Blank Check Offerings on the Decline By Securites Lawprof on February 12, 2007 Email this postTweet this postLike this postShare this post on LinkedIn In the past two years, "blank check," or less perjoratively, special-purpose acquisition company (SPAC), offerings have gained respectability and increased in number, but the offerings are now declining. See WSJ, ‘Blank Checks’ May Lose Steam.