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Introduction – what are SPACs?
A Special Purpose Acquisition Company, or ‘
SPAC,’ is a company created with cash only for the purpose of acquiring one or more businesses (the UK ‘blank-check company’ is very similar). SPACs are incorporated by a team of sponsors and initially raise capital through the public markets more quickly than a traditional IPO. Once capital has been raised, the sponsors seek to identify one or more private companies to purchase. The sponsors will generally target a specific industry or sector in which they have particular expertise. Once identified and a transaction is agreed, the SPAC will be combined with the target (this is known as a de-SPAC merger). In effect, this process is a reverse merger through which the private target becomes the resulting public company.
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The other day I received a call from a friend who wanted to know the best way to purchase a Non-Fungible Token (NFT). NFTs are one of the trendiest current investment themes. They are essentially a unit of data on blockchain that represents a unique digital item, such as digital art, audio and video files.
While it was a bit strange to receive a question about such an opaque area of the market from my friend, a social worker at an elementary school, I wasn’t overly surprised. The week before, an 80-year-old grandmother told me that she made a mint in Bitcoin, and my Uber driver told me he was considering an investment in a Special Purpose Acquisition Company (SPAC). These comments, along with the fact that every other person seems to be day trading to supplement their income, illustrate clear frothiness in the market.
Could Saghmos Therapeutics join the ranks of Triad public companies? Biotech founders mull IPO, SPAC as options bizjournals.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bizjournals.com Daily Mail and Mail on Sunday newspapers.
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DETROIT and TEL AVIV, Israel, May 7, 2021 /PRNewswire/ American Axle & Manufacturing Inc. (AAM) [NYSE: AXL], a leading global Tier 1 automotive supplier of driveline and metal forming technologies, and REE Automotive ( REE ), a leader in e-Mobility, today announce that the companies have agreed to jointly develop an exciting new electric propulsion system for e-Mobility. REE is in the process of merging with 10X Capital Venture Acquisition Corp ( 10X SPAC ) (NASDAQ:VCVC), a special purpose acquisition company, to become a publicly listed company.
AAM and REE Automotive to Jointly Develop New Electric Propulsion System for e-Mobility