5 Firms Rep Pair Of Blank-Check IPOs Raising $425M

Law360 (July 9, 2021, 6:04 PM EDT) -- Two blank-check companies focused on infrastructure and financial technology in emerging markets began trading on the New York Stock Exchange on Friday after raising a total of $425 million in initial public offerings guided by five law firms.

Acropolis Infrastructure Acquisition Corp. and Galata Acquisition Corp. raised $300 million and $125 million, respectively, according to separate statements.

Blank-check companies, also known as special purpose acquisition companies, are shell entities that raise money in IPOs with the intention of acquiring a private company and taking it public. Acquisitions generally reflect the expertise of the SPAC's backers. If a merger is completed, usually...

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