Tech-Focused SPACs Raise $500M For Acquisitions

Law360 (September 25, 2020, 6:32 PM EDT) -- Vector Acquisition, a blank-check company founded by private equity firm Vector Capital, led a pair of special purpose acquisition companies whose units kicked off trading Friday and raised a total $500 million in initial public offerings steered by Kirkland, Ropes & Gray, Ledgewood and Ellenoff Grossman.

Black-check companies, or special purpose acquisition companies, raise money through IPOs generally to take a business private within 24 months after the offering. The industries SPACs target usually reflect their management team's expertise.

San Francisco-based Vector Acquisition Corp. told the U.S. Securities and Exchange Commission that it would target a technology or technology-enabled business valued...

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