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SPAC Bosses Turn to Clubby Deals to Seal IPOs in Chilly Market

  • Dealmakers line up friendly buyers to get deals done
  • Amended filings show addition of big anchor investors

Photographer: Witthaya Prasongsin/Moment/Getty Images

Fierce competition amid a market chill is forcing some blank-check companies to pull out all the stops to push deals over the finish line.

Several new special purpose acquisition companies have tweaked their filings right before their market debut to showcase that they’ve already lined up pledges from a select group of investors. With more than 420 SPACs seeking a private company to take public and another 295 with pending initial public offerings, having friendly investors in hand can make it easier to get deals done.