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Small-cap stocks have outshined their bigger peers so far this year on Wall Street
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  • The three SPACs aim to raise a combined $1.2 billion, according to filings cited in a Bloomberg report. 
  • Investment bank Moelis & Co. is sponsoring the SPACs. 
  • Ken Moelis will be the chairman of the blank-check firms. 
  • Visit the Business section of Insider for more stories.

Billionaire investment banker Ken Moelis is planning to raise $1.2 billion from three new special purpose acquisition companies, or SPACs, according to a report Tuesday.

Moelis & Co., the boutique investment bank founded by Moelis, is sponsoring the SPACs, according to a Bloomberg report.

The largest of the blank-check firms, Atlas Crest Investment Corp. III, is aiming to raise $600 million in an initial public offering, said the report, citing filings with the Securities and Exchange Commission.

Atlas Crest Investment Corp. IV is planning to raise $400 million, and Atlas Crest Investment Corp. V is seeking a $200 million offering.

Moelis will serve as chairman of the SPACs, the report said.

Last month, Archer Aviation, an electric aircraft startup, reached a deal to go public through a merger with a blank-check company backed by Moelis. The deal was valued at around $3.8 billion.

Read the original article on Business Insider