Even amid plagues, summer is the time for road trips. (Maybe especially amid plagues, when travel restrictions make a terrestrial trip more workable than flying.) But as we head into Labor Day and take a look back at the season, we’ve noticed a distinct lack of road shows.
You know, those continent-hopping bonanzas that serve as the prelude to a company’s bell-ringing IPO. And it’s not because America’s small corporations are sitting tight and riding out the storm (the plaque thing again). In the electric and autonomous vehicle space alone, six companies have gone public or announced plans to do so in the past few months. They’ve just taken a new route to the public market.
Electrified-vehicle makers Nikola, Fisker, Lordstown Motors, and Canoo are all going public via a reverse merger with a special-purpose acquisition company. Those entities, better known as SPACs, raise money, go public, and buy