INTRODUCTION In a remarkable year for the equity markets in 2020, the increased use of Special Purpose Acquisition Companies (“SPACs”) to take companies public stands out as a defining trend. In 2020, well-known private businesses – like Virgin Galactic – became publicly-traded companies through an acquisition by a SPAC, rather than through a traditional initial public offering (“IPO”).[i] And several prominent investors – including Bill Ackman of Pershing and former White House Economic Adviser, Gary Cohn[ii] – lead SPACs currently looking for private targets to acquire. This trend shows no sign of slowing in 2021. As SPAC creators and potential private targets continue to pursue this “going public” route, all parties involved in a SPAC acquisition – on both the SPAC and the target side – should be aware of the potential regulatory scrutiny under the federal securities and antitrust laws that will likely accompany the increasing popularity of these transactions.