With apologies to the Bard, SPACs are now in disgrace with fortune and men’s eyes, along with other excesses, such as meme stocks and nonfungible tokens. But some special purpose acquisition companies, as these blank-check entities are formally known, actually have become akin to money-market funds, with a possible equity kicker.
They’re the opposite of Cathie Wood stocks, observes Patrick Galley, CEO of RiverNorth Capital Management, a Chicago-based manager for alternative strategies. Many SPACs went public during the frenzy for the hypergrowth shares that populated her
ARK Innovation
exchange-traded fund (ticker: ARKK) in 2020 and 2021, as many individual investors took their federal stimulus money on a throw of the dice on SPACs that might hit it big by taking a wunderkind private company public.
Source: https://www.barrons.com/articles/spacs-ipos-stocks-closed-end-funds-51670011767?siteid=yhoof2&yptr=yahoo