February marked the biggest dip in initial public offerings since November 2018, appearing to result from market volatility due to Russia’s invasion of Ukraine, and experts predict they may not rebound anytime soon.

While the Ukraine conflict was one contributing factor, data suggests new issuances had already slowed before the conflict began, with February historically being a quiet month. Additionally, shifting dynamics with SPACs are causing investors to be more selective.

According to Jon Talcott, partner and chair of the securities practice at Nelson Mullins, as investors become more selective, experienced SPAC founders with strong track records are better positioned because they can negotiate good terms. First-time issuers, which flooded the market during the boom, are having a harder go.

"If you're willing to take the terms that are on the table, there is probably somebody who's willing to take you out there to raise the money," he said. "But a lot of people are waiting to see if the market improves."