“SPACS Are the Stock Market’s Hottest Trend.” “SPAC Selloff Bruises Individual Investors.” Those headlines appeared in the Wall Street Journal seven weeks apart. SPAC stocks were spectacular, until they weren’t. SPAC is an acronym for special-purpose acquisition companies. They also are referred to blank check companies. True to their name, it tells an investor both nothing and everything about what they are. These public firms start as nothing more than bank accounts. The cash they contain is used to buy a private company, thereby taking that company public but skipping the traditional, and c…

Read More