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Mr. Ackman said in the letter that high-quality businesses had been taking the traditional IPO route to go public, owing to the quick recovery of capital markets since the pandemic. He also blamed the poor performance of SPACs that have done deals, which he says contributed to negative perceptions of the vehicles, as well as high redemption rates of SPACs and regulatory scrutiny.
Mr. Ackman in the letter said he is working on launching a new vehicle called a SPARC, or special-purpose acquisition rights company, through which investors could buy stock in a company once it has already merged with the vehicle. Such structures have “many favorable attributes” compared with SPACs that should increase the chances of getting deals done, he said.
https://www.wsj.com/articles/bill-ackman-to-close-4-billion-spac-11657629142
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