Hopefully, Indian security regulators shall look at historical data and the context of Indian securities markets.
Synopsis
These ‘blank cheque companies’ have no business plans except to acquire a private company using money raised from an IPO, thereby enabling the company to go public quickly. In many ways, it is no different than reverse mergers of another era, except for rules like compulsory return of capital in two years or defined use of funds
Everyone seems to be singing paeans for special purpose acquisition companies (Spacs) and their recent astronomical growth in US markets. But it’s wise to conduct a reality check on their performances and risks. The British government recently signalled support for looser stock-listing rules to attract tech companies and Spacs post-Brexit. These will help company founders to list shares without giving up control, and still make the stock
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