Frederick Fortmiller is a Chartered Financial Analyst (CFA) with over 20 years of investment experience. He founded Harraden Circle Investments in 2016 to serve clients with an interest in unconventional market opportunities. Working with an accomplished team, Frederick Fortmiller focuses on special purpose acquisition companies.
Special purpose acquisition companies, or SPACs, are considered shell companies created specifically for the sole purpose of raising capital through an initial public offering (IPO) to eventually use the raised funds to acquire another company. Since the eventual acquisition is unspecified, SPACs are also known as “blank check companies.” In recent years, SPACs have raised billions of dollars.
Unlike traditional companies, SPACs do not produce or sell any products. The only assets that belong to SPACs are the funds they raise during IPOs. Additionally, SPAC IPOs take significantly less time to develop, since the financial statements for SPACs are much simpler to prepare and file than those required for operating businesses.
Special purpose acquisition companies, or SPACs, are considered shell companies created specifically for the sole purpose of raising capital through an initial public offering (IPO) to eventually use the raised funds to acquire another company. Since the eventual acquisition is unspecified, SPACs are also known as “blank check companies.” In recent years, SPACs have raised billions of dollars.
Unlike traditional companies, SPACs do not produce or sell any products. The only assets that belong to SPACs are the funds they raise during IPOs. Additionally, SPAC IPOs take significantly less time to develop, since the financial statements for SPACs are much simpler to prepare and file than those required for operating businesses.
