SPAC fever
SPECIAL purpose acquisition companies or SPACs are all the rage in the United States stock markets. While these cash shells have existed for decades on public markets there, a revival seems to be taking place.
The amount of money raised by SPACs in the past 12 months has topped US$120bil, going by Bloomberg data. The fever is spreading closer to home. Indonesia’s Gojek and Tokopedia are considering floating SPACs in the US, instead of taking an initial public offering route.
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