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When SPACs Attack! A New Force Is Invading Wall Street. – The Wall Street Journal

‘Blank check’ firms known as SPACs are in pursuit of America’s hottest startups. Is the invasion a sign of a market euphoria that can’t last?

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The hottest thing in finance is four letters long. Former NBA star Shaquille ONeal has one. So does former House Speaker Paul Ryan. Same goes for silver-haired hedge-fund billionaire William Ackman.
Its called a SPAC, and increasingly it is the favorite source of financing for private companies looking to go public. Richard Bransons space-exploration firm Virgin Galactic Holdings Inc. went public through a SPAC in 2019, and sports-wagering firm DraftKings Inc. did so last year. Nearly 300 SPACs…

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