<p class="MsoNormal">There are now hundreds of special-purpose acquisition companies floating around in the financial ether, all looking for the perfect company with which to combine. In dozens of cases over the past several months, those SPACs have opted for targets working on various forms of transportation technology—everything from hydrogen fuel cells to lidar systems to flying taxis. A busy new pipeline to the public markets has emerged.</p><p class="MsoNormal">But by far the most common way in which SPACs have been betting on transportation technology is by investing in a plethora of companies building electric vehicles or electric vehicle charging systems. And so far, when those EV companies have plugged into the public markets via blank-check mergers, the results have been ugly.</p><p class="MsoNormal"></p>
