Hong Kong recently announced the plan for its own blank check listing framework with hopes for deals to begin by the end of this year. A special purpose acquisition company (“SPAC”) —another name for blank check companies— is a listed shell company created with the purpose of raising money through an Initial Public Offering (“IPO”) to then acquire a promising private company, in effect taking the company public without a traditional IPO. A SPAC is often referred to as a blank check company because when a SPAC raises money, the individuals buying shares during the IPO have no idea who the future target company will be.
Read MoreVanguard Group, Inc. and BlackRock, two of the world’s largest asset managers, joined the Net Zero Asset Managers Initiative pledging to support efforts to limit global warming to 1.5 degrees Celsius and accomplish net zero greenhouse gas emissions by 2050, as called for in The Paris Agreement. (Alastair Marsh, Bloomberg Law).
Read MoreOver the past year, Big Pharma proved what the industry can achieve when it works together. Major pharmaceutical companies have set aside their differences to produce the Covid-19 vaccine. Instead of competing over disease treatments and high dollar medications, pharma players turned from foe to friends during the pandemic. Up and down the supply chain, big names in the pharma industry are teaming up to meet Covid-19 vaccine production demands. (Lopez, Bloomberg).
Read MoreNew York City (“NYC”) announced, the week of January 25th, 2021, three of its five public employee pension funds will pull out a collective $4 billion previously invested in fossil fuel companies. (Alex Wittenberg, Bloomberg). According to city officials, this divestment from fossil fuels is not only one of the first in our nation but is expected to be one of the largest environmentally conscious divestment efforts in the world. (Rachel Koning Beals, MarketWatch). The million-dollar question, or better yet, the $4 billion question is: Is it acceptable for custodians of these massive funds to risk losing profits for the beneficiaries of the fund over a moral disagreement with the investment?
Read MoreRoz Brewer, an exceptional Black female businesswoman, is making history as she paves the way for racial and gender diversity in a Fortune 500 board room. On March 15, 2021, Roz Brewer will take over as Chief Executive Officer (“CEO”) of Walgreens Boots Alliance (“WBA”), the parent company of the pharmacy chain Walgreens. (Anne Moffat & Jeff Green, Bloomberg Law News). WBA’s decision to hire Brewer comes with high expectations. She has previously showcased her business acumen during her time as a C-suite executive for other Fortune 500 companies and her anti-racism impact in the corporate realm. Once effective, Brewer will be the only Black female CEO of an S&P 500 company since Ursula Burns left Xerox in 2016. (Jena McGregor, The Philadelphia Inquirer). She will be one of three women currently holding the title of CEO at a major drug store company. (Walter Loeb, Forbes).
Read MoreBitcoin and other cryptocurrencies have increased in popularity since Bitcoin was released in 2009, yet the cryptocurrency market remains unpredictable and volatile. Apps like Robinhood and influential people like Elon Musk have sky-rocketed the accessibility and demand for cryptocurrency in recent months. (Browne, CNBC). In a swing that paralleled the GameStop buying frenzy, a cryptocurrency called “Dogecoin” spiked as much as 800% in a single day. (Id.). Following the influx of Dogecoin buyers, Robinhood temporarily halted instant buying power for crypto to restrict trading. (Id.). Robinhood’s decision to restrict trading was contentious, but the decision exposed a major regulatory gap in both the public and private sectors of cryptocurrency trading.
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