There’s nothing like a little regulatory spat to kick off a new year. And for 2021 the target is, not for the first time, special purpose acquisition companies (Spacs), the blank cheque vehicles that soared in popularity last year with record IPO fundraisings as well as a host of de-Spac merger deals.
That Spac volumes should have surged in the pandemic year of 2020 was little surprise. Volatile market conditions meant that companies looking to go public were increasingly receptive to alternatives to the traditional initial public offering (IPO).
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