(Reuters) – A blank check-company helmed by former Uber Technologies Inc’s UBER.N executive Emil Michael is looking to raise $250 million in an initial public offering, the company said on Friday.

DPCM Capital Inc aims to sell 25 million units at a price of $10 each and has applied to list its units on the New York Stock Exchange under the symbol “XPOA.U”, it said in a filing here.

Michael, who served as the chief business officer of the ride-hailing provider for over three years until 2017, had spearheaded the firm’s expansion in China and Russia.

The blank-check company also counts former Alphabet Inc’s GOOGL.O Chief Executive Officer Eric Schmidt among its special advisors.

A special purpose acquisition company, or SPAC, is a shell vehicle that raises money in an IPO to buy and then merge with an unknown company.

DPCM has become the latest SPAC to file for an

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  • Special-purpose acquisition companies — aka “blank-check” companies — are having a moment on Wall Street. The investment vehicles have raised more than $40 billion already in 2020 and are on track to more than triple last year’s total of $14 billion.
  • SPACs have recently attracted bold-faced names such as hedge-fund titan Bill Ackman, LinkedIn founder Reid Hoffman, Silicon Valley power player Dragoneer Investment Group, and “Moneyball” star Billy Beane.
  • But there’s an ecosystem of advisors, salespeople, and lawyers pitching blank-check companies to investment platforms and wealthy people as viable financing options.
  • We spoke with more than a half dozen industry insiders to come up with a list of the market’s most influential players.
  • Visit Business Insider’s homepage for more stories.

One of Wall Street’s most talked-about trends is the wave of special-purpose acquisition companies, or SPACs, that have launched IPOs at such a torrid pace that they’re on track to

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Playboy is going public again after being acquired by a blank-check firm, a deal that valued the brand made famous by its iconic adult magazine at $415 million, the company said Thursday.

Playboy, which was taken private in 2011 by founder Hugh Hefner and private-equity firm Rizvi Traverse, will return to the public markets by merging with

Mountain Crest Acquisition Corp.


MCAC 0.50%

, a special acquisition company, or SPAC, set up earlier this year that trades on the Nasdaq exchange.

As part of the deal, Playboy will receive $58 million that Mountain Crest had raised, plus another $50 million in private investment in public equity, or PIPE, proceeds brought in from institutional investors.

Playboy’s existing owners will retain control of 66% of the company following the transaction. When the deal is approved by the Securities and Exchange Commission, the company name will become Playboy and it will trade under

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If you’ve been following IPO news, or stock market news, or any investment news over the past six months, you will have heard references to blank-check companiesspecial purpose acquisition companies, or SPACs. Most recently, you might have heard about them in the context of General Motors (GM) and Nikola (NKLA).

Here’s the backstory. General Motors made an announcement in September 2020 that it was getting into a “strategic partnership” with Nikola, an electric vehicle company that had not yet manufactured a product. According to the terms of the agreement, GM would receive an 11% equity stake in Nikola in exchange for manufacturing the Nikola Badger pickup truck using GM’s own hydrogen fuel cell and battery technologies.

A couple of days after the deal was announced, Hindenburg Research published a report called ‘Nikola: How to Parlay an Ocean of Lies Into a Partnership With the Largest

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Law360 (September 28, 2020, 6:31 PM EDT) — As blank-check initial public offerings boom across the landscape, more issuers are introducing novel terms designed to appeal to investors and acquisition targets in hopes of standing out in an increasingly crowded market.

Blank-check IPOs, in which management teams form shell companies and raise money to acquire private businesses and take them public, have exploded to record levels in 2020. According to research firm Pitchbook, 104 blank-check IPOs have been filed through Sept. 23. Those IPOs have raised more than $35 billion so far, more than all of 2018 and 2019 combined.

Also called special purpose acquisition companies, or SPACs, blank-check…

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BERLIN (Reuters) – EdtechX Holdings, an investment platform focusing on the future of education and work, is launching its second listed blank-check company and is looking to buy a business in the sector worth up to $2 billion.

Run by a Franco-British duo of financiers, EdtechX Holdings Acquisition Corp II is seeking to raise gross proceeds of up to $150 million by floating on New York’s Nasdaq exchange, according to its prospectus filed on Monday.

Flotations by Special Purpose Acquisition Companies (SPACs), or blank-check companies, have in 2020 emerged as an increasingly popular route to the public markets over a traditional IPO.

A SPAC is a shell company which raises funds in an initial public offering (IPO) with the goal of acquiring a private company, usually within two years of listing. The acquired company then becomes publicly traded as a result.

According to the prospectus, the venture will seek to

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Chamath Palihapitiya

Heidi Gutman | CNBC

Three blank-check companies backed by venture investor Chamath Palihapitiya are looking to raise a total of $2 billion through initial public offerings, regulatory filings showed on Friday.

A blank-check company backed by Palihapitiya merged with Virgin Galactic Holdings in October last year, while another one founded by him is set to merge with SoftBank Group-backed Opendoor Labs.

The new companies, called Social Capital Hedosophia Holdings IV, V and VI, are looking to raise up to $350 million, $650 million and $1 billion, respectively, by selling units — made up of stocks and warrants — on the New York Stock Exchange.

A blank-check company, also known as a special purpose acquisition company (SPAC), uses capital raised through an initial public offering to buy a private company, usually within two years. The deal then takes the private company public.

Other high-profile investors such as Bill Ackman

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British billionaire Richard Branson is getting in on Wall Street’s hottest trend: creating a company just to buy another one.

The Virgin Group tycoon has founded a blank-check company called VG Acquisition Corp. that plans to raise up to $460 million through an initial public offering, securities records show.

The firm is a special purpose acquisition company, or SPAC, which raises money to buy or merge with another company that takes over its stock listing. It plans to sell 40 million shares on the New York Stock Exchange at up to $10 apiece, with an option to offer up to 6 million shares, according to its Wednesday IPO filing.

VG Acquisition Corp. said it has not selected a company to acquire, but it is looking for targets in the US and Western Europe that operate in one of Virgin Group’s core industries, which include travel, music, media, technology and financial

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(Bloomberg) — Richard Branson is the latest billionaire to join the blank-check listing party after he sold his space tourism business to one.

VG Acquisition Corp. filed Wednesday to raise $400 million in a special purpose acquisition company, or SPAC. The company plans to sell 40 million units at $10 apiece, according to its filing with the U.S. Securities and Exchange Commission.

The company said it would look at a host of businesses to target for a merger. The possibilities could be as varied as travel, financial services, music and renewable energy. it said.



a close up of Richard Branson in front of a flat screen television: Trading On The Floor Of NYSE As Virgin Galactica Releases IPO


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Trading On The Floor Of NYSE As Virgin Galactica Releases IPO

Richard Branson

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Photographer: Michael Nagle/Bloomberg

Branson, founder of the VG Acquisition, sold Virgin Galactic Holdings Inc. in October to a blank-check company started by Chamath Palihapitiya and venture capital firm Hedosophia in a deal that set off this year’s SPAC listing

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(Bloomberg) — Perella Weinberg Partners, the investment bank founded by Joe Perella and Peter Weinberg, is planning to set up a blank-check company that focuses on finding a business owned and led by women.

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PWP Forward Acquisition Corp. will seek to raise about $200 million, according to a memo seen by Bloomberg News. Stacia Schlosser Ryan, the firm’s co-head of consumer and retail as well as co-head of diversity and inclusion, will be chief executive officer of the special purpose acquisition company, or SPAC.

PWP Forward will focus on targets in consumer products and services, health and wellness and financial technology. It will count four women as executives and plans to file to go public with the U.S. Securities and Exchange Commission in September. It will be the first SPAC of its kind, according to Perella Weinberg.

A representative for Perella Weinberg didn’t immediately return a call seeking

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