‘Blank Check’ Companies See Revival as Big Names Embrace Trend

The share of so-called blank check companies listing on U.S. exchanges is nearing levels not seen since the 2008 financial crisis, and they’re drawing attention from investors and regulators.

These special purpose acquisition companies (SPACs), which exist only to combine with other businesses, are a popular backdoor into public markets for privately held companies looking to bypass IPOs. They have accounted for almost a quarter of all initial public offerings this year, Bloomberg data show, up from 5 percent in 2014, and near the high of 28.5 percent seen in 2008.

Industry participants attribute SPACs’ resurgence to the entrance of ...