SEC Inquiry Into Blank-Check Boom Could Be Just The Start

By Tom Zanki (March 25, 2021, 8:58 PM EDT) -- Reports that the U.S. Securities and Exchange Commission is inquiring deeper into the explosion in blank-check offerings could be a prelude to further investigation to assure that investor protection concerns are being met, attorneys said Thursday.

The SEC's focus reportedly centers on the practices of investment banks that underwrite initial public offerings by blank-check vehicles, also known as special purpose acquisition companies, or SPACs, which lay the groundwork for an eventual merger. Once a subset of the IPO market, these so-called blank-check offerings now far outstrip traditional IPOs and are shaking up capital markets in ways that regulators and market participants...

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