Stephen Blake, litigation partner with Simpson Thacher & Bartlett's Palo Alto office. Along Came SPACs, and Then SPAC Litigation
Observers anticipate a growing number of lawsuits related to SPACs over the next several years. These lawsuits will have many similarities to traditional securities and M&A litigation, but will also develop their own rubrics given the unique features of the SPAC model, says Stephen Blake of Simpson Thacher & Bartlett.
March 02, 2021 at 08:24 AM
9 minute read
Securities and M&A lawyers are all talking about SPACs, and with good reason. According to the SEC, "IPOs by special purpose acquisition companies (SPACs) dramatically increased in 2020 as an alternative to the traditional IPO, constituting approximately 45% of the number of and proceeds raised in IPOs in 2020 through Q3." This trend appears to have only accelerated, with the SPACInsider website reporting over 190 SPAC IPOs thus far in 2021, already over 75% of all SPAC IPOs in 2020.
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