Social Capital Hedosophia Holdings Corp. (IPOA)

[crudeoil24]

Kathleen Smith, a principal at Renaissance Capital.

She says there have been 22 deals over the past two years where operating businesses have joined the stock market by merging with "blank check" companies (which are technically known as Special Purpose Acquisition Vehicles or SPACs).

Average returns on those deals after the mergers? A negative 13.5%.