A Baltimore-based biomedical investment firm is one of the partners on a blank check company that debuted on the Nasdaq this week.
HealthCor Catalio Acquisition Corp. started trading shares Wednesday as it raised $180 million in an initial public offering. The company was created through a partnership between New York-based healthcare fund manager HealthCor Capital Management and Baltimore-based biomedical investment firm Catalio Capital Management.
A blank check company, also known as a special purpose acquisition company (SPAC), is formed for the purpose of going public, and acquiring another company. A company that is then acquired can be taken public without the usual IPO process. While this type of company has been around for decades, SPACs are having a moment. The number of blank check companies increased fivefold in 2020 and show no signs of slowing, CNBC reported.
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