Wall Street SPAC craze climbs to new heights with record highs By Reuters

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© Reuters. FILE PHOTO: A Wall Street sign outside the New York Stock Exchange

(Reuters) – Richard Branson and Barry Sternlicht were among more than two dozen investor groups who came forward to US regulators on Friday to lift blank check acquisition startups, setting a new record. The 28 Special Purpose Acquisition Company (SPAC) startup submissions underscore their growing appeal on Wall Street. SPACs raised a record $ 82 billion last year, and the trend has picked up steam in the first weeks of 2021. Overall, 144 SPACs have raised $ 45.7 billion so far this year, according to data from SPAC Research, with sponsors including high-profile investors. , politicians and sports personalities. Starwood Capital Group Chief Executive Barry Sternlicht Jaws Juggernaut Acquisition Corp on Friday submitted an initial public offering of up to $ 200 million. Other notable investors who launched SPACS included serial entrepreneur and billionaire Richard Branson and former BuzzFeed chairman Ken Lerer. Friday’s filings feature more than double a previous record of 13 deals on Feb.5, SPAC Research said. A SPAC is a shell company that raises money in an IPO to merge with a private company that is then publicly traded as a result. SPACs have emerged as a popular IPO alternative for companies, providing a path to go public with less regulatory scrutiny and more certainty about the valuation that will be obtained and the funds that will be raised.

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