A Special Purpose Acquisition Company (SPAC) is a type of publicly traded investment vehicle that is created specifically to acquire or merge with another company. SPACs are also sometimes called “blank check companies” because they are set up with the sole purpose of raising capital through an initial public offering (IPO) to later identify and merge with an existing private company.
Carson Block Steps Up SPAC Attacks, Citing ‘Predatory’ Behavior
Short-seller Carson Block said he’s building bets against more special purpose acquisition companies and that some retail investors will fall victim to “predatory plays.”
SPAC Litigation Alert: Kwame Amo v. MultiPlan
On March 25, 2021, a shareholder of MultiPlan Corp. f/k/a Churchill Capital Corp III (“New Company”) filed a class action complaint alleging various breach of fiduciary duty claims stemming from a special purpose acquisition company, or “SPAC,” business combination transaction against the New Company, its board of directors (“Board”), and other related parties.
Insurance Services Firm, SPAC Sponsor, and SPAC Execs Hit with Post-deSPAC Securities Suit
Regular readers know that I have been documenting on this blog the recent rise in securities class action lawsuit filings relating to SPAC entities and transactions (most recently here).
MultiPlan plunges over 20%
MultiPlan (NYSE: MPLN) shares went down over 20% before ending at to $7.01 on Wednesday. This dive comes after Muddy Waters Research releases a short report titled “MultiPlan: Private Equity Necrophilia Meets The Great 2020 Money Grab.”
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.
Law firms could make hundreds of millions of dollars on the SPAC boom, as elite firms elbow in on a growing market
SPACs used to be a small segment of the market, but elite law firms have flocked to the sector in…
The Rise Of SPACs
One of the very interesting topics Directors are hearing about is a liquidity structure called a SPAC (Special Purpose Acquisition Company). As Directors get invited to join Boards of SPACs or do their diligence if a SPAC is right for their private company, I share some information I think will be helpful.
Former House Speaker Paul Ryan Starts Blank-Check Company
Paul Ryan, the consummate Washington negotiator, is trying his hand at another kind of deal making, jumping into the rush…