Coming off a record year for IPOs in 2021, primarily fueled by the special purpose acquisition company (SPAC) boom and easy money, activity slowed to a trickle. This year, high inflation, rising interest rates, geopolitical tensions, and regulatory scrutiny of SPACs soured market sentiment. Lynn Martin, president of the New York Stock Exchange, said that as of November, initial public offering proceeds declined by 93% in 2022, driven down by volatility and market uncertainty.2022 has not been a good year for brands looking at the public markets to unlock value. Beauty brands considering a traditional IPO path pulled back, citing market volatility and other unfavorable market conditions. The SPAC craze waned as suitable targets were hard to find, and investors spurned new public companies turning to less risky asset classes.Most SPACs listed from late 2020 are reaching the two-year window established by the Financial Industry Regulatory Authority during which they must use at least 80% of their net assets for acquisitions. If they don't find a target to merge, they will be forced to return the IPO proceeds to the investors.The Beauty SPAC Landscape Powered Brands is a SPAC trading under the Nasdaq ticker “POWRU”,  which raised more than $1.5 billion with the aim of creating a global conglomerate of sustainable and digitally focused beauty, wellness, and personal care brands.