Special-purpose acquisition company, known as a SPAC were seen as sidestepping the rigour and regulation of a traditional public offering, with features unfavourable to small investors
A SPAC, for the uninitiated, is a shell company set up by financial backers known as sponsors. They raise money by going public in an initial public offering, or IPO, with the promise of merging with a real company. Photo credit - Shutterstock
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