By now, we’ve all heard the acronym, but what are SPACs, and why are they so popular now? A SPAC is a special purpose acquisition company or ‘blank check’ company, which is set up for the sole purpose of completing an acquisition or merger. They are listed on the stock exchange and publicly traded, but they don’t hold any operating assets. They have a set period to find another company to acquire (the target), which then takes that private company public. But there are rules they must adhere to, such as SPACs cannot know of the company they’re going to acquire ahead of time, and the acquired company must be worth at least 80% of...