Exchanges Welcome SPACs: Underscoring the growth of special purpose acquisition companies, the Nasdaq and the NYSE made moves that could see the two exchanges become a destination for IPOs.(special purpose acquisition companies)(Initial public offerings)

It took a while, but both the New York Stock Exchange and the Nasdaq Stock Market finally came around. Each are aiming to tap into the lucrative IPO market for special purpose acquisition companies (SPACs), and have put in requests with the Securities and Exchange Commission to list the vehicles and their close cousin, the blank-check companies.

SPACs are shell entities that raise capital through initial public offerings, using the proceeds to acquire one or more operating companies. The investment vehicles, historically formed by experienced corporate executives, have drawn their share of the limelight over the past couple of years. Only recently, however, have such high-profile names like Bruce Wasserstein, Joseph Perella, Thomas Hicks, Nelson Peltz and Ronald Perelman …