Why SPACs are Wall Street's latest craze
Drew Hallowell/Getty Images Alex Rodriguez, a former baseball player, plans to raise up to US$575 million for a SPAC targeting sports-related firms. What links Martin Luther King III, the son of the civil-rights leader; Shaquille O’Neal, a former basketball player; and Kevin Mayer, the former boss of TikTok? The unlikely trio sponsors a special-purpose acquisition company (SPAC), a listed pot of capital that seeks a firm to take public through a merger. O’Neal is not the only sportsman turned SPACman. Colin Kaepernick, the former quarterback famous for kneeling during America’s nation...
Source: stuff.co.nz