Once-hot SPAC investments return to earth

By STAN CHOE
AP Business Writer

NEW YORK (AP) — The spectacular run for a once-hot investment has fizzled so much that many have been relegated to the bargain bin. These special-purpose acquisition companies, or SPACs, are often called “blank-check companies” because they have no real business other than to hunt for privately owned businesses to buy. Early this year SPACs attracted hordes of investors, celebrity advisers and criticism that they were the poster children for a dangerous bubble inflating across the stock market. But only seven SPACs had IPOs last month, raising $1.3 billion. That’s down from February’s 146, which raised $45.8 billion.