You Can SPAC Your SPAC
Also crypto crash, Discovery shares, M&A staff and Shiba Inu coin.
Every time I write about special purpose acquisition companies someone emails me to be like “I am going to launch a SPAC of SPACs,” and it is always pretty half-baked. A SPAC is a blank-check company that raises money to merge with another company, and that is a meta enough idea that people want to make it more meta. “A SPAC that raises money to buy SPACs” is more meta, sure, but it doesn’t make any sense. A SPAC is a tool, it’s a particular way to raise money to take companies public; multiplying the abstraction doesn’t add anything. But here’s this:
The SPAC-on-SPAC angle is funny, but I am not sure one should overemphasize it. Nothing really turns on any of this being a SPAC. The story is that Roivant is a company that operates as a sort of pharmaceutical conglomerate/incubator. It says: