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How Investors Should Do Due Diligence on SPACs

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Bill Ackman's Pershing Square Tontine Holdings confirmed it was in talks with French media conglomerate Vivendi to buy a 10% stake in Universal Music Group in a transaction dubbed a SPARC.

TheStreet's M. Corey Goldman explained, "specifically, a separate entity that will be known as Pershing Square SPARC Holdings will issue rights to acquire common stock for $20 a share to Pershing Square Tontine shareholders, called SPARs, which can only be exercised after the special purpose acquisition rights company reaches an agreement for its initial business combination."

But taking a look past this deal, how can investors do their due diligence when picking a SPAC?

Kenny Polcari, managing partner at Kace Capital Advisors, has some advice. 

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