How Does a SPAC Work? SPACs are a way for companies to make the leap from privately held to publicly traded in a way that’s often less complicated than an initial public offering (IPO), according to Peter McNally, global sector lead at Third Bridge, a research firm.
“The traditional process of going public could take years, in some cases, and finding the right timing can be tricky,” McNally says. “SPACs are giving management and boards of companies more options for quicker and more efficient ways to go public.”
Going public by agreeing to be purchased by a SPAC reduces the red tape and costs associated with a traditional IPO. The latter involves banks that underwrite the deal, roadshows for potential investors and high levels of financial statements, notes Sylvia Jablonski, chief investment officer and co-founder at Defiance ETFs. Everyday investors are often left out of an IPO, since share allocations are often reserved for high-net-worth and high-earning investors called accredited investors, adds Jablonski.
“Average investors are very unlikely to have access to the hottest IPO,” says Jablonski, at least until the company goes public and stock prices blast off. “But they do have access to a ‘blank check’ [SPAC] company as soon as it goes public,” before it’s acquired private company.
Buying shares of a SPAC before it makes any acquisitions can provide regular investors with a way to share in the stratospheric growth many associate with IPOs. You just need to understand that you won’t exactly know what the SPAC intends to buy until it announces an acquisition target
Snip:
I owned one a little while back and I thought I read at some point that Goldman or something like that was quietly accumulating shares. Don’t hold me to that because I can’t post the source which I always try to do.
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