Special Purpose Acquisition Companies (SPAC's)
Table of Contents
Introduction……………………………………………………………………………………….
History of Special Purpose Acquisition Companies…………………………………………..
Creating a Special Purpose Acquisition Company……………………………………………
Special Purpose Acquisition Companies v.s. Initial Public Offerings………………………..
Logistical Hurdles…………………………………………………………………………………
The Acquisition Process………………………………………………………………………….
Investor Risks & Rewards…………………………………………………………………………
Special Purpose Acquisition Companies in the International Arena………………………..
The Future of the Special Purpose Acquisition Company……………………………………
3
Bibliography
Butler, D. (2020, July 24). "Blank Check" IPOs: What Investors Need to Know. The Motley Fool.
https://www.fool.com/investing/2020/07/24/blank-check-ipo-what-investors-need-to
know.aspx.
Corporate Finance, I. (2020, June 30). Special Purpose Acquisition Company (SPAC) -
Overview, How It Works. Corporate Finance Institute. https:/
corporatefinanceinstitute.com/resources/knowledge/strategy/special-purpose
acquisition-company-spac/.
Curry, R. (2020, September 29). A Cautionary Tale: SPACs That Failed to Merge. Market Realist.
https://marketrealist.com/p/spacs-that-failed/.
FASB (Financial Accounting Standards Board). (n.d.). ASC 470–10-S99. Accounting
standards codification. Retrieved from https://asc.fasb.org/section&trid=2559037
FASB (Financial Accounting Standards Board). (n.d.). ASC 946-10-S99. Accounting
standards codification. Retrieved from https://asc.fasb.org
section&trid=2560437&search_marker=searchresult&query=U3BlY2lhbCBwdXJwb3NlI
GFjcXVpc2l0aW9uIGNvbXBhbnk=%26para=123726495
FASB (Financial Accounting Standards Board). (n.d.). ASC 946-320-S99. Accounting
standards codification. Retrieved from
https:asc.fasb.orgsection&trid=2560585&search_marker=searchresult&query=U3BlY2lh
bCBwdXJwb3NlIGFjcXVpc2l0aW9uIGNvbXBhbnk=%26para=122147990
Financial Industry, R. A. (2008). Guidance on Special Purpose Acquisition Companies.
Regulatory Notice 08-54 | FINRA.org. https://www.finra.org/rules-guidance/notices
https://asc.fasb.org/section&trid=2559037
4
08-54.
Jasinski, N. (2020, July 6). SPACs Are Booming. These 21 May Be About to Announce Deals.
Barron's. https://www.barrons.com/articles/spacs-are-booming-these-21-may-be-about
to-announce-deals-51594029600.
Kim, H, Ko, J, Jun, C, Song, Kyojik “Roy”. Going public through mergers with special purpose
acquisition companies. International Review of Finance. 2020; 1– 27. https://doi
org.ezproxy.redlands.edu/10.1111/irfi.12297
Legal Information, I. (2018). 17 CFR § 230.419 - Offerings by blank check companies. Legal
Information Institute. https://www.law.cornell.edu/cfr/text/17/230.419.
Lenahan, B., Boxwala, M., Layne, R., Bokosha, T., & Swartz, Z. (2018, July 6). Special Purpose
Acquisition Companies: An Introduction. The Harvard Law School Forum on Corporate
Governance. https://corpgov.law.harvard.edu/2018/07/06/special-purpose-acquisition
companies-an-introduction/.
Lenahan, B., Haigwood, K. S., Suchma, L., Layne, R., Morgan, S., & Swartz, Z. (2020, August
17). Update on Special Purpose Acquisition Companies. The Harvard Law School Forum
on Corporate Governance. https://corpgov.law.harvard.edu/2020/08/17/update-on
special-purpose-acquisition-companies/.
Loizos, C. (2020, August 22). Almost everything you need to know about SPACs. TechCrunch.
https://techcrunch.com/2020/08/21/almost-everything-you-need-to-know-about-spacs/.
Lopatto, E. (2020, October 7). SPACs, explained. The Verge. https://www.theverge.com
21502700/spac-explained-meaning-special-purpose-acquisition-company.
New York, S. E. (2016). The Intercontinental Exchange. SPAC | Special Purpose Acquisition
https://doi
5
Companies (SPAC). https://www.nyse.com/spac.
Nilsson, G. (2018). Incentive Structure of Special Purpose Acquisition Companies. European
Business Organization Law Review, 19(2), 253-274. http://
dx.doi.org.ezproxy.redlands.edu/10.1007/s40804-018-0105-7
Pershing Square, T. H. L. (2020, July 21). Acquisition Criteria. Pershing Square Tontine
Holdings, Ltd. https://pstontine.com/acquisition-criteria/.
Practical, L. (2015). Blank Check Company. Westlaw.com. https://content.next.westlaw.com
4-382-3272?__lrTS=20200907001115023.
Pricewaterhouse, C. (2019). How special purpose acquisition companies (SPACs) work. PwC.
https://www.pwc.com/us/en/services/audit-assurance/accounting-advisory/spac
merger.html.
Schumacher, B. (2020). new development in private equity: The rise and progression of special
purpose acquisition companies in Europe and Asia. Northwestern Journal of
International Law & Business, 40(3), 391-416.
Securities and exchange commission: Notices: Self-regulatory organizations; nyse mkt llc; order
granting approval of proposed rule change amending section 146 of the nyse mkt
company guide to adjust the entitlement to services of special purpose acquisition
companies: [fr doc 2016-24608]. , 81(Wednesday, October 12, 2016), 70449-70452.
Securities and exchange commission: Notices: Self-regulatory organizations; new york stock
exchange llc; order disapproving proposed rule change to amend the listed company
manual for special purpose acquisition companies to reduce the continued listing
standards for public holders from 300 to 100 and to enable the exchange to exercise
6
discretion to allow special purpose acquisition companies reasonable time period
following business combination to demonstrate compliance with the applicable
quantitative listing standards: [fr doc 2019-13075]. , 84(Thursday, June 20, 2019),
28879-28881.
Securities & Exchange, C. (2012, August 10). Fast Answers. SEC Emblem. https://www.sec.gov
fast-answers/answers-blankcheckhtm.html.
Securities and Exchange, C. (2020). Blank Check Company. Blank Check Company
Investor.gov. https://www.investor.gov/introduction-investing/investing-basics/glossary
blank-check-company.
Sixpoint, P. (2019, May 13). The Rise of SPACs. Sixpoint Partners. https://
www.sixpointpartners.com/60-seconds/the-rise-of-spacs/.
Young, J. (2020, August 29). Special Purpose Acquisition Company (SPAC). Investopedia.
https://www.investopedia.com/terms/s/spac.asp.
7
https://corporatefinanceinstitute.com/resources/knowledge/strategy/special-purpose- acquisition-company-spac/
https://www.fool.com/investing/2020/07/24/blank-check-ipo-what-investors-need-to- know.aspx
https://www.sec.gov/fast-answers/answers-blankcheckhtm.html