CBS MarketWatch declared 2020 the year of the SPAC (Special Purpose Acquisition Corporation). A record 219 companies went public through this fundraising vehicle that uses a reverse merger with an existing private business to create a publicly-listed entity. This accounted for more than $73 billion of investment, providing private equity startups a new outlet to raise capital and provide shareholder liquidity.
At the end of the day, Flett said the market is cyclical and the window of opportunity will eventually close. “As some of the speculative bets burn investors and yield alternatives appear, the SPAC market will slow.”
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