Why Electric-Vehicle Blank-Check Stocks Are Getting Clobbered Today
Shares of several blank-check companies that are planning to merge with future-mobility start-ups were trading lower on Thursday. In an interview with CNBC, Securities and Exchange Commission chair Jay Clayton said the agency is examining the disclosures of such companies in the wake of allegations that electric-truck start-up Nikola misled investors.
Here's where things stood for these four companies as of 11 a.m. EDT, relative to their closing prices on Wednesday.
All four of these companies are special purpose acquisition companies. These companies, often called SPACs or blank-check companies, don't have ongoing businesses of their own. Instead, they exist to acquire or merge with early-stage companies, taking them public in the process.
Source Fool.com
