What are Special-Purpose Acquisition Companies?
In 2021 so far, SPACs have raised more than 83.4 billion dollars. That’s an insane amount of money for companies, so what do they even do?
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SPACs are blank check companies. They have no business plan for how to make money or sell products other than merge with another company down the line. When a SPAC is created, they typically list themselves on a stock exchange like the New York Stock Exchange and then they have 24 months to acquire another company. If they don’t succeed in doing this, then the SPAC has to dissolve and return all of the money to stockholders.
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