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2021-07-19

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What You Need to Know about SPACs – Wall Street’s Hottest Trend<blockquote>关于 SPAC 您需要了解的信息--华尔街最热门的趋势</blockquote>

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Still, others want to know if it’s an investment strategy that’s here to stay or another Wall Street fad.<blockquote>虽然许多人都在关注这笔交易对加密行业意味着什么，但其他人在问，什么是特殊目的收购公司，我为什么要了解它？尽管如此，其他人还是想知道这是一种长期存在的投资策略，还是另一种华尔街时尚。</blockquote> <ul> <li>What is a special purpose acquisition company (SPAC)?<blockquote><ul><li>什么是特殊目的收购公司(SPAC)？</li></ul></blockquote></li> <li>How is a SPAC Formed?<blockquote><li>特殊目的收购公司是如何形成的？</li></blockquote></li> <li>How Does a SPAC Operate?<blockquote><li>特殊目的收购公司如何运作？</li></blockquote></li> <li>Time is of the Essence<blockquote><li>时间至关重要</li></blockquote></li> <li>What are the Advantages of a SPAC and Who Benefits?<blockquote><li>特殊目的收购公司有什么优势，谁受益？</li></blockquote></li> <li>Are There Any Pitfalls?<blockquote><li>有什么陷阱吗？</li></blockquote></li> <li>What are Some High-Profile Examples of SPACs?<blockquote><li>SPAC有哪些备受瞩目的例子？</li></blockquote></li> </ul> What is a Special Purpose Acquisition Company (SPAC)?<blockquote>什么是特殊目的收购公司(SPAC)？</blockquote> According to most legal sources, a special purpose acquisition company (SPAC) is a company with no commercial operations that is formed strictly to raise capital through an initial public offering (IPO) for the purpose of acquiring an existing company.<blockquote>根据大多数法律资料，特殊目的收购公司（SPAC）是一家没有商业运营的公司，其成立的目的是通过首次公开募股（IPO）筹集资金，以收购现有公司。</blockquote> SPACs aren’t new. They have been around for decades, but have recently become more popular because low yields have driven investors to seek alternative ways to increase their capital. Not only have they become popular with sophisticated, high-wealth individuals, but they have also drawn the attention of underwriters who envision a big payday in the form of commissions and fees.<blockquote>SPAC并不新鲜。它们已经存在了几十年，但最近变得更加受欢迎，因为低收益率促使投资者寻求其他方式来增加资本。它们不仅受到老练的高财富个人的欢迎，而且还吸引了承销商的注意，他们设想以佣金和费用的形式获得巨额发薪日。</blockquote> SPAC IPOs have seen a resurgent interest since 2014, with increasing amounts of capital flowing to them.<blockquote>自2014年以来，随着越来越多的资本流向SPAC IPO，人们对SPAC IPO的兴趣重新燃起。</blockquote> <ul> <li>2014:&nbsp; $1.8 billion across 12 SPAC IPOs<blockquote><ul><li>2014 年：12 次 SPAC IPO 融资 18 亿美元</li></ul></blockquote></li> <li>2015:&nbsp; $3.9 billion across 20 SPAC IPOs<blockquote><li>2015 年：20 次 SPAC IPO 融资 39 亿美元</li></blockquote></li> <li>2016:&nbsp; $3.5 billion across 13 SPAC IPOs<blockquote><li>2016 年：13 次 SPAC IPO 融资 35 亿美元</li></blockquote></li> <li>2017:&nbsp; $10.1 billion across 34 SPAC IPOs<blockquote><li>2017 年：34 次 SPAC IPO 融资 101 亿美元</li></blockquote></li> <li>2018:&nbsp; $10.7 billion across 46 SPAC IPOs<blockquote><li>2018 年：46 次 SPAC IPO 融资 107 亿美元</li></blockquote></li> <li>2019:&nbsp; $13.6 billion across 59 SPAC IPOs<blockquote><li>2019 年：59 次 SPAC IPO 融资 136 亿美元</li></blockquote></li> <li>2020:&nbsp; $83.3 billion across 248 SPAC IPO<blockquote><li>2020 年：248 次 SPAC IPO 融资 833 亿美元</li></blockquote></li> </ul> How is a SPAC Formed?<blockquote>特殊目的收购公司是如何形成的？</blockquote> A SPAC is created, or sponsored, by a team of institutional investors, Wall Street professionals from the world of private equity or hedge funds. They create this entity that has no commercial operations. It makes no products and does not sell anything. In fact, the SPAC’s only assets are typically the money raised in its own IPO, according to the Security and Exchange Commission (SEC).<blockquote>特殊目的收购公司是由机构投资者、来自私募股权或对冲基金领域的华尔街专业人士组成的团队创建或赞助的。他们创建了这个没有商业运营的实体。它不生产产品，也不卖任何东西。事实上，根据美国证券交易委员会（SEC）的说法，SPAC 的唯一资产通常是其 IPO 筹集的资金。</blockquote> What’s interesting about a SPAC is that when it raises money, the investors buying into its IPO do not know what the eventual acquisition target company will be. That’s part of its mystique, however, since institutional investors with track records of success can more easily convince other investors to invest in the unknown. Due to this, a SPAC is also often called a “blank check company.”<blockquote>SPAC 的有趣之处在于，当它筹集资金时，购买其 IPO 的投资者并不知道最终的收购目标公司是什么。不过，这也是其神秘的部分原因，因为拥有成功记录的机构投资者更容易说服其他投资者投资于未知领域。因此，SPAC 也常被称为 “空白支票公司”。</blockquote> How Does a SPAC Operate?<blockquote>特殊目的收购公司如何运作？</blockquote> After the SPAC is legally created, it now needs cash to create the capital needed to do the acquiring of another company, for example, in the future. Remember, the SPAC is not going to raise money to buy equipment, computers, software, or even pay rent. It needs the money to buy what is often referred to as the “eventual acquisition target company”.<blockquote>SPAC 合法创建后，它现在需要现金来创建未来收购另一家公司所需的资本。请记住，特殊目的收购公司不会筹集资金购买设备、计算机、软件，甚至支付租金。它需要这笔钱来收购通常被称为 “最终收购目标公司 ”的公司。</blockquote> A SPAC will raise the money it needs through its own IPO. CNBC says that SPAC IPOs are usually priced at $10 a share. Once the initial capital is raised, the money goes into an interest-bearing trust account until the SPAC’s founders or management team finds a private company looking to go public through an acquisition.<blockquote>特殊目的收购公司将通过自己的首次公开募股筹集所需资金。CNBC 表示，SPAC IPO 的定价通常为每股 10 美元。一旦筹集到初始资金，这笔钱就会存入一个计息信托账户，直到 SPAC 的创始人或管理团队找到一家希望通过收购上市的私营公司。</blockquote> Legal experts say that once an acquisition is completed (with SPAC shareholders voting to approve the deal), the SPAC’s investors can either swap their shares for shares of the merged company or redeem their SPAC shares to get back their original investment, plus the interest accrued while that money was in trust. The SPAC sponsors typically get about 20% stake in the final, merged company.<blockquote>法律专家表示，一旦收购完成（SPAC 股东投票批准交易），SPAC 的投资者可以将其股份交换为合并后公司的股份，也可以赎回其 SPAC 股份，以收回原始投资，加上信托期间产生的利息。SPAC发起人通常获得最终合并公司约20%的股份。</blockquote> Time is of the Essence<blockquote>时间至关重要</blockquote> Once SPAC sponsors raise the capital they need to go to work acquiring companies, they can’t sit on the funds forever, even if they are protected by trust and earning interest. SPAC sponsors also have a deadline by which they have to find a suitable deal, typically within about two years of the IPO. Otherwise, the SPAC is liquidated and investors get their money back with interest.<blockquote>一旦 SPAC 发起人筹集到收购公司所需的资金，他们就不能永远坐拥这些资金，即使他们受到信托和赚取利息的保护。SPAC 发起人还有一个截止日期，他们必须在此截止日期前找到合适的交易，通常是在 IPO 后两年内。否则，特殊目的收购公司将被清算，投资者将连本带利收回资金。</blockquote> What are the Advantages of a SPAC and Who Benefits?<blockquote>特殊目的收购公司有什么优势，谁受益？</blockquote> Owners of smaller companies find selling to a SPAC more profitable because the sale often adds about 20% to the price of the deal compared to a typical private equity deal. Additionally, being acquired by a SPAC can also offer business owners what is essentially a faster IPO process under the guidance of an experienced partner, with less worry about the swings in broader market sentiment.<blockquote>小公司的所有者发现出售给特殊目的收购公司更有利可图，因为与典型的私募股权交易相比，出售通常会使交易价格增加约 20%。此外，被特殊目的收购公司收购还可以为企业主提供在经验丰富的合作伙伴指导下更快的IPO流程，而不必担心更广泛的市场情绪波动。</blockquote> Business owners are often worried about extreme market volatility or the fear that weak investor sentiment could force the postponement of an IPO. By dealing directly with the SPAC, these worries are essentially eliminated.<blockquote>企业主经常担心市场极度波动，或者担心投资者情绪疲软可能会迫使 IPO 推迟。通过直接与特殊目的收购公司打交道，这些担忧基本上被消除了。</blockquote> Furthermore, a deal with a SPAC can be wrapped up in just a few months versus the traditional process of registering an IPO with the SEC, which can take up to six months.<blockquote>此外，与 SPAC 的交易只需几个月即可完成，而传统的向 SEC 注册 IPO 的过程可能需要长达六个月的时间。</blockquote> Basically, the key advantage is a business owner can get his money faster and without a lot of government tape.<blockquote>基本上，关键的优势是企业主可以更快地拿到钱，而不需要很多政府磁带。</blockquote> Are There Any Pitfalls?<blockquote>有什么陷阱吗？</blockquote> Nothing is guaranteed and SPACs are no exception to that rule. Although they are extremely popular in 2021 for large institutional investors and other billionaire backers, this trend can go away quickly if “something better” comes along.<blockquote>没有什么是有保证的，SPAC也不例外。虽然它们在 2021 年非常受大型机构投资者和其他亿万富翁支持者的欢迎，但如果 “更好的东西 ”出现，这种趋势可能会很快消失。</blockquote> Other factors that could determine its long-term popularity include the fact that target companies run the risk of having their acquisition rejected by SPAC shareholders. Even the rich get cold feet about a deal. Furthermore, investors are literally going blindly into the investment.<blockquote>可能决定其长期受欢迎程度的其他因素包括目标公司面临收购被 SPAC 股东拒绝的风险。即使是富人也会对交易犹豫不决。此外，投资者实际上是盲目投资。</blockquote> SPACs will probably retain their popularity until the major players decide to let the smaller investors into the game. That’s usually when the rules change and the government regulations get tougher in order to protect undercapitalized investors from losing all their money.<blockquote>SPAC 可能会保持其受欢迎程度，直到主要参与者决定让较小的投资者参与其中。通常情况下，规则会发生变化，政府法规会变得更加严格，以保护资本不足的投资者免于血本无归。</blockquote> What are Some High-Profile Examples of SPACs?<blockquote>SPAC有哪些备受瞩目的例子？</blockquote> We don’t know yet how the SPAC for Bullish will play out because it was just announced. But since it involves cryptocurrencies, it will probably become a profitable venture since investors looking to get aboard the craze have been throwing money at the asset class.<blockquote>我们还不知道 Bullish 的 SPAC 将如何发展，因为它刚刚宣布。但由于它涉及加密货币，它可能会成为一个有利可图的企业，因为希望加入这股热潮的投资者一直在向该资产类别投入资金。</blockquote> High-profile SPACs like&nbsp;DraftKings&nbsp;and&nbsp;Virgin Galactic&nbsp;have performed well for investors, but that hasn’t always been the case with average returns from SPAC mergers completed between 2015 and 2020 falling short of the average post-market return for investors from an IPO.<blockquote>DraftKings 和维珍银河等备受瞩目的 SPAC 对投资者来说表现良好，但情况并非总是如此，2015 年至 2020 年间完成的 SPAC 合并的平均回报低于投资者从 IPO 中获得的平均上市后回报。</blockquote> A noted prominent short-seller of SPACs said, “a business model that incentivizes promoters to do something – anything – with other people’s money is bound to lead to significant value destruction on occasion.”<blockquote>一位著名的 SPAC 卖空者说：“一种激励发起人用别人的钱做某事--任何事--的商业模式，有时必然会导致重大的价值破坏。”</blockquote> Like any investment, it pays to do your homework before putting money into a SPAC.<blockquote>与任何投资一样，在将资金投入 SPAC 之前做好功课是值得的。</blockquote>","source":"lsy1612507957220","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>What You Need to Know about SPACs – Wall Street’s Hottest Trend<blockquote>关于 SPAC 您需要了解的信息--华尔街最热门的趋势</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhat You Need to Know about SPACs – Wall Street’s Hottest Trend<blockquote>关于 SPAC 您需要了解的信息--华尔街最热门的趋势</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nFX Empire2021-07-19 09:45\n\n</h4>\n</header>\n<article>\nRecently, U.S cryptocurrency exchange “Bullish” announced it is aiming for a $9 billion listing on the&nbsp;New York Stock Exchangevia a merger with Far Peak Acquisition Corporation, a special purpose acquisition company (SPAC).<blockquote>最近，美国加密货币交易所 “Bullish ”宣布，它的目标是通过与特殊目的收购公司 (SPAC) Far Peak Acquisition Corporation 合并，以 90 亿美元的价格在纽约证券交易所上市。</blockquote> While many were focusing on what this transaction will mean to the crypto industry, others were asking, what is a SPAC and why should I learn about it? Still, others want to know if it’s an investment strategy that’s here to stay or another Wall Street fad.<blockquote>虽然许多人都在关注这笔交易对加密行业意味着什么，但其他人在问，什么是特殊目的收购公司，我为什么要了解它？尽管如此，其他人还是想知道这是一种长期存在的投资策略，还是另一种华尔街时尚。</blockquote> <ul> <li>What is a special purpose acquisition company (SPAC)?<blockquote><ul><li>什么是特殊目的收购公司(SPAC)？</li></ul></blockquote></li> <li>How is a SPAC Formed?<blockquote><li>特殊目的收购公司是如何形成的？</li></blockquote></li> <li>How Does a SPAC Operate?<blockquote><li>特殊目的收购公司如何运作？</li></blockquote></li> <li>Time is of the Essence<blockquote><li>时间至关重要</li></blockquote></li> <li>What are the Advantages of a SPAC and Who Benefits?<blockquote><li>特殊目的收购公司有什么优势，谁受益？</li></blockquote></li> <li>Are There Any Pitfalls?<blockquote><li>有什么陷阱吗？</li></blockquote></li> <li>What are Some High-Profile Examples of SPACs?<blockquote><li>SPAC有哪些备受瞩目的例子？</li></blockquote></li> </ul> What is a Special Purpose Acquisition Company (SPAC)?<blockquote>什么是特殊目的收购公司(SPAC)？</blockquote> According to most legal sources, a special purpose acquisition company (SPAC) is a company with no commercial operations that is formed strictly to raise capital through an initial public offering (IPO) for the purpose of acquiring an existing company.<blockquote>根据大多数法律资料，特殊目的收购公司（SPAC）是一家没有商业运营的公司，其成立的目的是通过首次公开募股（IPO）筹集资金，以收购现有公司。</blockquote> SPACs aren’t new. They have been around for decades, but have recently become more popular because low yields have driven investors to seek alternative ways to increase their capital. Not only have they become popular with sophisticated, high-wealth individuals, but they have also drawn the attention of underwriters who envision a big payday in the form of commissions and fees.<blockquote>SPAC并不新鲜。它们已经存在了几十年，但最近变得更加受欢迎，因为低收益率促使投资者寻求其他方式来增加资本。它们不仅受到老练的高财富个人的欢迎，而且还吸引了承销商的注意，他们设想以佣金和费用的形式获得巨额发薪日。</blockquote> SPAC IPOs have seen a resurgent interest since 2014, with increasing amounts of capital flowing to them.<blockquote>自2014年以来，随着越来越多的资本流向SPAC IPO，人们对SPAC IPO的兴趣重新燃起。</blockquote> <ul> <li>2014:&nbsp; $1.8 billion across 12 SPAC IPOs<blockquote><ul><li>2014 年：12 次 SPAC IPO 融资 18 亿美元</li></ul></blockquote></li> <li>2015:&nbsp; $3.9 billion across 20 SPAC IPOs<blockquote><li>2015 年：20 次 SPAC IPO 融资 39 亿美元</li></blockquote></li> <li>2016:&nbsp; $3.5 billion across 13 SPAC IPOs<blockquote><li>2016 年：13 次 SPAC IPO 融资 35 亿美元</li></blockquote></li> <li>2017:&nbsp; $10.1 billion across 34 SPAC IPOs<blockquote><li>2017 年：34 次 SPAC IPO 融资 101 亿美元</li></blockquote></li> <li>2018:&nbsp; $10.7 billion across 46 SPAC IPOs<blockquote><li>2018 年：46 次 SPAC IPO 融资 107 亿美元</li></blockquote></li> <li>2019:&nbsp; $13.6 billion across 59 SPAC IPOs<blockquote><li>2019 年：59 次 SPAC IPO 融资 136 亿美元</li></blockquote></li> <li>2020:&nbsp; $83.3 billion across 248 SPAC IPO<blockquote><li>2020 年：248 次 SPAC IPO 融资 833 亿美元</li></blockquote></li> </ul> How is a SPAC Formed?<blockquote>特殊目的收购公司是如何形成的？</blockquote> A SPAC is created, or sponsored, by a team of institutional investors, Wall Street professionals from the world of private equity or hedge funds. They create this entity that has no commercial operations. It makes no products and does not sell anything. In fact, the SPAC’s only assets are typically the money raised in its own IPO, according to the Security and Exchange Commission (SEC).<blockquote>特殊目的收购公司是由机构投资者、来自私募股权或对冲基金领域的华尔街专业人士组成的团队创建或赞助的。他们创建了这个没有商业运营的实体。它不生产产品，也不卖任何东西。事实上，根据美国证券交易委员会（SEC）的说法，SPAC 的唯一资产通常是其 IPO 筹集的资金。</blockquote> What’s interesting about a SPAC is that when it raises money, the investors buying into its IPO do not know what the eventual acquisition target company will be. That’s part of its mystique, however, since institutional investors with track records of success can more easily convince other investors to invest in the unknown. Due to this, a SPAC is also often called a “blank check company.”<blockquote>SPAC 的有趣之处在于，当它筹集资金时，购买其 IPO 的投资者并不知道最终的收购目标公司是什么。不过，这也是其神秘的部分原因，因为拥有成功记录的机构投资者更容易说服其他投资者投资于未知领域。因此，SPAC 也常被称为 “空白支票公司”。</blockquote> How Does a SPAC Operate?<blockquote>特殊目的收购公司如何运作？</blockquote> After the SPAC is legally created, it now needs cash to create the capital needed to do the acquiring of another company, for example, in the future. Remember, the SPAC is not going to raise money to buy equipment, computers, software, or even pay rent. It needs the money to buy what is often referred to as the “eventual acquisition target company”.<blockquote>SPAC 合法创建后，它现在需要现金来创建未来收购另一家公司所需的资本。请记住，特殊目的收购公司不会筹集资金购买设备、计算机、软件，甚至支付租金。它需要这笔钱来收购通常被称为 “最终收购目标公司 ”的公司。</blockquote> A SPAC will raise the money it needs through its own IPO. CNBC says that SPAC IPOs are usually priced at $10 a share. Once the initial capital is raised, the money goes into an interest-bearing trust account until the SPAC’s founders or management team finds a private company looking to go public through an acquisition.<blockquote>特殊目的收购公司将通过自己的首次公开募股筹集所需资金。CNBC 表示，SPAC IPO 的定价通常为每股 10 美元。一旦筹集到初始资金，这笔钱就会存入一个计息信托账户，直到 SPAC 的创始人或管理团队找到一家希望通过收购上市的私营公司。</blockquote> Legal experts say that once an acquisition is completed (with SPAC shareholders voting to approve the deal), the SPAC’s investors can either swap their shares for shares of the merged company or redeem their SPAC shares to get back their original investment, plus the interest accrued while that money was in trust. The SPAC sponsors typically get about 20% stake in the final, merged company.<blockquote>法律专家表示，一旦收购完成（SPAC 股东投票批准交易），SPAC 的投资者可以将其股份交换为合并后公司的股份，也可以赎回其 SPAC 股份，以收回原始投资，加上信托期间产生的利息。SPAC发起人通常获得最终合并公司约20%的股份。</blockquote> Time is of the Essence<blockquote>时间至关重要</blockquote> Once SPAC sponsors raise the capital they need to go to work acquiring companies, they can’t sit on the funds forever, even if they are protected by trust and earning interest. SPAC sponsors also have a deadline by which they have to find a suitable deal, typically within about two years of the IPO. Otherwise, the SPAC is liquidated and investors get their money back with interest.<blockquote>一旦 SPAC 发起人筹集到收购公司所需的资金，他们就不能永远坐拥这些资金，即使他们受到信托和赚取利息的保护。SPAC 发起人还有一个截止日期，他们必须在此截止日期前找到合适的交易，通常是在 IPO 后两年内。否则，特殊目的收购公司将被清算，投资者将连本带利收回资金。</blockquote> What are the Advantages of a SPAC and Who Benefits?<blockquote>特殊目的收购公司有什么优势，谁受益？</blockquote> Owners of smaller companies find selling to a SPAC more profitable because the sale often adds about 20% to the price of the deal compared to a typical private equity deal. Additionally, being acquired by a SPAC can also offer business owners what is essentially a faster IPO process under the guidance of an experienced partner, with less worry about the swings in broader market sentiment.<blockquote>小公司的所有者发现出售给特殊目的收购公司更有利可图，因为与典型的私募股权交易相比，出售通常会使交易价格增加约 20%。此外，被特殊目的收购公司收购还可以为企业主提供在经验丰富的合作伙伴指导下更快的IPO流程，而不必担心更广泛的市场情绪波动。</blockquote> Business owners are often worried about extreme market volatility or the fear that weak investor sentiment could force the postponement of an IPO. By dealing directly with the SPAC, these worries are essentially eliminated.<blockquote>企业主经常担心市场极度波动，或者担心投资者情绪疲软可能会迫使 IPO 推迟。通过直接与特殊目的收购公司打交道，这些担忧基本上被消除了。</blockquote> Furthermore, a deal with a SPAC can be wrapped up in just a few months versus the traditional process of registering an IPO with the SEC, which can take up to six months.<blockquote>此外，与 SPAC 的交易只需几个月即可完成，而传统的向 SEC 注册 IPO 的过程可能需要长达六个月的时间。</blockquote> Basically, the key advantage is a business owner can get his money faster and without a lot of government tape.<blockquote>基本上，关键的优势是企业主可以更快地拿到钱，而不需要很多政府磁带。</blockquote> Are There Any Pitfalls?<blockquote>有什么陷阱吗？</blockquote> Nothing is guaranteed and SPACs are no exception to that rule. Although they are extremely popular in 2021 for large institutional investors and other billionaire backers, this trend can go away quickly if “something better” comes along.<blockquote>没有什么是有保证的，SPAC也不例外。虽然它们在 2021 年非常受大型机构投资者和其他亿万富翁支持者的欢迎，但如果 “更好的东西 ”出现，这种趋势可能会很快消失。</blockquote> Other factors that could determine its long-term popularity include the fact that target companies run the risk of having their acquisition rejected by SPAC shareholders. Even the rich get cold feet about a deal. Furthermore, investors are literally going blindly into the investment.<blockquote>可能决定其长期受欢迎程度的其他因素包括目标公司面临收购被 SPAC 股东拒绝的风险。即使是富人也会对交易犹豫不决。此外，投资者实际上是盲目投资。</blockquote> SPACs will probably retain their popularity until the major players decide to let the smaller investors into the game. That’s usually when the rules change and the government regulations get tougher in order to protect undercapitalized investors from losing all their money.<blockquote>SPAC 可能会保持其受欢迎程度，直到主要参与者决定让较小的投资者参与其中。通常情况下，规则会发生变化，政府法规会变得更加严格，以保护资本不足的投资者免于血本无归。</blockquote> What are Some High-Profile Examples of SPACs?<blockquote>SPAC有哪些备受瞩目的例子？</blockquote> We don’t know yet how the SPAC for Bullish will play out because it was just announced. But since it involves cryptocurrencies, it will probably become a profitable venture since investors looking to get aboard the craze have been throwing money at the asset class.<blockquote>我们还不知道 Bullish 的 SPAC 将如何发展，因为它刚刚宣布。但由于它涉及加密货币，它可能会成为一个有利可图的企业，因为希望加入这股热潮的投资者一直在向该资产类别投入资金。</blockquote> High-profile SPACs like&nbsp;DraftKings&nbsp;and&nbsp;Virgin Galactic&nbsp;have performed well for investors, but that hasn’t always been the case with average returns from SPAC mergers completed between 2015 and 2020 falling short of the average post-market return for investors from an IPO.<blockquote>DraftKings 和维珍银河等备受瞩目的 SPAC 对投资者来说表现良好，但情况并非总是如此，2015 年至 2020 年间完成的 SPAC 合并的平均回报低于投资者从 IPO 中获得的平均上市后回报。</blockquote> A noted prominent short-seller of SPACs said, “a business model that incentivizes promoters to do something – anything – with other people’s money is bound to lead to significant value destruction on occasion.”<blockquote>一位著名的 SPAC 卖空者说：“一种激励发起人用别人的钱做某事--任何事--的商业模式，有时必然会导致重大的价值破坏。”</blockquote> Like any investment, it pays to do your homework before putting money into a SPAC.<blockquote>与任何投资一样，在将资金投入 SPAC 之前做好功课是值得的。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://finance.yahoo.com/news/know-spacs-wall-street-hottest-080757555.html\">FX Empire</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SPCE":"维珍银河","FPAC":"Far Peak Acquisition Corp","DKNG":"DraftKings Inc."},"source_url":"https://finance.yahoo.com/news/know-spacs-wall-street-hottest-080757555.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1136441155","content_text":"Recently, U.S cryptocurrency exchange “Bullish” announced it is aiming for a $9 billion listing on the New York Stock Exchangevia a merger with Far Peak Acquisition Corporation, a special purpose acquisition company (SPAC).\nWhile many were focusing on what this transaction will mean to the crypto industry, others were asking, what is a SPAC and why should I learn about it? Still, others want to know if it’s an investment strategy that’s here to stay or another Wall Street fad.\n\nWhat is a special purpose acquisition company (SPAC)?\nHow is a SPAC Formed?\nHow Does a SPAC Operate?\nTime is of the Essence\nWhat are the Advantages of a SPAC and Who Benefits?\nAre There Any Pitfalls?\nWhat are Some High-Profile Examples of SPACs?\n\nWhat is a Special Purpose Acquisition Company (SPAC)?\nAccording to most legal sources, a special purpose acquisition company (SPAC) is a company with no commercial operations that is formed strictly to raise capital through an initial public offering (IPO) for the purpose of acquiring an existing company.\nSPACs aren’t new. They have been around for decades, but have recently become more popular because low yields have driven investors to seek alternative ways to increase their capital. Not only have they become popular with sophisticated, high-wealth individuals, but they have also drawn the attention of underwriters who envision a big payday in the form of commissions and fees.\nSPAC IPOs have seen a resurgent interest since 2014, with increasing amounts of capital flowing to them.\n\n2014:  $1.8 billion across 12 SPAC IPOs\n2015:  $3.9 billion across 20 SPAC IPOs\n2016:  $3.5 billion across 13 SPAC IPOs\n2017:  $10.1 billion across 34 SPAC IPOs\n2018:  $10.7 billion across 46 SPAC IPOs\n2019:  $13.6 billion across 59 SPAC IPOs\n2020:  $83.3 billion across 248 SPAC IPO\n\nHow is a SPAC Formed?\nA SPAC is created, or sponsored, by a team of institutional investors, Wall Street professionals from the world of private equity or hedge funds. They create this entity that has no commercial operations. It makes no products and does not sell anything. In fact, the SPAC’s only assets are typically the money raised in its own IPO, according to the Security and Exchange Commission (SEC).\nWhat’s interesting about a SPAC is that when it raises money, the investors buying into its IPO do not know what the eventual acquisition target company will be. That’s part of its mystique, however, since institutional investors with track records of success can more easily convince other investors to invest in the unknown. Due to this, a SPAC is also often called a “blank check company.”\nHow Does a SPAC Operate?\nAfter the SPAC is legally created, it now needs cash to create the capital needed to do the acquiring of another company, for example, in the future. Remember, the SPAC is not going to raise money to buy equipment, computers, software, or even pay rent. It needs the money to buy what is often referred to as the “eventual acquisition target company”.\nA SPAC will raise the money it needs through its own IPO. CNBC says that SPAC IPOs are usually priced at $10 a share. Once the initial capital is raised, the money goes into an interest-bearing trust account until the SPAC’s founders or management team finds a private company looking to go public through an acquisition.\nLegal experts say that once an acquisition is completed (with SPAC shareholders voting to approve the deal), the SPAC’s investors can either swap their shares for shares of the merged company or redeem their SPAC shares to get back their original investment, plus the interest accrued while that money was in trust. The SPAC sponsors typically get about 20% stake in the final, merged company.\nTime is of the Essence\nOnce SPAC sponsors raise the capital they need to go to work acquiring companies, they can’t sit on the funds forever, even if they are protected by trust and earning interest. SPAC sponsors also have a deadline by which they have to find a suitable deal, typically within about two years of the IPO. Otherwise, the SPAC is liquidated and investors get their money back with interest.\nWhat are the Advantages of a SPAC and Who Benefits?\nOwners of smaller companies find selling to a SPAC more profitable because the sale often adds about 20% to the price of the deal compared to a typical private equity deal. Additionally, being acquired by a SPAC can also offer business owners what is essentially a faster IPO process under the guidance of an experienced partner, with less worry about the swings in broader market sentiment.\nBusiness owners are often worried about extreme market volatility or the fear that weak investor sentiment could force the postponement of an IPO. By dealing directly with the SPAC, these worries are essentially eliminated.\nFurthermore, a deal with a SPAC can be wrapped up in just a few months versus the traditional process of registering an IPO with the SEC, which can take up to six months.\nBasically, the key advantage is a business owner can get his money faster and without a lot of government tape.\nAre There Any Pitfalls?\nNothing is guaranteed and SPACs are no exception to that rule. Although they are extremely popular in 2021 for large institutional investors and other billionaire backers, this trend can go away quickly if “something better” comes along.\nOther factors that could determine its long-term popularity include the fact that target companies run the risk of having their acquisition rejected by SPAC shareholders. Even the rich get cold feet about a deal. Furthermore, investors are literally going blindly into the investment.\nSPACs will probably retain their popularity until the major players decide to let the smaller investors into the game. That’s usually when the rules change and the government regulations get tougher in order to protect undercapitalized investors from losing all their money.\nWhat are Some High-Profile Examples of SPACs?\nWe don’t know yet how the SPAC for Bullish will play out because it was just announced. But since it involves cryptocurrencies, it will probably become a profitable venture since investors looking to get aboard the craze have been throwing money at the asset class.\nHigh-profile SPACs like DraftKings and Virgin Galactic have performed well for investors, but that hasn’t always been the case with average returns from SPAC mergers completed between 2015 and 2020 falling short of the average post-market return for investors from an IPO.\nA noted prominent short-seller of SPACs said, “a business model that incentivizes promoters to do something – anything – with other people’s money is bound to lead to significant value destruction on occasion.”\nLike any investment, it pays to do your homework before putting money into a SPAC.","news_type":1,"symbols_score_info":{"SPCE":0.9,"DKNG":0.9,"FPAC":0.9}},"isVote":1,"tweetType":1,"viewCount":1014,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":["PW"],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":5,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/173230528"}