Deals
The New ‘Blank Check’ Barons Are Coming for Wall Street
- Special purpose acquisition companies get $35 billion in 2020
- ‘This is going to end badly,’ veteran dealmaker Franklin says
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It’s the hot ticket on Wall Street, a symbol that you’ve arrived or can at least persuade investors that you’re on your way: the blank-check company.
Few corners of American finance capture the giddiness of today’s stock market quite like the mad rush into these vehicles, formally known as special purpose acquisition companies, or SPACs.