Reuters says the US SEC is opening an enquiry into SPACs, "blank check IPO frenzy"

Reuters cite unnamed sources, "four people with direct knowledge of the matter."

• Say that the US Securities and Exchange commission has opened an inquiry into blank-check IPO frenzy -sources
• SEC sent letters to Wall Street banks last week seeking information on special purpose acquisition company or SPAC deals
• SEC is seeking information on fees, volumes, internal controls

One of the sources said letters were sent by the SEC's enforcement division, suggesting they may be a precursor to a formal investigation.

Here we go, Reuters have popped it u on the web, the full article link here

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SPACs are listed shell companies that raise funds to acquire a private company with the purpose of taking it public, allowing such targets to sidestep a traditional initial public offering.

(ps. I am aware its spelt 'cheques', thanks ;-) )