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A Special Purpose Acquisition Company or SPAC is also known as a ‘blank cheque’ company, which are basically shell companies (without any commercial purpose), constituted ‘specially’ for acquiring a ‘target’ company, with the intention of the ‘target’ going public. Traditional IPOs have often been expressed as tediously time-consuming and expensive processes, and the alternative SPAC route provides relief for companies to avoid the incessant stress involved. The founders, also known as the ‘sponsors’ along with the management team of the SPAC are responsible for raising capital before they identify and pursue the acquisition of a target. The capital raised is usually deposited and held in a trust until the whole process is completed, similar to the functioning of an escrow account.

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