Spacs are making a comeback on Wall Street, but Singapore should look the other way
The lessons from the Republic’s previous experiment with blank-cheque companies still hold
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[SINGAPORE] Imagine a promoter handing you a sealed cardboard box, and promising that he will venture out into the wild and find a spectacular, fast-growing tech firm to put inside it.
You hand over a pile of cash with the hope that you might land the next regional unicorn – while praying that you do not get a struggling business with shrinking revenues.
After two years of waiting, you might also simply get your money back, with interest but minus the administrative fees.
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