No, me neither. A ‘Special Purchase Acquisition Company’ is apparently also known as a “blank check company”, ‘a shell corporation listed to acquire a private company, making it public without going through the usual initial public offering process’. In other words, a tricksy way to get your business’s shares listed on a stock market without the worry that no-one will buy them. Sound dodgy? Do the words ‘Cayman Islands’, amongst others, come to mind? Well, it’s a route some of our tech and fintech company owners are considering, I guess to make their fortunes while the going (seems) good. And before the bubble bursts. Or they burst it.
A firm with whom we work did advise British Steel workers, was as a result given a thorough going-over and thankfully a clean bill of health by the regulator. Then the FCA were themselves given a thorough going-over by MPs and in the press, over their inaction while the bad advice that was given was being given.