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This story is available exclusively to Insider subscribers. Become an Insider and start reading now. There s been a surge in special purpose acquisition companies, or SPACs. Because of the frenzy of SPACs, finding bankers and lawyers and securing eventual deals is getting harder. From a SPAC-off, to a SPAC-up, to a de-SPAC, here s the guide on what you need to know. SPACs were once a little-known way for private companies to go public without having to IPO. But in 2020, the number of SPACs on the market quadrupled from the year before, according to SPAC Insider data. And so far this year, the number has almost reached that record high from last year. January was a record-setter, with close to $26 billion raised via SPACs. ....
Among the players getting in on the explosion in special-purpose acquisition companies, or SPACs, is the investment manager AllianceBernstein, which managed $683 billion in client assets at the end of January. That month, the firm got in on the sponsoring game for the first time, meaning it will help a shell company hunt for a take-public target and may also be part of so-called PIPE financing via its own AB funds and accounts once the SPAC finds a deal. AB, as the asset manager is also known, co-sponsored a Nasdaq-listed SPAC called Healthcare Services Acquisition Corporation, where funds and accounts managed by BlackRock served as anchor investor. ....
This story is available exclusively to Insider subscribers. Become an Insider and start reading now. The red-hot SPAC craze isn t slowing as 154 SPACs have raised $48.5 billion so far this year. JPMorgan s Michael Cembalest studied 85 SPACs to examine the winners and losers in the ecosystem. He also shared why it is important to monitor the SPAC market over the next two years. Perhaps nothing better illustrates just how hot SPACs have become than a recent rap song called SPAC Dream by recording artist Cassius Cuvée. His musical tribute to Special-Purpose Acquisition Companies was shared by billionaire Bill Ackman on Twitter last week with a simple call to watch this. ....
Tom Finke s Adara Acquisition Corp. (ADRA), which made its debut on Tueday, was among the new blank-check companies. While Finke s name might not be as familiar as recent SPAC entrants such as Colin Kaepernick or Shaquille O Neal, he is a financial force of his own having served as the CEOs of two asset managers and famously led the 2016 merger of Babson Capital, Barings Asset Management, and two other MassMutual Life subsidiaries to create Barings, a $345 billion money manager. That s why when he entered SPAC land, investors took notice. SPAC investor Julian Klymochko, who manages the Accelerate Arbitrage Fund (TSX: ARB), said his ETF subscribed to the ADRA IPO because he believes that Finke s background and experience in financial services make him a strong SPAC sponsor. ....