Securities Law Prof Blog

Editor: Eric C. Chaffee
Univ. of Toledo College of Law

Monday, May 19, 2008

SPAC IPOs are Down

The number of "special purpose acquisition company" (SPAC) or "blank check" offerings has declined since the beginning of the year.  In January and February 2008 11 of 20 IPOs were SPAC offerings; since then, only 2 of 12 IPOs were SPACs.  Of the 139 SPAC IPOs since 2005, 39 have successfully completed acquisitions, and 11 have liquidated.  SPACs generally promise to return the shareholders money if they do not make an acquisition in two years.  WSJ, 'Blank-Check' IPOs Are Losing Edge.

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