Dick Grasso: SPACs were a rocket ship idea that have been a disaster
Former NYSE CEO Dick Grasso and FOX Business senior correspondent Charlie Gasparino discuss if the SPAC frenzy is dying on ‘The Claman Countdown.’
Dick Grasso, former chief executive of the New York Stock Exchange, discussed with Fox Business Wednesday the state of the market amid the reported increase in SPAC (Special Purpose Acquisition) companies in recent years.
SPACs are essentially blank-check entities that register with an exchange, then "reverse-merge" with a company to make it go public without having to go through the process of or deal with the conditions in an Initial Public Offering (IPO).
On "The Claman Countdown", host Liz Claman reported that in 2020, there were 248 SPAC offerings, followed by 613 in 2021.