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MiB: What SPACs Are Good For

Summary:
Overlooked in the hype about SPACs is the truism they are an innovative financial structure that serves a very specific purpose: a superior source of capital for mid-sized companies over the traditional initial public offerings (IPO) process. So says Doug Braunstein, founder and managing partner at Hudson Executive Capital, which has underwritten several successful SPAC offerings. The firm manages about .6 billion in investable assets. His years as a banker at First Boston, Merrill Lynch and finally at JPMorgan Chase gives him unique insight into the mergers and IPOs. He served as head of JPMorgan’s Americas Investment Banking and Global M&A. He also served as the firm’s Chief Financial Officer, and a member of JPMorgan’s Executive Committee, working directly with Jamie Dimon.

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Barry Ritholtz
Barry L. Ritholtz is the founder and chief investment officer of Ritholtz Wealth Management. Launched in 2013, RWM is a financial planning and asset management firm, with over $175 million in assets. The firm offers a variety of services to the investing public, including LiftOff — a low cost online-only investment site.

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