One of the surprising developments in the last year was the boom in SPACs. The so-called blank check companies raised more money in 2020 than they had in the several years prior combined. But why? Why did a year that saw a pandemic and economic devastation turn into such a boon for what has historically been a speculative financing vehicle? On this Odd Lots, we speak with Larry Wieseneck, a longtime capital markets veteran and Co-President of the investment bank Cowen, who breaks down why the stars all align for the surge in SPACs.
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