American comedian Eddie Cantor once said, “It takes 20 years to become an overnight success.” Special Purpose Acquisition Companies (SPACs) have been in existence in the US about the same time, but issuances have shot up in recent times. There have been 294 SPAC listings and they have issued a cumulative $94 billion so far this year — higher than the 248 listings and $83 billion raised in the entire 2020. SPAC IPOs have accounted for over half of all US IPOs in 2020.
SPACs are publicly listed shell companies with finite lifespan (typically two years) within which the “sponsor”
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