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Special Purpose Acquisiton Companies (SPACS)

A special purpose acquisition company (SPAC) is a publicly-traded shell company with no ongoing commercial operations. SPACs are formed to raise capital through an initial public offering (IPO) for the purpose of acquiring a privately-held company. SPACs are also referred to as blank check companies or shell companies. This page lists SPACs by most recent IPO date. What is a SPAC?

CompanyIPO DateMarketCapMerger PendingCurrent PricePrice ChangeToday's VolumeAverage VolumeIndicator(s)
VOSOU
Virtuoso Acquisition
1/20/2021N/ANo$10.32-0.3%662,448757,324News Coverage
SPRQ
Spartan Acquisition Corp. II Class A
1/15/2021$509.31 millionNoN/AN/A230,600
CAS
Cascade Acquisition
1/15/2021N/ANo$10.11-0.7%1,500107,950
2617225 logo
FRX
2617225
1/15/2021N/ANo$10.70-3.0%212,497167,620High Trading Volume
Gap Up
GNPK
Genesis Park Acquisition
1/14/2021N/ANo$10.40-0.5%1,450196,861Gap Up
HAAC
Health Assurance Acquisition
1/14/2021$639.98 millionNo$11.45-4.2%1,693477,802News Coverage
TINV
Tiga Acquisition Corp. Class A
1/14/2021N/ANoN/AN/A137,190
OCA
Omnichannel Acquisition
1/12/2021$265.35 millionNo$10.18-1.9%2,194110,694
VCVC
10X Capital Venture Acquisition Corp
1/12/2021$214.94 millionNoN/AN/A141,180
RTPZ
Reinvent Technology Partners Z Class A
1/11/2021N/ANoN/AN/A110,921
IIAC
Investindustrial Acquisition
1/11/2021$535.83 millionNo$10.36-0.3%500113,723
CHFW
Consonance-HFW Acquisition
1/11/2021$124.11 millionNo$10.26-0.4%30115,734
ARBG
Aequi Acquisition
1/11/2021$237.13 millionNo$10.12-1.0%1,29465,052
PHIC
Population Health Investment Co., Inc. - Class A
1/8/2021$181.12 millionNoN/AN/A7,434
PIPP
Pine Island Acquisition
1/7/2021N/ANo$11.80-3.9%16,2231.48 millionNews Coverage
Gap Up
OMEG
Omega Alpha Spac
1/7/2021$110.92 millionNo$10.64-1.4%254226,941
ZNTE
Zanite Acquisition Corp. - Class A
1/7/2021$301.30 millionNoN/AN/A1.52 million
AGCB
Altimeter Growth Corp. 2
1/7/2021$798.89 millionNo$12.50-0.3%7,894631,370
LNFA
L&F Acquisition
1/7/2021N/ANo$10.12-0.9%489117,332
HCAR
Healthcare Services Acquisition
1/5/2021$333.52 millionNo$10.10-0.6%4,477300,047
ROCC
Roth CH Acquisition II
1/5/2021$121.10 millionNo$10.38-1.1%77072,240
RSVA
Rodgers Silicon Valley Acquisition
1/4/2021$431.25 millionNo$12.51-4.1%8,477136,214
DMYI
dMY Technology Group, Inc. III
1/4/2021$454.87 millionNo$11.48-3.6%11,865341,448Gap Up
CFAC
CF Finance Acquisition Corp. III
1/4/2021$277.38 millionYes$12.26-3.5%6,5111.09 millionGap Up
TSIA
TS Innovation Acquisitions
12/31/2020$310.80 millionNo$13.15-3.7%25,6931.34 millionNews Coverage
BWAC
Better World Acquisition
12/28/2020$168.30 millionNo$10.30-0.9%975188,318
EUCR
Eucrates Biomedical Acquisition
12/28/2020$141.32 millionNo$10.59+0.9%1737,270
BREZ
Breeze Holdings Acquisition
12/23/2020$152.52 millionNo$10.16-1.5%528160,638News Coverage
CONX
CONX
12/21/2020$788.25 millionNo$10.28-1.9%84,252662,964
AJAX
Ajax I
12/18/2020$1.14 billionNo$11.46-3.0%27,4551.21 million
ACIC
Atlas Crest Investment
12/18/2020$682.38 millionNo$10.30-2.6%5,381394,183
BOAC
Bluescape Opportunities Acquisition
12/18/2020$876.32 millionNo$11.27-5.2%1,496228,652Gap Up
STIC
Northern Star Acquisition
12/18/2020$371.61 millionYes$13.49+0.3%13,785835,223
TEKK
Tekkorp Digital Acquisition Corp. - Class A
12/18/2020$262.50 millionNoN/AN/A87,612
BHSE
Bull Horn
12/17/2020$76.43 millionNo$10.13-0.3%169,429103,877
LUXA
Lux Health Tech Acquisition
12/16/2020$377.43 millionNo$10.96-0.4%400194,334
TMPM
Turmeric Acquisition
12/16/2020$104.15 millionNo$10.22flat50,01017,094High Trading Volume
OTRA
OTR Acquisition
12/15/2020$109.12 millionNo$10.22-0.7%9,20028,668
LFTR
Lefteris Acquisition
12/15/2020$229.67 millionNo$10.69-2.3%1,800361,805Gap Up
DCRB
Decarbonization Plus Acquisition
12/14/2020$308.79 millionNo$12.70-8.8%18,428436,435Gap Up
CTAC
Cerberus Telecom Acquisition
12/11/2020$354.49 millionNo$10.39-0.9%20,913203,211
ACAC
Acies Acquisition
12/11/2020$240.00 millionNo$11.22+2.7%1,52192,308News Coverage
Gap Down
HIGA
H.I.G. Acquisition
12/11/2020$474.76 millionNo$10.25-1.4%747267,857
MOTN
Motion Acquisition
12/11/2020$119.49 millionNo$10.40-1.0%4,34521,334
SRSA
Sarissa Capital Acquisition
12/11/2020$207.40 millionNo$10.11-1.7%36028,618High Trading Volume
XPOA
DPCM Capital, Inc. Class A
12/11/2020N/ANoN/AN/A365,678
HZON
Horizon Acquisition Co. II
12/10/2020$695.63 millionNo$10.36-1.6%4,978371,772
ADOC
Edoc Acquisition
12/10/2020$92.65 millionNo$10.23-0.4%6,10045,988
SGAM
Seaport Global Acquisition
12/9/2020$146.63 millionNo$10.20-0.2%18,20090,730
SV
Spring Valley Acquisition
12/8/2020$254.15 millionNo$10.75-1.2%5,393343,172
YSAC
Yellowstone Acquisition Company - Class A
12/8/2020$140.48 millionNoN/AN/A30,845
BTWN
Bridgetown
12/7/2020$872.86 millionNo$13.81-2.1%31,0572.55 million
GWAC
Good Works Acquisition
12/7/2020$222.62 millionNo$10.25-1.2%2,468141,452Insider Selling
MAAC
Montes Archimedes Acquisition
12/3/2020$427.15 millionNo$10.19-1.5%2,600278,425
AGC
Altimeter Growth
12/1/2020$837.50 millionNo$14.47-4.9%143,81642,758High Trading Volume
IPOD
Social Capital Hedosophia Holdings Corp. IV
11/30/2020N/ANo$14.85+1.7%23,4092.22 millionGap Down
IPOF
Social Capital Hedosophia Holdings Corp. VI
11/30/2020N/ANo$13.68-1.6%92,2926.71 million
DSAC
Duddell Street Acquisition Corp. - Class A
11/30/2020$179.90 millionNoN/AN/A92,296
EMPW
Empower
11/27/2020$327.99 millionNo$10.24-0.5%40,799107,725
FMAC
FirstMark Horizon Acquisition
11/27/2020$566.66 millionNo$10.72-1.2%15,705315,599
MACU
Mallard Acquisition Corp.
11/27/2020$145.17 millionNoN/AN/A8,127
LCY
Landcadia Holdings III, Inc. - Class A
11/27/2020$526 millionNoN/AN/A401,744
TPGY
TPG Pace Beneficial Finance
11/27/2020$1.14 billionYes$27.13-7.2%57,3922.22 millionNews Coverage
Gap Up
PACE
TPG Pace Tech Opportunities Corp. Class A
11/27/2020$689.46 millionNoN/AN/A329,239
QELL
Qell Acquisition
11/23/2020$541.55 millionNo$12.74-6.6%41,9541.77 millionGap Up
SEAH
Sports Entertainment Acquisition
11/23/2020$591.19 millionNo$10.29-1.3%2,820332,722News Coverage
VGAC
VG Acquisition
11/23/2020$902.58 millionNo$13.79+1.0%40,1092.56 million
IMPX
AEA-Bridges Impact
11/23/2020$564.96 millionNo$10.69-1.5%6,827267,915News Coverage
IGAC
IG Acquisition Corp. - Class A
11/23/2020$398.63 millionNoN/AN/A343,142
ACTC
ArcLight Clean Transition
11/23/2020$711.79 millionYes$24.50-0.2%98,0087.36 millionGap Up
AVAN
Avanti Acquisition
11/23/2020$842.02 millionNo$10.30-1.9%18,404736,234Gap Up
APSG
Apollo Strategic Growth Capital
11/23/2020N/ANo$10.74flat19,231916,079
CLII
Climate Change Crisis Real Impact I Acquisition
11/20/2020$632.50 millionNo$22.18+0.5%87,1064.78 millionGap Up
FGNA
FG New America Acquisition
11/20/2020N/ANo$10.55-2.6%2,762346,514
VSPR
Vesper Healthcare Acquisition Corp. - Class A
11/20/2020$511.06 millionYesN/AN/A1.40 million
VYGG
Vy Global Growth Class A
11/20/2020$805.72 millionNoN/AN/A441,549
RCHG
Recharge Acquisition
11/20/2020$209.82 millionNo$10.19-1.1%31100,191
NBA
New Beginnings Acquisition
11/19/2020$153.68 millionNo$10.25-0.5%20035,208
LSAQ
LifeSci Acquisition II
11/19/2020$104.53 millionNo$11.19+0.8%43,11823,832Gap Down
FCAC
Falcon Capital Acquisition
11/19/2020$376.05 millionNo$11.02+1.8%89,712440,725News Coverage
Gap Down
JYAC
Jiya Acquisition
11/19/2020$103.70 millionNo$10.20-0.8%21915,885
DBDR
Roman DBDR Tech Acquisition
11/19/2020$241.05 millionNo$10.46-1.0%300212,951
DGNS
Dragoneer Growth Opportunities Corp. II
11/16/2020$267.80 millionNo$12.03-1.5%2,636207,198
PAIC
Petra Acquisition
11/16/2020$95.23 millionNo$10.24+0.9%42815,038
PDAC
Peridot Acquisition
11/16/2020$468.75 millionNo$11.55-6.1%7,991720,018Gap Up
VACQ
Vector Acquisition
11/16/2020$315 millionNo$10.22-2.2%1,101144,271
VIH
VPC Impact Acquisition Holdings - Class A
11/13/2020$311.47 millionYesN/AN/A1.87 million
FTIV
FinTech Acquisition Corp. IV - Class A
11/13/2020$295.13 millionYesN/AN/A1.25 million
ASPL
Aspirational Consumer Lifestyle Corp. Class A
11/13/2020$245.50 millionNoN/AN/A70,729
PMVC
PMV Consumer Acquisition
11/12/2020$232.52 millionNo$10.18-0.1%1,20759,112
NMMC
North Mountain Merger
11/10/2020$140.45 millionNo$10.40-3.3%31252,809
STWO
ACON S2 Acquisition Corp. - Class A
11/10/2020$267 millionNoN/AN/A144,966
RTP
Reinvent Technology Partners
11/9/2020$962.55 millionNo$12.35-3.1%7,580861,505News Coverage
Gap Up
OACB
Oaktree Acquisition Corp. II
11/9/2020$271.75 millionNo$10.39-2.0%1,375185,952
AHAC
Alpha Healthcare Acquisition
11/9/2020$105.78 millionNo$10.20-0.2%65022,791
ENPC
Executive Network Partnering
11/6/2020$432.74 millionNo$25.74+1.1%2460,794
EQD
Equity Distribution Acquisition
11/6/2020$437.60 millionNo$10.35-0.1%2,700208,078
SBG
Sandbridge Acquisition
11/5/2020$240.35 millionNo$10.26-0.4%10273,797
SNPR
Tortoise Acquisition Corp. II
11/2/2020$465.06 millionNo$11.84-4.5%15,358755,167Gap Up
TWCT
TWC Tech Holdings II
11/2/2020$659.40 millionNo$10.77+0.2%5,840433,571Gap Up
SVAC
Starboard Value Acquisition
11/2/2020$443.85 millionNo$10.45-1.4%2,794422,698
TMTS
Spartacus Acquisition
11/2/2020$205.40 millionNo$10.27-1.0%1,80858,254
PIAI
Prime Impact Acquisition I
11/2/2020$341.58 millionNo$10.39-1.0%1,005151,370
NavSight logo
NSH
NavSight
11/2/2020$242.19 millionNo$10.36-1.6%290,88391,796High Trading Volume
LEAP
Ribbit LEAP
11/2/2020$618.83 millionNo$14.18-1.9%2,943359,108News Coverage
BSN
Broadstone Acquisition
11/2/2020$313.55 millionNo$10.16-0.8%1,646139,548
CRHC
Cohn Robbins
10/30/2020$891.76 millionNo$10.50-2.5%37,9161.10 million
ITAC
Industrial Tech Acquisitions, Inc. - Class A
10/30/2020$78.26 millionNoN/AN/A48,401
IACA
ION Acquisition Corp 1
10/27/2020$327.32 millionNo$13.19-5.1%31,931678,253News Coverage
Gap Down
CMLF
CM Life Sciences, Inc. - Class A
10/26/2020$542.37 millionNoN/AN/A463,211
INAQ
INSU Acquisition Corp. II - Class A
10/23/2020$383.70 millionYesN/AN/A1.13 million
TWND
Tailwind Acquisition
10/23/2020$348.25 millionNo$10.38-1.0%1,500243,908
BLSA
BCLS Acquisition
10/22/2020$174.57 millionNo$10.79-3.6%10038,955
BOWX
BowX Acquisition
10/21/2020$532.27 millionNo$10.50-1.2%15,006366,362Gap Up
HLXA
Helix Acquisition
10/20/2020$133.62 millionNo$10.77-2.9%10016,161
FTOC
FTAC Olympus Acquisition
10/16/2020$1.03 billionNo$11.60-4.5%58,5232.96 million
ASAQ
Atlantic Avenue Acquisition
10/15/2020$259.50 millionNo$10.15-0.7%1,457158,378
CFII
CF Finance Acquisition Corp. II
10/15/2020$622.91 millionYes$11.40-5.0%7,1221.18 millionNews Coverage
Gap Up
FVAM
5:01 Acquisition
10/14/2020$91.65 millionNo$10.54-0.8%1,90812,063
LCAP
Lionheart Acquisition Co. II
10/13/2020$247.38 millionNo$10.25-0.8%3,854126,476News Coverage
Gap Up
FST
FAST Acquisition
10/12/2020$214.60 millionNo$10.38-2.9%2,717667,926
HZAC
Horizon Acquisition
10/12/2020$586.96 millionNo$10.42-1.8%9,384205,208
CLA
Colonnade Acquisition
10/9/2020$266.60 millionYes$12.05-3.0%20,7141.18 million
BFT
Foley Trasimene Acquisition Corp. II
10/9/2020$3.46 billionYes$15.68-6.0%237,8989.85 million
AONE
ONE
10/8/2020$299.66 millionNo$10.81-2.9%919193,394
BTAQ
Burgundy Technology Acquisition
10/8/2020$406.84 millionNo$10.94-4.0%27,1122.04 millionGap Up
NGA
Northern Genesis Acquisition
10/8/2020$1.08 billionYes$26.02-2.8%64,4736.60 millionGap Up
STPK
Star Peak Energy Transition
10/8/2020$1.32 billionYes$27.39-6.6%76,3114.21 million
SAII
Software Acquisition Group Inc. II
10/5/2020$182.85 millionNo$10.68-0.8%150149,755News Coverage
RBAC
RedBall Acquisition
10/5/2020$778.41 millionNo$10.41-1.9%79,5851.62 millionNews Coverage
DGNR
Dragoneer Growth Opportunities
10/5/2020$1.00 billionNo$14.14-0.8%4,680191,283Gap Up
DMYD
dMY Technology Group, Inc. II
10/5/2020$694.14 millionYes$18.09-6.7%12,5161.31 millionGap Up
FAII
Fortress Value Acquisition Corp. II
10/2/2020$410.90 millionNo$10.93-6.0%11,874665,047Gap Up
KSMT
Kismet Acquisition One
10/2/2020$326.55 millionNo$10.41-4.5%734,445News Coverage
Gap Down
GRSV
Gores Holdings V
9/29/2020$571.73 millionNo$10.44-2.2%6,798413,030
GOAC
GO Acquisition
9/25/2020$601.45 millionNo$10.30-0.5%1,891310,064
HOL
Holicity Inc. - Class A
9/25/2020$312 millionNoN/AN/A74,651
YAC
Yucaipa Acquisition
9/24/2020$362.94 millionNo$10.40-0.6%2,166164,998
PTK
PTK Acquisition
9/23/2020$149.43 millionNo$10.15-2.1%43655,476
NHIC
NewHold Investment
9/22/2020$179.92 millionNo$10.73-1.6%702109,176News Coverage
Gap Up
PRPB
CC Neuberger Principal Holdings II
9/21/2020$1.16 billionNo$10.50-1.9%13,808630,434
FIII
Forum Merger III
9/21/2020$337.98 millionYes$12.94-5.8%11,7711.70 millionNews Coverage
Gap Up
ETAC
E.Merge Technology Acquisition
9/18/2020$663.41 millionNo$10.30-2.3%23,982730,930
CCIV
Churchill Capital Corp IV
9/18/2020$4.63 billionNo$21.94-10.2%523,15463.54 millionGap Up
ACEV
ACE Convergence Acquisition
9/17/2020$257.37 millionYes$10.74-2.5%1.08 million1.38 million
DFHT
Deerfield Healthcare Technology Acquisitions
9/16/2020$233.45 millionNo$14.64-2.7%601214,810Gap Up
ACND
Ascendant Digital Acquisition
9/14/2020$436.77 millionNo$10.40flat1,006153,194
ERES
East Resources Acquisition
9/14/2020$363.63 millionNo$10.25+0.4%23,602204,888News Coverage
PSTH
Pershing Square Tontine
9/11/2020$5.84 billionNo$26.56-3.5%130,5633.81 millionGap Up
HPX
HPX Corp. Class A
9/8/2020$264.39 millionNoN/AN/A83,337
AACQ
Artius Acquisition
9/4/2020$799.12 millionNo$10.55-0.8%22,8811.54 million
DEH
D8
9/4/2020$352.94 millionNo$10.27-0.2%1,572198,648
BCTG
BCTG Acquisition
9/3/2020$243.70 millionNo$11.40-0.1%20025,499
GRCY
Greencity Acquisition Corporation
8/28/2020$53.86 millionNoN/AN/A14,007
PSAC
Property Solutions Acquisition
8/28/2020$329.11 millionNo$13.80+4.3%71,9051.85 millionGap Down
MCAC
Mountain Crest Acquisition
8/27/2020$86.74 millionYes$13.32+1.8%5,477548,767News Coverage
Gap Up
CPSR
Capstar Special Purpose Acquisition
8/24/2020$287.59 millionNo$10.26-0.7%230143,715
PANA
Panacea Acquisition
8/21/2020$164.53 millionNo$10.86-1.6%300365,134Gap Up
VMAC
Vistas Media Acquisition
8/21/2020$116.02 millionNo$10.05-0.3%1,52538,435
FUSE
Fusion Acquisition
8/14/2020$428.05 millionNo$11.29-4.0%30,6332.10 millionGap Up
FSDC
FS Development
8/12/2020$162.71 millionYes$12.19-1.6%1,680346,406News Coverage
RACA
Therapeutics Acquisition
8/7/2020$198.26 millionNo$13.98-1.5%20013,714Gap Up
TREB
Trebia Acquisition
8/7/2020$571.32 millionNo$11.19-0.3%5,546412,999
MLAC
Malacca Straits Acquisition
8/6/2020$145.90 millionNo$10.19-1.1%107,42478,752News Coverage
HSAQ
Health Sciences Acquisitions Co. 2
8/4/2020$255.63 millionNo$12.33+2.5%2,88829,048Lockup Expiration
HEC
Hudson Executive Investment
7/30/2020$492.66 millionNo$10.92-1.9%51,5023.03 million
Brilliant Acquisition logo
BRLI
Brilliant Acquisition
7/22/2020$62.33 millionNo$10.22+0.1%40,41722,013
WPF
Foley Trasimene Acquisition
7/17/2020$1.32 billionNo$11.27-5.4%47,5043.19 millionGap Up
LGVW
Longview Acquisition
7/13/2020$883.06 millionYes$18.45-4.1%30,2982.21 million
JWS
Jaws Acquisition
7/6/2020$1.03 billionYes$12.61-7.6%28,4341.35 millionGap Up
GIK
GigCapital3
7/2/2020$421.55 millionYes$15.30-2.4%26,7682.53 millionGap Up
SOAC
Sustainable Opportunities Acquisition
6/26/2020$352.50 millionNo$10.89-1.9%10,3591.26 millionGap Up
CGRO
Collective Growth
6/19/2020$204.98 millionYes$12.79-1.9%19,619926,310Gap Up
CHAQ
Chardan Healthcare Acquisition 2
6/18/2020$114.36 millionNo$10.50+2.6%11,80027,867Gap Down
PCPL
CC Neuberger Principal Holdings I
6/15/2020$457.47 millionYes$10.35-4.3%18,7822.87 millionNews Coverage
Gap Up
NOVS
Novus Capital
6/12/2020$316.63 millionYes$23.43-4.9%775383,583Gap Up
ROCH
Roth CH Acquisition I
6/11/2020$186.63 millionYes$18.74-1.1%1,160196,457Gap Up
GNRS
Greenrose Acquisition Corp.
5/11/2020$234.03 millionNoN/AN/A544,328
DFPH
DFP Healthcare Acquisitions
5/1/2020$254.15 millionNo$10.91-1.8%100107,543
NBAC
Newborn Acquisition
4/30/2020$132.04 millionYes$20.30-6.8%4,793617,229Gap Up
ZGYH
Yunhong International - Class A
4/3/2020$73.49 millionNoN/AN/A12,009
CCAC
CITIC Capital Acquisition
4/2/2020$299.46 millionNo$10.50-2.4%51,869573,277News Coverage
ESSC
East Stone Acquisition
3/17/2020$178.54 millionNo$10.07flat4,303764,200
GHIV
Gores Holdings IV
3/16/2020$613.06 millionYesN/A12.68 million8.47 millionGap Down
SCVX
SCVX
3/16/2020$245.87 millionNo$10.45-1.9%709132,860
DFNS
LGL Systems Acquisition Corp.
3/13/2020$186.30 millionNoN/AN/A89,537
IPV
InterPrivate Acquisition
2/27/2020$501.55 millionYes$15.28-2.8%34,0621.37 million
LIVK
LIV Capital Acquisition
1/14/2020$82.03 millionNo$10.23-0.2%32,55928,885
CHPM
CHP Merger
1/10/2020$313.35 millionNo$10.36-0.1%75470,803
AMHC
Amplitude Healthcare Acquisition
1/10/2020$103.60 millionNo$10.25-0.2%2132,808
SRAC
Stable Road Acquisition
12/30/2019$442.21 millionYes$21.32-6.3%28,0631.63 millionGap Up
JIH
Juniper Industrial
12/20/2019$429.53 millionYes$12.55-2.2%17,9721.23 millionGap Up
MCMJ
Merida Merger Corp. I
12/12/2019$171.58 millionNo$10.26-2.1%1273,031News Coverage
LATN
Union Acquisition Corp. II
12/9/2019$255.75 millionNo$10.25-1.3%70,309152,526
GRNV
GreenVision Acquisition
12/9/2019$74.64 millionNo$10.25-1.1%29,71340,170
GLEO
Galileo Acquisition
11/14/2019$180.61 millionNo$10.31-0.9%36054,396
APXT
Apex Technology Acquisition
11/5/2019$558.28 millionYes$14.92-0.8%39,2342.53 million
EXPC
Experience Investment
11/1/2019$409.20 millionYes$14.25-2.1%31,1512.31 millionGap Up
NPA
New Providence Acquisition
11/1/2019$365.24 millionYes$13.47-4.9%48,0571.94 millionGap Up
THBR
Thunder Bridge Acquisition II
10/4/2019$438.15 millionYes$11.54-3.5%64,3882.73 millionGap Up
SSPK
Silver Spike Acquisition
10/1/2019$737.50 millionYes$20.20-5.3%26,2882.13 millionGap Up
SBE
Switchback Energy Acquisition
9/16/2019$1.24 billionYes$39.68-3.9%37,6693.55 millionNews Coverage
Gap Up
OAC
Oaktree Acquisition
9/9/2019$329.65 millionYesN/A57,8371.11 million
SCPE
SC Health
9/3/2019$181.30 millionNo$10.31-0.6%1,488290,284
GSMG
Glory Star New Media Group
8/21/2019$204.74 millionNo$3.68-1.3%1,191147,879
THCA
Tuscan Holdings Corp. II
7/30/2019$239.66 millionNo$10.72-2.2%10,029495,663Gap Up
GXGX
GX Acquisition
7/15/2019$297.56 millionYes$10.25flat2,5031.52 millionNews Coverage
AGBA
AGBA Acquisition
7/15/2019$63.54 millionNo$10.60+0.4%14,85620,722
GIX^
GigCapital2, Inc. Rights, each exchangeable into one-twentieth of a share of
6/6/2019$237.58 millionNoN/AN/AN/A
CRSA
Crescent Acquisition
4/16/2019$267.50 millionYes$10.25-3.3%4,3171.66 million
ACAM
Acamar Partners Acquisition
4/15/2019$375.86 millionYesN/A7.05 million4.55 millionGap Up
RPLA
Replay Acquisition
4/3/2019$368 millionYes$10.19-0.2%7,409507,597
THCB
Tuscan
3/27/2019$533.37 millionYes$16.65+16.0%96,3632.27 millionGap Down
ARYA
ARYA Sciences Acquisition Corp III
12/12/2018$177.66 millionYes$11.55-2.0%5,382145,789News Coverage
ALAC
Alberton Acquisition
11/21/2018$66.47 millionYes$13.66-3.2%4,061392,094Gap Up
LOAC
Longevity Acquisition
10/16/2018$32.77 millionYes$11.11-1.9%1,346127,034Gap Up
GSAH
GS Acquisition Holdings Corp II
7/30/2018$919.50 millionNo$11.34-7.0%58,9443.59 millionGap Up
TDAC
Trident Acquisitions
6/13/2018$149.00 millionYes$11.47-3.7%9,335451,426
LACQ
Leisure Acquisition
2/26/2018$79.91 millionNo$12.65+2.8%2,1961,407
BRPA
Big Rock Partners Acquisition
12/4/2017$108.75 millionYes$34.74-2.9%1,20966,514
ID
PARTS iD, Inc. Class A
12/1/2017$43.90 millionNoN/AN/A215,730
ATAC
Altimar Acquisition
9/7/2017N/AYes$10.21-1.5%6,910820,389
CCNC
Code Chain New Continent
12/29/2015$59.23 millionNo$2.17+2.4%6,496725,072Gap Up
ANDA
Andina Acquisition Corp. III
12/8/2015$49.96 millionNo$11.48-1.0%5,00543,038
AMCI
AMCI Acquisition
11/4/2014$149.42 millionYes$16.18-2.2%14,8981.22 millionNews Coverage
Gap Up
CCX
Churchill Capital Corp II
9/23/2010$730.71 millionYes$10.35-0.9%6,1112.64 million
CAPA
HighCape Capital Acquisition Corp. - Class A
9/11/2009$124.17 millionNoN/AN/A11,921
CIIC
CIIG Merger
2/13/2008$731.75 millionYes$27.10-2.5%23,0831.82 millionGap Up
ALUS
Alussa Energy Acquisition
7/12/2007$299.58 millionNo$10.28-0.5%504212,393Gap Up
SPNV
Supernova Partners Acquisition
1/2/2001$578.59 millionNo$11.03-1.8%5,490454,919
SFTW
Osprey Technology Acquisition
12/31/1997$444.33 millionNo$10.38-1.6%7,785384,600
NGAC
NextGen Acquisition
12/31/1997$386.63 millionNo$10.12-1.4%5,292344,943High Trading Volume
GIX
GigCapital2
12/31/1997$237.58 millionYes$10.51-1.0%16,821901,926Gap Up
FSRV
FinServ Acquisition Corp. - Class A
1/20/1995$461.46 millionYesN/AN/A1.51 million
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Special Purpose Acquisition Company (SPAC) - What You Need to Know

A special purpose acquisition company (SPAC) is an alternative to the traditional initial public offering (IPO) process that public companies use to raise capital and having its stock traded publicly on a major stock exchange. SPAC’s have been around for a long time, but have become increasingly popular in recent years. There are a couple of reasons for this. One is that the market’s appetite for IPOs has diminished. The other is that the market itself is getting very overbought.

SPACs give retail investors (i.e. individual investors) an opportunity to buy a company’s stock in its early stages. This is one way that a SPAC is different from a traditional IPO. However with that chance for a reward comes a fair amount of risk. And that makes these a speculative investment that should not make up a significant portion of an investors’ portfolio.

Introduction

When a company goes public via an initial public offering (IPO), the stock price typically spikes in the day after, and sometimes for several days after. When that happens, retail investors are left paying a much higher price than the IPO price.

This is because the company that is issuing a traditional IPO is looking for large amounts of capital. This requires the kind of capital that is typically reserved for large investment banks. In very rare cases, if an individual investor is a client of an investment bank, and has the financial resources to do so, they may be invited to participate in the IPO through their broker.   

A special purpose acquisition company (SPAC) is an alternative that benefits the sponsor, but also can benefit retail investors. This is because, unlike a traditional IPO, a SPAC allows investors an opportunity to get in on the ground floor. Also in contrast to a traditional IPO, there are minimal regulations with a SPAC so, once a deal is made, the process tends to move much faster.

In this article we’ll review what a special purpose acquisition company is and describe the process that a SPAC takes to go to market. We’ll also look at the controversial history of SPACs and the regulations that are in place that makes them safer, and more mainstream investments today. We’ll also look at the benefits and the disadvantages of a SPAC. And finally, we’ll go over ways investors can identify SPACs to invest in.

What is a Special Purpose Acquisition Company (SPAC)?

For the uninitiated, the name is sort of self-explanatory. It may help to read it backwards. A special purpose acquisition company is one that is established with the intention of acquiring or merging with another company for a single (special) purpose. In this case, the purpose is to bring the acquired company public.  This is typically, but not always, done by way of a reverse merger.

Actually the term acquisition is the most misleading. A SPAC is more of a silent investor. Investors will frequently hear the words “blank check company” used to describe them. This is because a SPAC has no operations; it has no assets other than the cash that its founder (or founders) brings to the SPAC.

The founder or founders are called sponsors. Traditionally, these sponsors will be targeting a particular industry or business sector in which they have a strong background. When the SPAC launches, these sponsors raise money from other investors which it then uses to bring an existing company public.

What Is the SPAC Process?

A SPAC is a less expensive, and most importantly faster, alternative to an initial public offering (IPO) for a company that wants to go public. Sometimes the sponsor(s) will know who the target is but they don’t want to disclose it to avoid Securities & Exchange Commission (SEC) regulations. However, in many cases, when a SPAC is initially formed, the sponsors may not know which target they have in mind.

In 2020, activist investor hedge fund manager Bill Ackman launched Pershing Square Tontine Holdings (NYSE:PSTH) as a spinoff of his hedge fund. However, in the first nine months of its creation, Ackman was still looking for a target company. In fact, a SPAC can take up to two years to target and buy another firm.

For this reason, the phrase “betting on the jockey not the horse” can apply to a SPAC. Without a clear idea of how the sponsors plan to spend their investment capital, investors are banking on the reputation of the sponsor. And sometimes investors may have to wait for up to two years for the sponsor to find/announce its target. In rare instance, the SPAC won’t find a partner. In this case the SPAC will be liquidated and investors would get their money back, although it may take some time.

The good news for investors is that most SPACs will only initiate trading for $10 per share. Yes, the price may soar once the target is identified. However, once this occurs investors can begin to cash out or even perhaps continue to invest in hope of the SPAC going higher.

Are SPACS controversial?

For a long time, a SPAC was considered to be an out-of-favor, back-door way for a company to go public. In the 1980s, these companies frequently were shell companies for penny stocks that are extremely volatile (and frequently fail). And at this time, many of these companies did just that, and investors lost a lot of money.

However SPACs have become less controversial in the twenty-first century. Since 2010, SPACs have become more fashionable and have been sponsored by big-name entrepreneurs, hedge-fund managers, mutual fund companies, investment banks, and even celebrities.

Because of this, the number of SPACs has been increasing steadily. And in 2020, SPAC research reports there were 128 SPACs, which raised a total of $49.1 billion. The Covid-19 pandemic has certainly been a factor. SPACs tend to be a better choice for private companies in times of market volatility because they only have to convince one sponsor (or a handful of sponsors) to launch the SPAC as opposed to filing for an official IPO.

Another reason is that, unlike a traditional IPO, a SPAC has more streamlined disclosure requirements to save time and money.  This is not to say the SEC has imposed no regulations on a SPAC. The most important of them being that a SPAC now has to place any initial investor money in a trust or escrow account. This will keep it secure until the sponsors announce their target company. Once that occurs, an investor can back out of the investment if they feel the deal is bad. And SPACs also have to register with the SEC although they do not have to file all the paperwork required in a traditional IPO process.

This lack of transparency means that SPACs are still controversial. When a company goes public via a traditional initial public offering (IPO), they are required to post a series of filings along the way. This gives investors a degree of comfort when investing in the company.

Why SPAC’s appeal to investors?

The largest appeal of a SPAC to investors is the opportunity to get in on the ground floor of a potentially big stock. While it’s true that institutional investors generally will be offered shares first, there are ample shares available for retail investors. And the typical price of around $10 per share is well within the means of retail investors.  And unlike when a SPAC names its target, the price tends to stay low for some time.

Another reason that SPACs are popular is that the sponsors usually invest in some of the most popular or, high-growth areas. For example in 2020, a host of companies with links to electric vehicles (EVs) went public via SPACs.

What are the risks or disadvantages of SPACs?

Of course with that potential for an outsized reward comes with an outsized risk. A SPAC, at least initially, is a blind investment. Initial investors don’t know how their investment will be used. And as we mentioned above, it can take up to two years for a sponsor to find a partner and bring it public. During that time, investors can’t sell their shares. That’s a long time for an investor to wait for a return on their capital.

And one of the largest risks is that SPACs have a spotty track record at best. In July 2020 the investment bank Goldman Sachs (NYSE:GS) analyzed the performance on 56 SPACs that merged with their targets no later than January 2018. The SPACs that Goldman analyzed were across a cross section of sectors. Sachs concluded that during the one-month and three-month periods following the acquisition announcement, the SPACs on average outperformed the S&P 500 and Russell 2000. However, that performance was not repeated in the 3-, 6-, and 12-month periods after the merger was complete.  

How can investors profit from SPACs?

The key is to move fast. And that means knowing when a SPAC is available for investment. That’s because once a SPAC decides on an acquisition target, shares in the SPAC generally rise. But you can’t find a list of SPACs on most financial websites.

And although hedge fund managers, mutual fund managers, and institutional investors learn of SPACs first, individual investors can still find out about SPACs in a number of ways. One way is to ask your investment advisor to keep an eye out for SPAC offerings. If you’re more of a do-it-yourselfer, you can go to the site Early Bird Capital which frequently posts companies that are actively seeking targets.

Also if you look on the NASDAQ website, upcoming IPOs, including SPACs, are listed under a ticker symbol that ends with a “U.”

The final word on special purpose acquisition companies

Investing in a special purpose acquisition company is a speculative investment. It should not take up a significant part of your portfolio, particularly if you’re at an age when you may need to have access to your cash. Investors could be tying up their cash for up to two years without knowing what their investment will ultimately fund.

The nature of this blind investment, including the fact that SPACs generally invest in volatile, growth companies makes these investments much riskier than investigating in established companies.

However, a SPAC is a low-cost way for retail investors to get in on the ground floor of an initial public offering. And with the ability to buy shares for $10 per share, may allow them to risk a small portion of their portfolio for a large payoff.



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