Investors are pulling cash out of special purpose acquisition companies at increasingly higher rates, with a number of vehicles having their trust accounts almost wiped out as more than 90 per cent of their shareholders redeemed investments.

The average redemption rate during the third quarter was 52.4 per cent, according to data provider Dealogic. That marks a significant increase from the first three months of the year when just 10 per cent of investors chose to redeem their cash and is up from 21.9 per cent in the previous quarter. 

The jump in redemptions shows that Spacs, which were the hottest product on Wall Street earlier this year, have fallen out of favour with investors. Redemption rates now reflect levels before the boom in blank cheque companies.