SPACs are making big moves. This past week, sports betting platform DraftKings (DKNG) entered the public market through a SPAC merger, and Chamath Palihapitiya’s Social Capital Hedosophia II (IPOBU) and III (IPOCU) raised a combined $1 billion. Blank check IPOs have hit record numbers in recent years, and large offerings have attracted bulge bracket underwriters, well-known IPO advisory firms, strong management teams, and high-profile acquisition targets. More companies than ever are choosing to list via SPAC merger, with 28 public mergers in 2019, up from 18 in 2018. In short, SPACs have gone mainstream.
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