Chamath Palihapitiya is asking investors for more time to find target companies to complete two blank-cheque deals. The two SPACs—Social Capital Hedosophia Holdings Corp. VI and Social Capital Hedosophia Holdings Corp IV—are set to expire in October. Palihapitiya wants until 2023. (The Logic)

Taking point: The former Facebook executive and Canadian billionaire kicked off the SPAC craze after his first one merged with Virgin Galactic in 2019, sending its stock price soaring. Since then, nearly 1,000 SPACs have gone public, according to the database SPAC Research, for the purpose of listing another on an exchange through a merger. But as the market for speculative investments cools and regulators propose tougher rules for SPACs, many of those firms are struggling to find suitable companies to merge with. More than half of the SPACs that have gone public in the past two years are still seeking targets to complete their deals. PitchBook analyst Cameron Stanfill told The Logic in June that he anticipates at least 25 per cent of SPACs that raised money in 2021 will have to return funding to investors for failing to complete their deals by their deadlines.