By John Filar Atwood
Blank check companies, including the subset known as specified purpose acquisition companies, or SPACs, are in the midst of an historic IPO run. As of mid-August, SIC 6770 had produced a new issuer in 17 consecutive weeks and accounted for 40 percent of the 2020 IPO market with 70 completed deals. The group has experienced an unprecedented rush of IPOs this summer with 18 in July and another 15 in the first half of August. Graubard Miller managing partner David Alan Miller, who helped to create the SPAC in 1993, believes that a SPAC is a better way to go public than a traditional IPO. In a Q&A with Wolters Kluwer, Miller discusses the dynamics behind the blank check explosion, the nuances of a SPAC offering, and the likely future of this financial vehicle in the IPO market.
To read the Q&A, click here.