SPAC IS THE NEW BLACK: SPACs (Special Purpose Acquisition Companies) are all the rage these days. In this thread, I want to say a few things about SPACs that I learned in my research of the market. 1/15

What was once an esoteric (and somewhat tawdry) financing vehicle has now come into the main in terms of quantity ($83 billion in IPOs in 2020) and quality (A-player names pursuing SPACs from name brand PE and VC funds to leading investors and advisors and even celebrities.) 2/15

Early and serial SPAC sponsors like Harry Sloan and Jeff Sagansky (Flying Eagle), Michael Klein (Churchill) and Chamath Palihapitiya (Hedosophia) have helped propel the SPAC phenomenon to new heights, not to mention tech gurus, former politicians and even famous athletes. 3/15

LUMA has created a SPAC LUMAscape that maps over 250 SPACs by stage across 8 verticals. This is the evergreen post that we will endeavor to keep updated (and welcome your feedback): https://t.co/aboAAemu53 4/15

A SPAC is a blank check company where investors back a sponsor group to find a suitable target to merge with (the de-SPACing) which is often accompanied by a PIPE (private investment into public equity) to further finance the target company. 5/15