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Email If 2020 was the “year of the SPAC,” 2021 may be the year of SPAC litigation. SPACs—Special Purpose Acquisition Companies—are publicly traded companies launched as vehicles to raise capital to acquire a target company. Often called blank-check companies, SPACs are companies in which shareholders buy shares without knowing which company the SPAC will target and acquire. Investors place their faith in the sponsor: the entity or management team that forms the SPAC. https://www.cadwalader.com/resources/clients-friends-memos/interest-in-spacs-special-purpose-acquisition-companies-is-boomingand-so-is-the-risk-of-litigation