Market Pulse: A Shortcut to Access Billions of Dollars

THIS is the shortcut for founders and investors of start-ups. The market has dubbed them SPACs, short for Special Purpose Acquisition Companies. Initially, they are merely shell companies. Their founders, called sponsors, put some amount of seed money. After that, even though they have no business activities whatsoever, SPACs immediately go public, selling their stocks on the exchange.

Once they have a big cash stockpile from sponsors and invest

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