Itâs a big loud acquisitions mania, and no one knows how it will end SPACs are hot, but has this way of taking a company public created a risky game of musical chairs? By Scott Kirsner Globe Correspondent,Updated April 11, 2021, 4:21 p.m. Email to a Friend SPACS offer a shortcut to the stock market. But some experts worry that their rapid rise may not be sustainable.Michael Nagle/Photographer: Michael Nagle/Bloo There are more than 400 companies running around with boxes of cash, looking to buy other businesses. Some, known as special purpose acquisition companies, or SPACs, are based in Massachusetts, and some of the companies they are considering buying are based here.