- 30 September 2021
Three of the top managers of SPAC companies joined CNBC's Delivering
Alpha conference and weighed in on the recent sell-off. CNBC's Leslie
Picker reports.
Special-purpose acquisition company
Shell Corporation
A
special purpose acquisition company, also known as a "blank check
company", is a shell corporation listed on a stock exchange with the
purpose of acquiring a private company, thus making it public without
going through the traditional initial public offering process. According
to the U.S. Securities and Exchange Commission, "A SPAC is created
specifically to pool funds in order to finance a merger or acquisition
opportunity within a set timeframe. The opportunity usually has yet to
be identified". SPACs raised a record $82 billion in 2020, a period
sometimes referred to as the "blank check boom".
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