SPACs have been cooked since last year. The fact people are still doing it now during the worst time to make any public offering shows that they are completely out of options and need to cash out.
It's part of the terms of a SPAC that they have to find a deal within (usually) a year or return the money. There are hardly any new SPACs being started up, but the ones left over from the boom still have to make the best of what they've got.
