[20210405]IF11655_SPAC IPO：背景和政策问题.pdf

https:/crsreports.congress.gov Updated April 5, 2021SPAC IPO: Background and Policy IssuesA special purpose acquisition company (SPAC) is a type of “blank-check” company that raises capital through initial public offerings (IPOs) with the intention to use the proceeds to acquire other companies at a later time. Unlike traditional IPOs, SPACs do not have commercial operations at the time of the IPO, explaining why they are referred to as blank-check or “shell” companies. SPACs first appeared in the 1980s but have gained popularity in recent years, especially since 2020 during the Coronavirus Disease 2019 (COVID-19) pandemic (Figure 1). U.S. SPAC IPOs reportedly raised a record $83 billion in 2020 and another approximately $95 billion during the first quarter of 2021 alone. SPAC IPOs have outpaced traditional IPOs during the first three months in 2021 as the preferred method for public fundraising. This In Focus explains how SPACs work and briefly reviews some policy implications. Figure 1. Funds Raised by SPAC IPOs and Traditional IPOs per Year ($Billions) Source: CRS, based on data from Dealogic and the Wall Street Journal. How Does a SPAC Work? SPAC sponsors generally raise money