SPECIAL purpose acquisition companies or SPACs have become a hot trend on Wall Street.
The amount of money raised by SPACs in the past 12 months has topped US$120bil, going by Bloomberg data. The fever is spreading closer to home. Indonesia’s Gojek and Tokopedia are considering floating SPACs in the US, instead of taking an initial public offering route.
Last October, the first exchange-traded fund (ETF) dedicated to SPACs called Defiance Next Gen SPAC made its debut on the New York Stock Exchange.
...