High interest rates are murder on a company needing capital. There is a reason that Goldman Sachs quarter was terrible. No IPOs. Think about it when was the last time you heard about an IPO hitting the market.
A year ago they were coming out several a day. Idiots were buying SPACS, money was cheap and was easy. I was watching CNBC and I forget which talking head pointed out but he said only 1 SPAC out of all the SPACs that came to market last year made money.
The cost of capital is hard enough on a small company with little revenue even if it has the better mouse trap in hand. When interest rates are high these companies have even less chance of success.