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The special purpose acquisition vehicle, or SPAC, is aiming to seize opportunities created by the coronavirus pandemic — anything from start-ups to private equity-backed companies or family-owned businesses in need of capital.
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Blank cheque companies have become an increasingly popular tool to raise capital, with a record $13.4bn in proceeds last year, according to Dealogic. Mr Ackman joins a large cohort of investors who have raised funds on public markets as Wall Street embraces backdoor listings.
https://www.ft.com/content/83fd1ba6-899c-40f9-876b-a0db4f7ff712
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