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The 2020s are on course to become the decade of the special purpose acquisition companies (SPACs), also known as blank check or shell companies. SPACs are set to outpace IPOs once again in 2021, after a record year that saw SPACs mature from a once obscure method of going public to a rabid, flavor-of-the-month frenzy amidst both institutional and retail investors.
The year of COVID-19 saw 227 SPACs top traditional IPOs for the first time in history, raising $76 billion, compared to 67 billion raised from traditional IPOs. The first two months of 2021 have so far generated 144 SPACs, raising $44 billion. Digital Health has certainly ridden the recent SPAC wave, with yet a few more splashes yet to come.
Ishrak SPAC Nets $862 5M in IPO | Twin Cities Business tcbmag.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from tcbmag.com Daily Mail and Mail on Sunday newspapers.
Back before Omar Ishrak retired last year as the chief executive of Medtronic PLC, run out of Fridley, it s unlikely the board ever gave him $15 million to buy whatever he wanted.
Yet Medtronic seems ready to give that to him now that he s the co-founder and chairman of the board of something called Compute Health Acquisition Corp.
What Compute Health will do with Medtronic s money can t be known, because this is a special purpose acquisition company, usually called a SPAC or a blank check company.
It s going public without a business, so there s nothing to analyze or carefully weigh against any other alternatives for Medtronic s $15 million.
Former Medtronic CEO Omar Ishrak leads health care company seeking $750M IPO Medtronic interested in buying 1.5 million shares of the company, Compute Health. January 20, 2021 9:40pm Text size Copy shortlink:
Former Medtronic CEO and current Intel Chairman Omar Ishrak is one of the leaders of a new health-tech company that has filed for a $750 million initial public offering.
Compute Health Acquisition Corp. is what is called a blank check company, hoping to build itself by investing or buying businesses that are at the intersection of computation and health care.
Compute Health could start with strong ties to the company Ishrak led as CEO from 2011 to last spring. Medtronic has expressed interest in buying 1.5 million units in the IPO, according to a filing with the Securities and Exchange Commission.