When is a blank cheque not a blank cheque? When you have to give it back if no one signs it.

This is exactly the dilemma that many special purpose acquisition companies currently face. The reasons for the boom in the cash shells are clear: private equity companies are sitting on record cash piles that have to find somewhere to go eventually; the pandemic placed an acute need for capital on some businesses; and more investors look to cash in turbocharged sectors like healthcare and biotechnology while the winds are in their favour.