SPACs, which emerged out of the notorious “blank check” companies of the 1980s, are a form of reverse merger that does not suffer from these disadvantages. SPACs became very popular in the U.S. before the recent financial crisis, accounting for about 25% of IPO volume in 2007. Past SPAC management teams include banking legends such as Joseph Perella and Bruce Wasserstein, the co-founder of Apple Computers, Steve Wozniak, and former Israeli Prime Minister Ehud Barak (see Figure 1, Table 1, and Berger, 2008, for an overview).
Posted on: Fri, 02 Jan 2015 12:38:37 +0000
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