The IPO market is getting ugly for many startups, but the sun is still shining for special-purpose acquisition companies, or SPACs — sort of shell companies with blank-checks to acquire other companies opportunistically.

SPACs are raising money hand-over-fist with public offerings, and since they have only 18 to 24 months to spend their stash, they’re eager to deal. Two SPACs, in fact, have recently cut deals with biotech startups, and chances are good they’ll be nosing around other venture sectors. Check out the SPAC phenomenon in this piece over at VentureBeat Life Sciences.