Business
Australia watches from the sidelines as others rush to join a new boom – Sydney Morning Herald
The ASX is sticking to its principles as cash box listings boom in the US and other jurisdictions scramble to participate.
An SPAC raises equity via an IPO and then looks around for a private company to acquire/merge with. It has two years to do so before it has to return the cash, which is held in trust for investors.
Usually the SPAC has a sponsor a group of executives or a private equity firm who provide its management which own about 20 per cent of the vehicle, with public investors holding the rest until they are all diluted by an eventual transaction.
Their popularity last year, apart from the difficulties private…
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