2020-08-06 — bisnow.com
There were 59 SPAC IPOs in 2019, which raised a combined $13.6B. So far this year, according to Danic's data, there have been 60. A SPAC is a shell company that is set up to go public, even though it doesn't have any operations. Money poured into these "blank check companies" by shareholders is used to acquire another company, thus taking it public in a reverse merger. After the acquisition, the company is usually listed on one of the major stock exchanges.
Just in the last few weeks, a SPAC called PropTech Acquisition Corp., acquired Porch, an online real estate and home improvement marketplace, for $523M after the SPAC raised $172.5M in a November IPO. An offshoot of Miami-based Lionheart Capital filed paperwork with the Securities and Exchange Commission specifying that it intends to raise $200M to acquire a proptech company. Benchmark Real Estate Group is likewise looking to raise up to $200M for a SPAC called Property Solutions Acquisition Corp. that would target property technology or real estate service firms.
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