Wall Street SPAC craze is over, rest of stock market could be hit next

A girl in the crowd on her friends shoulders watches on as Matrix & Futurebound perform onstage at Brixton Academy on April 17, 2014 in London, United Kingdom.This story is available exclusively to Insider subscribers.Recent lawsuits and investigations have chilled the once red-hot market for Special Purpose Acquisition Companies .The question is whether Wall Street's newfound discernment with SPACs will extend to the broader stock market. This is an opinion column.

SPACs — also known as"blank check companies" — are public shell companies where a bunch of rich investors come together, raise a bunch of money, and seek out a private company to buy with that money, thereby taking that private company public through the back door. The people doing all that legwork are sponsors — usually hedge fund managers — who charge investors far more in fees than traditional initial public offering underwriters.

Source: News Formal (newsformal.com)

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