Four Jacksonville companies were in various stages of initial public offerings during the first three months of this year, suggesting the IPO market is heating up.
However, the real hot market trend is the special purpose acquisition company, or SPAC.
SPACs are companies that launch IPOs without having an operating business, with the intention of finding an acquisition target after the IPO.
The market reached Jacksonville two weeks ago when space technology company Redwire LLC agreed to go public by merging into a SPAC formed last year.
But Jacksonville already had a connection to the SPAC market through Bill Foley, chairman of Fidelity National Financial Inc.
Operator
Good day and welcome to the Renasant Corp 2020 Fourth Quarter Earnings Conference Call and Webcast. [Operator Instructions]
Now I d like to turn the conference over to Kelly Hutcheson, Chief Accounting Officer. Please go ahead.
Kelly Hutcheson
Chief Accounting Officer
Good morning and thank you for joining us for Renasant Corporation s 2020 Fourth Quarter Webcast and Conference Call. Participating in this call today are members of Renasant s executive management team.
Before we begin, please note that many of our comments during this call will be forward-looking statements, which involve risk and uncertainty. There are many factors that could cause actual results to differ materially from the anticipated results, or other expectations expressed in the forward-looking statements. Obviously, the continuing impact of the COVID-19 pandemic, the pace of the distribution and administration of the COVID-19 vaccine; the federal, state and local measures taken to arrest the