“I have never found any blank-check investment vehicle attractive. No matter what the reputation or what the sponsor might be. . . . They are the ultimate in terms of lack of transparency.”
— Arthur Levitt, former SEC Chairman
That’s a great quote…and it’s especially ironic given that Arthur Leavitt is currently Senior Advisor to the Carlyle Group, which is the Sponsor of Regalwood Global Energy. Oops.
I cannot tell you how many times I’ve seen or heard negative quotes like that about SPACs. Mostly, they are from people who aren’t that well informed about the product. Or, as is the case with Arthur Leavitt, he’s referring to a time when Blank Check Companies actually were a terrible product. (To be fair, that quote from Arthur is very old.)
However, SPACs have since evolved. Bigger, better, more badass now.
So for fun, I found some old articles from back in the day that shows how the product (and the reporting) have changed over the years. Here’s hoping that one day in the near future, financial reporters will stop referencing SPACs from “the bad old days”. (Seriously, it’s a different product now. Please find a new angle.)
Note: It’s July 4th tomorrow and unless something crazy gets filed or there’s a major news announcement Thursday or Friday, we won’t be back until Monday.
Have a great Fourth of July, everyone!
SPAC Articles Through the Years
2005: Crave Huge Risk? This Investment May Be for You
2007: Wall Street’s New Status Symbol: The SPAC
2008: $300 Million to Burn, With a Catch
2016: More Wall Street banks, investors help write blank checks
2018: Why Are Top CEOs Flocking To SPACs (Blank Check Companies)?
At the SPAC of Dawn Futures continue to be green following a “hold steady” message out of the Fed and heading into jobless claims numbers and other indicators. US President Donald Trump has weighed in that he would like to see a rate cut sooner rather than later and differed with the body’s predictions on...
At the SPAC of Dawn Futures have tipped slightly green in anticipation of the Fed’s rate cut decision and follow several trading sessions in a row that ended positively in European markets. SPAC filings have meanwhile been notably light this week overall, as the uncertainty may have caused some pauses in activity as teams wait...
Renatus Tactical Acquisition Corp I has filed for a $175 million SPAC IPO, aiming to target high-potential U.S.-based businesses in cryptocurrency and blockchain, data security, and dual-use technologies. The blank-check company intends to list on the Nasdaq, nevertheless, it has not disclosed its symbols yet. The offering consists of 17,500,000 units priced at $10 each,...
Cohen Circle I (NASDAQ:CCIRU) has entered into a definitive agreement to combine with telecom and digital services company Kyivstar at a pro forma equity value of $2.2 billion, or 3.6x its 2024E adjusted EBITDA. Kyivstar is the market-leading mobile operator and broadband provider in Ukraine with 2 million more users on its digital TV platform...
At the SPAC of Dawn March gets its first SPAC IPO on the board later today as Quartzsea (NASDAQ:QSEAU) priced its slightly upsized $72 million offering after hours yesterday. Cohen Circle I (NASDAQ:CCIRU) also announced just the second deal of the month as well, and it is one that could hardly be more topical. The...