Leaders of the SPAC: Why Hollywood Is Hot for Blank-Check Companies

”It’s like, if you don’t have a SPAC, where have you been? What are you going to say at your next cocktail party on Zoom?“ investment banker Burke Dempsey says

Hollywood talent and executives like Shaquille O’Neal and former TikTok CEO Kevin Mayer, and tech and gaming companies from DraftKings to Skillz, are rushing into the hot new thing for investment and growth: SPACs, short for Special Purpose Acquisition Company.

These so-called “blank check companies,”  created to raise money through an initial public offering with the intent of acquiring another company, are flooding into a market where money is cheap and investors are eager to find new ways to profit.

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Beatrice Verhoeven, PWS

Beatrice Verhoeven

Film Editor, Twitter: @bverhoev

Sean Burch

Tech reporter • sean.burch@thewrap.com • @SeanB44