MORE ON SPACS
Fear and exuberance are rarely parcelled out rationally. Having fallen more than 80% in the year to December 2018, Bitcoin has since risen 450% to a record of nearly $20,000 on November 30, 2020.
But after a year in which IPOs of special purpose acquisition companies (Spacs) leapt to a record level, it is these vehicles that often get the bad press.
Companies that Spacs merge with are sneaking onto public markets without due process, goes one argument.
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