SPACs are publicly-traded investment vehicles whose goal is to acquire or merge with a company from the proceeds of its own IPO, sometimes called a reverse merger.
SPACs are often focused on acquiring a business in a specific industry, like a tech firm or green energy business.
It’s important to remember that, unless it has performed a reverse merger, a SPAC is not like a traditional company. They have no business to run, they’re purely there to try and invest in another business and merge with it.
Read more about three SPACs which were added to your app.