SPACs Have Already Topped 2020’s Record Year, With $89 Billion Raised

Sean Burch
·1-min read

The Year of the SPAC? It looks to be that way already. Only three months into 2021, blank check companies have surpassed the record-setting amount of money raised last year. So far this year, SPACs have raised $89.2 billion, according to blank-check tracking firm SPAC Research. Even if another dollar isn’t raised in 2021, that’s still 7% more than the $83.4 billion SPACs raised last year. There have also been a record number of blank check companies that went public this year — 275, compared to the 248 IPOs the industry saw in 2020. SPACs have become an increasingly popular way for celebrities and Hollywood power players to raise funds and target companies for acquisition. Just last week, Forest Road Acquisition Corp. II, the latest SPAC spearheaded by former Disney streaming boss Kevin Mayer and ex-Disney COO Tom Staggs, raised $350 million during its initial public offering. Also Read: Vice Nears SPAC Deal Priced at Less Than Half of Previous $5.7 Billion Valuation (Report) The venture is the second tech and media-focused SPAC led by Mayer and Staggs, after Forest Road Acquisition Corp. I raised $300 million when it debuted in February. NBA legend Shaquille O’Neal is serving as a...

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