While new SPAC issuance has continued at a frantic pace, there has been more going on behind the scenes, reports Accelerate, which manages exchange traded alternative funds.
Many sponsors are clamoring to take their blank check company public that there is a backlog of 54 SPACs that have filed a prospectus, however, have yet to IPO. There have been days in which more than ten new blank checks file to go public.
Bankers at firms underwriting these offerings say that the shadow backlog for new issuance is multiples of this.
At the current pace of 20 net new SPACs per month, it is conceivable to see over 400 blank check companies outstanding by summer 2021, up from approximately 100 at the start of July. Read more.
