David Crane is back, with a climate-tech SPAC

One of the hottest 2020 trends in raising capital is infiltrating climate-tech investing. As of mid-September, the stock market had welcomed at least 82 initial public offerings this year by special purpose acquisition companies (SPACs) — organizations that collectively raised more than $31 billion. Last week, former NRG Energy CEO David Crane joined the frenzy. 

Churchill Capital Corp III Stockholders Approve Business Combination with MultiPlan

Churchill Capital Corp III (“Churchill III”) (NYSE: CCXX), a public investment vehicle, announced that in a special meeting held today, its stockholders voted to approve its combination with Polaris Parent Corp., the parent of MultiPlan, Inc. (“MultiPlan”), a leading value-added provider of data analytics and technology-enabled end-to-end cost management solutions to the U.S. healthcare industry, and related matters.

Egregious Founder Shares. Free Money for Hedge Funds. A Cluster***k of Competing Interests. Welcome to the Great 2020 SPAC Boom.

It’s a brilliant, blue-sky afternoon in mid-August, and Bill Ackman is enjoying being, well, Bill Ackman.

Maybe it’s the sun. Or maybe it’s the aftermath of his latest tour de force — the IPO of a $4 billion special-purpose acquisition company, or SPAC, the largest of its kind during a year when such blank-check deals are exploding.