Wall Street’s blank check IPO frenzy

SPACs, or special purpose acquisition companies, were considered a backwater of the capital markets a decade ago. But in 2020, they emerged as one of the most active areas on Wall Street and have continued their surge in popularity this year, raising a record $100 billion in the first four months of 2021. However, doubts have emerged on the prospects of some companies’ ability to hit their lofty financial targets, and U.S. regulators are subjecting them to more scrutiny, dampening sentiment for future deals. Reuters has been keeping clients and readers ahead, delivering exclusive news, market moving scoops and unparalleled insight.