手，似乎宣告2020～2021年以來的SPAC派對已接近尾聲。

SPAC速度大幅放緩，7月甚至「0家」登陸美股

延伸閱讀：7張圖，看懂SPAC怎麼運作！Grab、WeWork都靠它掛牌，如何掀起美股IPO狂潮？

用最簡單的方式解釋SPAC的運作邏輯，就是已上市的空殼公司收購私人企業，讓私人企業可以免去IPO複雜、昂貴、耗時的流程。如果上市的空殼公司無法在2年內找到收購標的，就必須進行清算，將手上募集而來的資金返還給股東。過去台灣的Gogoro、AI公司大猩猩科技，便是透過SPAC模式登陸美國股市。

2021年的SPAC派對有多瘋狂？在美國2021年1,035檔IPO中，有超過600家為SPAC公司。

但是截至2022年上半年，美國IPO與SPAC的數量都大幅下滑，僅有124檔IPO、68檔SPAC，值得注意的是在今年7月，SPAC上市的數量甚至掛蛋。

「2021年就像是網路泡沫一樣，整個市場都付出過高的代價，願意給一家零收入的公司5億美元的估值，現在我們必須重新設定。」佛羅里達大學財務金融教授杰・里特（Jay Ritter）向《CNBC》這樣描述。

而帕利阿皮蒂亞之所以被稱為SPAC之王，是因為他手上擁有10檔SPAC，其中6個瞄準收購科技產業、4個瞄準生技產業。已經完成的收購包含維珍銀河、Opendoor、Clover Health和SoFi等，目前這4家公司沒有任何一家股價高於發行的價格。

不只帕利阿皮蒂亞，連知名的對沖基金管理者比爾・阿克曼（Bill Ackman）和電影《魔球》的原型比利・比恩（Billy Beane）也都陸續關閉手上的SPAC項目。

SPAC泡沫破了？

也很難斷定SPAC的低迷是「泡沫破了」，因為全球自年初以來的經濟低迷，全球股市龍頭美股正經歷本世紀最長的科技股「上市荒」。

根據《金融時報》的報導，摩根士丹利的研究團隊表示，科技股IPO規模未超過5,000萬美元的天數達到238天，打破2008年金融海嘯、2000年網路泡沫以來的紀錄。

且SPAC之王帕利阿皮蒂亞也還沒有完全放棄，旗下2檔瞄準生技的SPAC還會持續找尋收購目標。可以持續關注的面向，是還有多少SPAC公司會關閉清算。

就像先前所述，SPAC必須在2年內找到標的，創立於2021～2022年的SPAC公司將陸續到期，如果科技公司持續像帕利阿皮蒂亞所說，不願意降低估值被併購，那從2023年起有機會看到一大片SPAC關閉潮。

另外，台灣還可以關注的是預計SPAC上市的玩美移動，也幾乎到了宣稱上市的第三季尾聲，如果順利上市，股價表現也相當讓人好奇，畢竟大前輩Gogoro與大猩猩科技，都在短暫的蜜月期後股價大跌，加入全球股價躺平的行列。

責任編輯：錢玉紘

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