THE abysmal performance of businesses that have gone public by merging with special-purpose acquisition companies (SPACs) has emboldened the United States Securities and Exchange Commission (SEC) to beef up investor protections and disclosure requirements.
SPACs were touted as a shortcut to a stock-market listing and a way for retail investors to gain access to promising startups. But the hype and haste have often sidetracked due diligence and financial controls.
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