Clifford Chance
Guide to Special Purpose Acquisition Companies
3 September 2021
Special purpose acquisition companies (SPACS) have been one of the hottest asset classes in the United States equity market, with record numbers launched in the first quarter of 2021. These "blank cheque" companies are essentially a shell company formed by investors to raise money through an IPO without a specific acquisition target having been identified.
In this guide, we explore how SPACs work and the benefits and risks they present.
