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| What is a SPAC? RT’s Boom Bust digs into the hottest trend on Wall Street | What is a SPAC? RT’s Boom Bust digs into the hottest trend on Wall Street |
| (about 2 months later) | |
| Special-purpose acquisition companies, or SPACs, have become one of the hottest financial market trends in recent months, with billionaires, celebrities and athletes racing to create the so-called blank-check firms. | Special-purpose acquisition companies, or SPACs, have become one of the hottest financial market trends in recent months, with billionaires, celebrities and athletes racing to create the so-called blank-check firms. |
| Last year saw a record number of listings using SPACs, which commonly raise money from investors and then go hunting for takeover targets. | Last year saw a record number of listings using SPACs, which commonly raise money from investors and then go hunting for takeover targets. |
| As the trend continued into the early part of 2021, RT’s Boom Bust talked to Tobin Smith of Transformity Research to explore the nature of SPAC-mania, which has captured Wall Street in recent months. | As the trend continued into the early part of 2021, RT’s Boom Bust talked to Tobin Smith of Transformity Research to explore the nature of SPAC-mania, which has captured Wall Street in recent months. |
| READ MORE: Coinbase IPO ‘monumental’ for crypto industry but has fueled kind of frenzy that ‘never ends well’ – investor Mike Novogratz | READ MORE: Coinbase IPO ‘monumental’ for crypto industry but has fueled kind of frenzy that ‘never ends well’ – investor Mike Novogratz |
| The expert says SPACs previously weren’t very popular, with only about 20 companies making the move over the past 18 years. | The expert says SPACs previously weren’t very popular, with only about 20 companies making the move over the past 18 years. |
| “If you went SPAC, that meant that you couldn’t do an IPO,” Smith said. “And then DraftKings came out and completely changed the game,” he added. | “If you went SPAC, that meant that you couldn’t do an IPO,” Smith said. “And then DraftKings came out and completely changed the game,” he added. |
| He recalled how the fantasy sports company and bookmaker went public after merging with Diamond Eagle Acquisition, a SPAC with a market capitalization of roughly $500 million, and SBTech, a betting and gaming technology company, thus forgoing the typical IPO process. | He recalled how the fantasy sports company and bookmaker went public after merging with Diamond Eagle Acquisition, a SPAC with a market capitalization of roughly $500 million, and SBTech, a betting and gaming technology company, thus forgoing the typical IPO process. |
| For more stories on economy & finance visit RT's business section | For more stories on economy & finance visit RT's business section |