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SPAC Wave Stirs IPO Competition
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February 25, 2021
The booming popularity of special purpose acquisition companies (SPACs) is breathing fresh energy into alternative offerings, allowing companies to raise money with fewer constraints and lower costs than through traditional IPOs.
The flurry of IPO activity seen in the second half of 2020 continued into the early months of this year as companies looked to tap central bank-infused liquidity amid ebullient stock valuations.
“We experienced a lot of growth in strong companies approaching us, biotech companies in particular. It was like somebody threw a switch in June,” says Rod Turner, CEO and Founder of Manhattan Street Capital, who advises mid-sized companies on fund-raising options such as Regulation A+ offerings.