"Blank check" IPOs generate capital and concern

09/5/2006 | Bloomberg

The NASD is expressing concern about the return of "blank check" IPOs, which raise money without saying what it will be spent on. Blank-check shell companies have already raised $2.2 billion in 28 offerings this year, and $4.3 billion more in offerings are planned in 2006 -- sometimes with the help of big-name underwriters such as Citigroup Inc. and Merrill Lynch & Co., according to Bloomberg.

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