3 Trends Underlying The Boom In Blank-Check IPOs

By Tom Zanki (June 19, 2020, 10:08 AM EDT) -- Blank-check initial public offerings are generating a growing share of IPOs at ever-larger sizes despite pandemic-related disruptions, buoyed by more household names that are embracing this alternative financing vehicle to fund acquisitions.

Blank-check companies, also known as special purpose acquisition companies, or SPACs, are shell entities formed by management teams looking to acquire an operating business and take it public. The SPAC raises money through an IPO, thus creating a public company structure. It then searches for an acquisition target to merge with, usually within 24 months after the IPO.

Blank-check offerings have grown to form a steady subset of the...

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