1. INTRODUCTION
One of the better reasons for which the year 2020 will be
memorable, is the resurgence in the rise of SPACs in the US.
'Special Purpose Acquisition Companies' or
"SPACs" as they are more popularly
known, were the buzzword in the American financial markets in 2020,
with SPACs raising a record USD 83 billion with an average of
nearly USD 335 million per listing for 248 listings. For
comparison, in 2010, SPACs only managed to raise about USD 503
million with an average of only about USD 72 million per listing
for 7 listings. 2021 is set to break these records, with 166 deals
already in the offing.1
Though SPACs are dominating headlines now, they have actually
been around since the 1990s in the USA in the technology,
healthcare, logistics, media, retail and telecommunications
industries attracting interest from primarily institutional
investors. Initially, SPACs had a reputation for taking greenhorn
companies public, resulting in high rates of failure
