BusinessAnalysis: Cashing blank checks: why the bold favor SPACs Joshua FranklinKrystal Hu 1/2 A U.S. dollar note is seen in front of a stock graph in this November 7, 2016 picture illustration. REUTERS/Dado Ruvic/Illustration Read More Dimitri Kazarinoff started his first ever earnings call as XL Fleet Corp (XL.N) chief executive last month with a u-turn. When the maker of electrified powertrains for vans and pickup trucks agreed a $1 billion merger with a special purpose acquisition company (SPAC) in September, it made a financial forecast rarely seen in an initial public offering (IPO). XL Fleet predicted that its revenue would more than triple in 2021 to $75.3 million.