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[co-author: Ilya Ross] What is a SPAC? Special Purpose Acquisition Companies, known as SPACs, are companies with no commercial operations set up by investors, and which exist for the sole purpose of raising money through an initial public offering (IPO) to eventually acquire another company. Sometimes known as “blank check companies,” SPACs are typically formed by a private equity sponsor that lists its common equities on a public stock exchange through an IPO, with the eventual goal of combining with private businesses. This creates a “back door” into the public markets since these private enterprises don’t need to go through the expense and hassle of their own IPO. Once public, a SPAC typically has two years to complete a deal or they must return their funds to investors. This timeframe for a business combination, the requirement to hold public money in trust, and other technical matters pertaining to a SPAC transaction are set contractually and by specific rules of

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