Andretti Returns to SPAC Arena as Blank-Check Market Heats Up

Former IndyCar driver Michael Andretti is back with another blank-check firm as the US market for a once-hot investing trend shows new momentum with mostly seasoned backers attracting billions in cash.

Andretti Acquisition Corp. II raised $200 million Thursday to mark the second special-purpose acquisition company bearing the Andretti name. The SPAC, which counts William Sandbrook as chairman and William Brown as chief executive officer, joins SPACs led by the likes of Howard Lutnick in pricing offerings in recent weeks.

Michael Andretti

Photographer: Dylan Buell/Getty Images

Andretti’s SPAC sold 20 million units at $10 apiece, according to a statement. BTIG served as the underwriter ...