SoftBank, Armed With Billions in Cash, Joins Blank Check Binge

SoftBank Group Corp. is making another surprising strategic move with plans to introduce its own blank-check company in the next two weeks.

Rajeev Misra, head of SoftBank’s Vision Fund, made the disclosure Monday in a virtual interview at the Milken Conference on a panel hosted by Bloomberg News. SoftBank is planning to invest its own cash in the special purpose acquisition company, or SPAC, at the same time public investors put in their cash. That would provide a shell for a promising private company to go public in the future, even if the markets turn rocky.