Why would a target agree to be a SPAC target rather than a regular way IPO? What do we make of the fact that the number of US public companies has fallen by more than half in the past 25 years? Are SPAC’s a symptom of overheating or just private equity practiced in a public environment? Is the market treating SPACs as an asset class rather than a financial technique? We will examine each of those questions through the eyes of the four principal actors in this three act SPAC play: Sarah Sponsor, IPO Ike, Tammy Target and Paula Pipe.