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https://www.businessinsider.com/spac-biggest-blank-check-deals-ackman-chamath-palihapitiya-nikola-draftkings-2020-7

'Blank check' companies have seen a surge in popularity this year. Here are 6 high-profile SPACs to watch in 2020.

2020-07-09 19:13:00, Matthew Fox, Business Insider

Content Categorization
/Business & Industrial
/News/Business News

Word Count:
990

Words/Sentence:
23

Reading Time:
9.90 min

Reading Quality:
Advanced

Readability:
16th or higher

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Special purpose acquisition companies, also known as "blank check" companies, have seen a surge in popularity in 2020 as several high-profile companies went public via a SPAC reverse-merger.

Going public through a reverse merger with a SPAC side-steps the traditional IPO route by avoiding coast-to-coast roadshow presentations to institutional investors and can save companies costly investment banking fees.

But once a SPAC announces an acquisition, its stock price can see a surge in trading activity (and price), as evidenced by some high-profile SPACs in late 2019 and 2020.

This year's data is markedly higher than 2019, when 58 SPAC IPOs raised total gross proceeds of $13.6 billion, suggesting investors and high-profile public companies are warming up to the idea of going public via SPACs.

So far in 2020, there have been 39 SPAC IPOs that have raised gross proceeds of $12.3 billion, according to SPACInsider, nearly eclipsing all SPAC gross proceeds raised in 2019.

Keywords
Nikola Badger, Draft Kings, Finance, Business, Chamath Palihapitiya, Investing, SPAC, Stock Market, Blank check, Bill Ackman, Traders, Nikola Motor Company, DraftKings, Stocks, Markets, Matthew Fox, Features

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