SGX needs to take a long hard look at SPACs
Investors must have confidence these vehicles are not a way for poor-quality companies to go public
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IT is easy to see why the markets are so enamoured of special purpose acquisition companies (SPACs).
Commonly referred to as blank-cheque companies, SPACs are listed shell entities whose purpose is to merge with a private business to take the latter public.
SPACs are easy to list, given that they have no underlying business at the point of their initial public offering (IPO).
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