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September 27, 2021

Once-hot SPAC investments are returning to earth

  • Special-purpose acquisition companies are often called “blank-check companies” because they have no real business other than hunting for privately owned businesses to buy.
    • By STAN CHOE
    AP Business Writer

    NEW YORK — The spectacular run for the investing phenomenon known as SPACs, once the hottest thing on Wall Street, has fizzled so much that many have been relegated to the bargain bin.

    These special-purpose acquisition companies are often called “blank-check companies” because they have no real business other than hunting for privately owned businesses to buy. They do that armed with cash provided by investors who bought into the SPAC's initial public offering.


     
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