SPAC Extensions Hit Record After Coronavirus Freeze

When the coronavirus put Wall Street on pause, the clock didn’t stop on special-purpose acquisition companies (SPACs), which have a finite amount of time to find a target. Many of them were able to find a solution – ask investors for an extension. A total of 28 extensions have been granted on SPACs so far in 2020, already setting a new record from 26 in 2019, according to Sidley, a frequent advisor on IPOs and M&A.