The Covid-19 pandemic has triggered massive uncertainty in global markets and the US Federal Reserve responded by cutting interests rate to 0.25%. As investors started chasing higher-yielding investment opportunities, the somewhat–obscure concept of a Special Purpose Acquisition Company (SPAC) came back into the spotlight. In 2020 alone, roughly 250 SPAC IPOs raised US$83 billion ($110 billion) — roughly equal to funds raised by conventional IPOs. Moreover, SPAC IPOs in this banner year raised more capital than all previous SPAC IPOs combined. Even 2021 started with a bang, raising roughly US$8 billion in the first two weeks and is on track to double the record of capital raised in 2020.

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