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Blank-Check Companies, a Hot IPO Fad, Contain Pitfalls for Investors – The Wall Street Journal

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Blank-check companies—initial public offerings for special-purpose companies, or SPACs, that raise cash for acquisition—are enjoying their highest popularity in more than a decade, raising more than $10 billion in new listings last year.

Such firms don’t have assets or any operating histories. They are largely bets on their executives, who seek to do a deal within a specified time, typically two years.

But…

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