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These SPAC-led introductions of new companies to the stock market have all the stink of a load of salmon sitting for a week in the back of a truck in Dover. A new financial scandal in the making?
SEC to review Lordstown Motors' SPAC deal, vehicle preorders | Reuters
"Hindenburg said it had taken a short position in Lordstown Motors, accusing the company of using “fake” orders to raise capital and claiming that its upcoming truck is three to four years away from production.
The U.S. securities regulator has opened an inquiry into Wall Street’s blank-check acquisition frenzy, and is seeking information on how underwriters are managing the risks involved, said four people with direct knowledge of the matter.
A flurry of electric vehicle makers have went public via mergers with so-called special purpose acquisition companies, bypassing the rigorous scrutiny of a traditional initial public offering (IPO) process and riding on Tesla Inc’s share price rally."
Who knows any more about SPACs and how they work?
SEC to review Lordstown Motors' SPAC deal, vehicle preorders | Reuters
"Hindenburg said it had taken a short position in Lordstown Motors, accusing the company of using “fake” orders to raise capital and claiming that its upcoming truck is three to four years away from production.
The U.S. securities regulator has opened an inquiry into Wall Street’s blank-check acquisition frenzy, and is seeking information on how underwriters are managing the risks involved, said four people with direct knowledge of the matter.
A flurry of electric vehicle makers have went public via mergers with so-called special purpose acquisition companies, bypassing the rigorous scrutiny of a traditional initial public offering (IPO) process and riding on Tesla Inc’s share price rally."
Who knows any more about SPACs and how they work?