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Commentary
Spacs: In every opportunity, be mindful of the risks
Investors need to be careful of IPO prospectus content, alert to any breach of fiduciary duties
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Benedict Teo
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Ground-breaking innovations don't come by very often in the oft-staid world of stock exchanges, but one such moment came last month when the local bourse gave the green light to what are universally known as Spacs.
The rather inelegant acronym refers to special purpose acquisition companies, "blank-cheque" or shell firms formed for the sole purpose of raising capital through an initial public offering (IPO) in order to acquire an existing company.
