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There s been a surge in special purpose acquisition companies, or SPACs.
Because of the frenzy of SPACs, finding bankers and lawyers and securing eventual deals is getting harder.
From a SPAC-off, to a SPAC-up, to a de-SPAC, here s the guide on what you need to know.
SPACs were once a little-known way for private companies to go public without having to IPO.
But in 2020, the number of SPACs on the market quadrupled from the year before, according to SPAC Insider data. And so far this year, the number has almost reached that record high from last year. January was a record-setter, with close to $26 billion raised via SPACs.
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DeepMind cofounders Demis Hassabis, Mustafa Suleyman, and Hampton Creek founder Josh Tetrick DeepMind; Tobias Hase/picture alliance via Getty Images; John Phillips/Getty Images for TechCrunch; Neilson Barnard/Getty Images for New York Times; Samantha Lee/Insider This story is available exclusively to Insider subscribers. Become an Insider and start reading now.
Google AI firm DeepMind discussed a partnership with Hampton Creek on a new food division in 2016.
Hampton Creek famously produced vegan products like eggless mayo and nearly imploded in 2017.
Suleyman presented the plans internally but the new division never got off the ground, sources told Insider.
DeepMind, the artificial intelligence research company owned by Google, briefly considered launching a food division with Hampton Creek, but abandoned the plans amid questions over the value of the project and a string of public controversies.