NYU Law Forum—The SPAC Craze: A Critical Assessment
For the past year, SPACs have been the hottest thing on Wall Street. Legions of private companies seeking public capital have done so through SPACs, which have been touted as faster, easier, and cheaper than IPOs. The potential for SPAC sponsors to reap big windfalls has drawn celebrities into the game, including Serena Williams and Jay-Z. SPACs accounted for about 50 percent of all money raised through IPOs in 2020 and an even higher percentage in early 2021. But in recent months, press accounts and regulators have begun sounding a cautionary note, in many instances pointing to the findings in a paper coauthored by NYU Law Professor Michael Ohlrogge titled “A Sober Look at SPACs.” What advantages do SPACs really offer over other ways to tap capital, such as IPOs or direct listings? Is the investing public being adequately informed about their highly dilutive cost structure? Who are the winners and losers in the SPAC craze? And can SPACs be improved? At this Forum, Ohlrogge will join other experts with a wide range of perspectives on the world of corporate finance to discuss these issues and others, as well as field questions from the audience.
This program is co-sponsored by NYU Law’s Institute for Corporate Governance & Finance.
Panelists
Scott Kupor, Managing Partner, Andreessen Horowitz
Michael Ohlrogge, Assistant Professor of Law, NYU Law
Edward Rock, Martin Lipton Professor of Law; Co-Director, Institute for Corporate Governance & Finance, NYU Law (moderator)
Rachel Sheridan, Partner, Latham & Watkins
Andrew Ross Sorkin, Columnist and Editor, New York Times; Co-anchor, Squawk Box, CNBC
To join this Forum as an audience member and receive a Zoom link, please register. If you would like to submit a question for the panelists, you may do so on the registration page. Note on accessibility: This virtual event requires an internet connection and a computer or smartphone. The event will have live captioning. If you need any accommodations, or for any questions, please contact Ian Anderson at ian.anderson@nyu.edu.
This event has been approved for one New York State CLE credit in the category of Areas of Professional Practice. The credit is both transitional and nontransitional; it is appropriate for both experienced and newly admitted attorneys. Out-of-state CLE: NYU School of Law is an accredited provider of CLE in New York State. If you are seeking CLE credit for a different state, we recommend you consult with your state’s CLE Board to ascertain regulations on reciprocity.