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IPOs are hot in Silicon Valley. SPACs are even hotter [San Francisco Chronicle] Dec. 24 Andrew Paradise, CEO of mobile e-sports company Skillz, rang the New York Stock Exchange’s opening bell this month, a time-honored way that newly public companies celebrate their Wall Street debut. Because of the pandemic, he did so remotely over Skype. But there was an even bigger difference from tradition in how Skillz went public. The San Francisco company eschewed a conventional initial public offering, in which investment bankers pitch a company to investors and arrange for sales of its shares before they begin trading on Wall Street. Instead it merged with an already-public entity called a special purpose acquisition company, or SPAC (pronounced “spak”), that had formed and gone public for the express purpose of acquiring a company. The fact that they go public with the express intent of buying an operating business gives rise to SPACs’ nickname: blank-check companies.

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