TK News by Matt Taibbi
TK Finance Dictionary: SPAC
America still leads the world in one thing: inflating speculative bubbles using gibberish finance acronyms. Meet the latest Get-Super-Rich-Quick scheme, the Special Purpose Acquisition Company
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Welcome to a new feature at TK, done in conjunction with old friend Eric Salzman of the Monkey Business podcast, a finance professional I worked with after the crash. We’re building a video glossary of finance terms. The concept is half Cliff’s Notes, half Devil’s Dictionary a usable guide that also takes a swipe at the often intentionally obtuse jargon of high finance.
Science Inc.’s $270 Million SPAC Targets Mobile and Social Entertainment Companies
Prominent LA incubator debuted on the Nasdaq this week as the SPAC boom rolls onSean Burch | January 28, 2021 @ 10:41 AM Last Updated: January 28, 2021 @ 3:24 PM
Peter Pham and Michael Jones, co-founders of the Santa Monica-based startup incubator Science Inc., are officially joining the SPAC revolution, after their new blank-check company hit the Nasdaq this week valued at $270 million.
The new special purpose acquisition company, dubbed Science Strategic Acquisition Corp. Alpha, started trading on the Nasdaq on Tuesday, with 27 million shares selling for $10 out of the gate. On Thursday, those shares, trading under the ticker symbol SSAAU, were going for $10.35. Science’s SPAC, according to a press release earlier this week, “intends to focus on businesses operating in the direct-to-consumer brands, direct-to-consumer services and mobile and social entertainment sectors.”