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Special purpose acquisition companies (SPACs) entered 2021 as one of Wall Street’s hottest trends. As investors have seemingly rediscovered how these shell corporations enable a private company to go public on different course than a traditional initial public offering, $83.3 billion in gross proceeds were raised by 248 SPAC IPOs in 2020 —more money and more IPOs than the previous 10 years combined.
With that popularity, though, comes questions from all angles. Why, exactly, are SPACs so popular? What technical considerations should SPACs and target companies heed in the process? Where is this investment trend headed and how strong is its longevity?
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