Introduction
Special purpose acquisition companies (SPACs), sometimes known as "blank check companies," are gaining traction as a potential alternative to traditional initial public offerings (IPOs). The SPAC is a firm that has no commercial operations and was founded solely to obtain funds through an initial public offering in order to acquire another company. The target firm integrates with SPAC and becomes a publicly traded corporation on the stock exchange once SPAC purchases it. SPACs allow companies to go public in a fraction of the time (a few weeks to months) and for a fraction of the cost of a regular IPO. The average time it takes a SPAC to buy a target firm is about two years. If the SPAC fails to meet its objectives, the SPAC will dissolve and return the funds to the investors if the business combination is not completed within the stated time period. Despite the fact that SPACs have been available for decades, they have become more popular in recent years, particularly in the United States.
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