SPACs Feel Pressure To Spend As Time Slips Away

Law360, New York (June 4, 2012, 6:51 PM EDT) -- Special purpose acquisition companies — shell companies hunting for under-the-radar businesses to buy — are sitting on $1.4 billion in investor cash and running out of time to use it, risking a chance to rebuild the investment vehicles’ spotty track record, experts say. 

Failure to meet deal deadlines, which are staggered over the next year, would mean not just a black eye for sponsors, but a missed opportunity to rehabilitate the reputation of SPACs, which can help smaller companies go public but have been battered by...
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