SPACs Make Flurry of Deals as Blank Checks Seek Something to Own

Blank-check companies settled on deals to buy a members-only startup airline, a startup augmented reality firm and a company called Two Bit Circus this month as SPACs face pressing deadlines to strike deals or close shop.

At least 16 special-purpose acquisition company tie-ups have been announced so far in May, the most since December, chipping away at a backlog of nearly 600 SPACs that need something to buy. Almost half the targets aren’t expected to be profitable this year, according to merger presentations, which could hurt their prospects in a sector that’s been one of the market’s worst performers.

The ...