Literally, in the next line of the article > Many companies that went public in the surge of mergers involving SPACs, or special-purpose acquisition companies, also are faring poorly.

The companies that IPOed are the SPACS. The companies they acquired are the ones that are dragging them under.

Edit: To clarify, the company that IPOs is a company like "CFII" (CF Finance Acquisition Corp. II). These companies are called SPACs, but they go through an IPO process themselves. The IPO is pretty fast because everyone knows what the shares are worth, but it is an IPO nonetheless. Most of the SPACs IPOed in 2020-2021. If they buy a company and then fail, that would probably be counted as a failure of a company that IPOed in 2020.