The hidden danger in SPACs. Is the hype worth the risk?

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More than US$300 billion was raised through IPOs worldwide in 2020, including record numbers of issuances in the US last year despite a sharp economic downturn brought on by the pandemic. A large portion of such issuances was via special purpose acquisition companies (SPACs), which are publicly traded investment vehicles created to merge with an existing company to bring it…
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