Oct 1, 2020
Why the Spac mania won’t bridge the Atlantic
Last year, Richard Branson backed his Virgin Galactic tourism venture into a blank cheque company. Who doesn't recall Vallar, the shell brought to us by Nat Rothschild that turned into the doomed Bumi? And who does remember Gloo, which listed in the UK five years ago, raised £30m and vanished in 2018 without landing a deal. The London Stock Exchange boasts that 30 spacs have been listed in London in the past five years. Note to would-be investors in the spac ETF, FT research this summer showed that of the cash shells launched in the past four years to 2019, more than half trade below their IPO price. The London-listed Benelux waste business formed out of a merger of Shanks and Van Gansewinkel Groep has been consigned to the small-cap sector for the past two years.
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