What is a SPAC?
A special purpose acquisition company, also known as a "blank check" shell corporation, is a company formed for the sole purpose of raising money through an IPO and using this capital to acquire an existing business.
SPACs are unique entities, with no pre-existing business operations. They’ve become a popular vehicle for taking private companies public since they can provide an easier route than the traditional IPO process.
In general, a SPAC is set up by a management team, formed by financial experts, private equity sponsors and activist investors, that leverage their knowledge of a specific industry to raise capital.
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