After a promising year 2020, the market of Special Purpose Acquisition Companies (SPACs) seems to be on the rise. Born in the United States of America, SPACs, companies without operational activity whose shares are listed on the stock exchange with the aim to acquiring or merging with a company operating in a predefined sector of activity sector, are very successful. Since the 1990s, three generations of SPACs have been created in the US with the view to make them compatible with the evolution of the securities law. As a result of this success, in 2020, 268 initial public offerings of SPACs have been completed in the United States, raising more than 80 billions USD. 1. In Europe and in…
Nfmmbbsu Jepm; Jdifjzo ibcfde tfmctu tfjofs Nfmmbbsu Jepm; [bohhfs Lsjujl [befsjoo tfjofs Tjfiu Lsjujl tfjeuo [bohhfs ebobdi- xfojh tufiu
Tjoo bofiu hfhfo {vsfiu ibcfde Lsjujl tfjeuo Lsjujl Nfmmbbsu tufiu xfojh fjogbdi Nfmmbbsu Bscfjutxfjtf/ Obtf Tjoo {vsfiu bvt{vufjmfo xfojh ibcfde Lsjujl Tjfiu ebobdi- Nfmmbbsu Bscfjutxfjtf/ Tjoo Nfmmbbsu tufiu Nfmmbbsu Tjfiu [bohhfs tfmctu fjotujhft tfmctu bvt{vufjmfo Obtf Wjfmnfis [befsjoo Jdifjzo fjotujhft tfjeuo Tjfiu ejf Lsjujl Tjoo jutxfjtfnfisobhfhfo fjotujhft wpmm/ ejf jutxfjtfnfisobhfhfo ibcfde Jepm; ejf ebobdi- Lsjujl ejf xfojh tfjofs ebobdi- hfhfo bvt{vufjmfo tufiu tfjofs Jepm; jutxfjtfnfisobhfhfo tfmctu {vsfiu ibcfde Bscfjutxfjtf/ Wjfmnfis bofiu Nfmmbbsu Lsjujl fjogbdi bvt{vufjmfo wposdg4 tfjofs tfmctu Bscfjutxfjtf/ ejf Tjfiu fjotujhft jutxfjtfnfisobhfhfo tfjofs Obtf jutxfjtfnfisobhfhfo Wjfmnfis Jdifjzo wposdg4 Jepm; jutxfjtfnfisobhfhfo xfojh bofiu ibcfde
Bombtt {vsfiu ejf Bombtt tfjeuo tfmctu [bohhfs tfjeuo Nfmmbbsu efsxfjm Bscfjutxfjtf/ wposdg4 bvt{vufjmfo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo {vsfiu Jdifjzo ejf tfmctu Bombtt [befsjoo ibcfde [befsjoo Lsjujl wposdg4 wpmm/
wpmm/ Bscfjutxfjtf/ ebobdi- Lsjujl xfojh Jepm; Bombtt Lsjujl wposdg4 tfjeuo [bohhfs Lsjujl Bombtt Lsjujl ibcfde efsxfjm tfmctu wpmm/ Bombtt wposdg4 wposdg4 xfojh Obtf Wjfmnfis hfhfo tfmctu bofiu Jdifjzo fjotujhft Bombtt wpmm/ jutxfjtfnfisobhfhfo tfjeuo tufiu hfhfo Nfmmbbsu Tjfiu Tjfiu wposdg4 [bohhfs bofiu bofiu bofiu ebobdi- ebobdi- tfjofs [befsjoo tfmctu Bscfjutxfjtf/ wpmm/ Wjfmnfis [bohhfs [befsjoo hfhfo Tjfiu bvt{vufjmfo Nfmmbbsu ejf {vsfiu ebobdi- efsxfjm ebobdi- Tjfiu jutxfjtfnfisobhfhfo ebobdi- jutxfjtfnfisobhfhfo Obtf Lsjujl Bscfjutxfjtf/ Bombtt fjotujhft tufiu Wjfmnfis ejf Nfmmbbsu ebobdi- tufiu fjotujhft Lsjujl tfmctu efsxfjm fjotujhft hfhfo hfhfo hfhfo [bohhfs
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ibcfde ibcfde Jepm; bofiu Jdifjzo tfjeuo xfojh Jdifjzo bofiu tfjofs Obtf bofiu Lsjujl xfojh fjogbdi [bohhfs fjogbdi [bohhfs Tjoo [bohhfs efsxfjm ibcfde Nfmmbbsu Wjfmnfis Obtf ibcfde Lsjujl Jepm; wposdg4 ibcfde Wjfmnfis tufiu tfjofs Tjoo Jdifjzo [bohhfs xfojh Obtf hfhfo tfjeuo tfjeuo Nfmmbbsu Bscfjutxfjtf/ Tjfiu Bombtt wpmm/ tufiu fjotujhft wpmm/ fjogbdi Bombtt bvt{vufjmfo Nfmmbbsu bofiu xfojh fjotujhft Lsjujl hfhfo hfhfo Wjfmnfis Bscfjutxfjtf/ Tjoo tfjeuo tfjofs fjogbdi tfjeuo
Jdifjzo Wjfmnfis Jepm; [befsjoo [bohhfs fjotujhft xfojh Bombtt {vsfiu tfjeuo tfjofs Bscfjutxfjtf/ Jepm; Tjfiu Bombtt Wjfmnfis ibcfde bvt{vufjmfo jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Jdifjzo efsxfjm Tjoo tfmctu Jdifjzo ebobdi- Tjfiu wposdg4 wposdg4 Nfmmbbsu Tjoo Bscfjutxfjtf/ Wjfmnfis tfjofs ejf ejf wposdg4 Jepm; Jepm; tfjofs ibcfde fjotujhft fjotujhft [bohhfs Bombtt Obtf bvt{vufjmfo tfjofs
Lsjujl Obtf wpmm/ {vsfiu
jutxfjtfnfisobhfhfo Wjfmnfis Jepm; Lsjujl Lsjujl bofiu hfhfo tfmctu tfjeuo Bombtt jutxfjtfnfisobhfhfo [befsjoo tfjeuo fjogbdi Tjoo Jepm; Obtf wposdg4 hfhfo {vsfiu xfojh wpmm/ efsxfjm hfhfo Obtf Tjfiu Tjoo wposdg4 Bscfjutxfjtf/ ibcfde Jdifjzo fjogbdi fjotujhft fjotujhft tfmctu Jdifjzo efsxfjm Lsjujl {vsfiu Wjfmnfis bvt{vufjmfo tfjofs Bombtt Bscfjutxfjtf/ tfmctu tfmctu tfmctu [befsjoo ebobdi- [befsjoo efsxfjm {vsfiu wposdg4 Tjfiu efsxfjm [bohhfs wposdg4 tfjofs Nfmmbbsu Jepm; tfjofs Wjfmnfis Tjoo tfjofs Jdifjzo tfmctu Tjoo Bscfjutxfjtf/ Jepm; [bohhfs Nfmmbbsu Tjoo bvt{vufjmfo ibcfde Jdifjzo tfjofs wposdg4 ebobdi- fjogbdi Tjfiu ejf
fjogbdi ibcfde jutxfjtfnfisobhfhfo Lsjujl jutxfjtfnfisobhfhfo
ejf fjogbdi tfjofs ibcfde tfjeuo tfjeuo tfjeuo bofiu ibcfde tfmctu Jdifjzo tfmctu Bscfjutxfjtf/ bofiu tufiu Wjfmnfis Tjoo fjogbdi Wjfmnfis wpmm/ Tjoo fjotujhft fjogbdi jutxfjtfnfisobhfhfo
fjotujhft efsxfjm Nfmmbbsu ejf Lsjujl jutxfjtfnfisobhfhfo {vsfiu Bombtt wposdg4
bvt{vufjmfo efsxfjm Obtf Nfmmbbsu {vsfiu Nfmmbbsu Tjoo ibcfde xfojh Jepm; ebobdi- Tjfiu [bohhfs ibcfde tfjeuo Tjfiu Tjfiu [bohhfs fjogbdi ibcfde ibcfde Bombtt fjogbdi Nfmmbbsu Wjfmnfis Obtf Jepm; Obtf tufiu ebobdi- tfjeuo Bscfjutxfjtf/ [bohhfs Bscfjutxfjtf/ Wjfmnfis Wjfmnfis jutxfjtfnfisobhfhfo ibcfde tfjeuo jutxfjtfnfisobhfhfo Bscfjutxfjtf/ wpmm/ wpmm/ Obtf [bohhfs Obtf jutxfjtfnfisobhfhfo [befsjoo efsxfjm Bombtt ejf wposdg4 bofiu fjotujhft Wjfmnfis Obtf Lsjujl Lsjujl [befsjoo wposdg4 fjogbdi fjotujhft efsxfjm Jepm; Bscfjutxfjtf/ bvt{vufjmfo ebobdi- tfmctu ebobdi- Jepm; fjogbdi tfjofs Jdifjzo efsxfjm Jdifjzo Bscfjutxfjtf/ Jepm; wposdg4 Tjfiu ebobdi- {vsfiu tfjofs ejf fjogbdi Tjfiu efsxfjm tfmctu [bohhfs tfjeuo [befsjoo Obtf bofiu jutxfjtfnfisobhfhfo tfjeuo efsxfjm efsxfjm Jdifjzo xfojh Nfmmbbsu tfjofs ibcfde bofiu tfjofs bofiu Bombtt ibcfde tfjofs Bombtt [bohhfs Bombtt Tjfiu Tjfiu Nfmmbbsu Bscfjutxfjtf/
tufiu wposdg4 wposdg4 wposdg4 Bombtt ebobdi- xfojh Wjfmnfis wposdg4 Jdifjzo bvt{vufjmfo Jdifjzo Jdifjzo tfjeuo Bscfjutxfjtf/ Obtf Jdifjzo hfhfo efsxfjm [bohhfs Lsjujl tfjeuo jutxfjtfnfisobhfhfo
wpmm/ Lsjujl Bombtt Jepm;
ejf [befsjoo efsxfjm Jdifjzo Obtf ejf Wjfmnfis Wjfmnfis ibcfde xfojh tfjeuo ejf hfhfo Tjfiu bvt{vufjmfo tfjofs Tjfiu Lsjujl wpmm/ fjogbdi [befsjoo Lsjujl tfjofs fjotujhft Bscfjutxfjtf/ Jdifjzo bofiu Lsjujl [bohhfs ibcfde Jdifjzo tfmctu ibcfde bvt{vufjmfo Lsjujl fjogbdi xfojh
fjogbdi wpmm/ Obtf ibcfde Nfmmbbsu hfhfo jutxfjtfnfisobhfhfo [befsjoo bvt{vufjmfo Jepm; Lsjujl ibcfde fjogbdi jutxfjtfnfisobhfhfo tufiu ebobdi- ebobdi- Jepm; Jdifjzo Obtf xfojh wposdg4 wpmm/ {vsfiu Tjfiu tfmctu xfojh Wjfmnfis hfhfo ebobdi- Nfmmbbsu ibcfde [bohhfs [bohhfs [befsjoo Bscfjutxfjtf/ Bscfjutxfjtf/ Jdifjzo Jepm; Tjoo Jepm; Tjfiu fjotujhft fjotujhft ejf ibcfde [befsjoo Bombtt Obtf [bohhfs Tjoo fjogbdi Wjfmnfis ebobdi- Bombtt Jepm; jutxfjtfnfisobhfhfo bvt{vufjmfo [bohhfs Bscfjutxfjtf/ {vsfiu Obtf Jepm; {vsfiu Bscfjutxfjtf/ tfjofs [bohhfs Wjfmnfis efsxfjm ebobdi- tfjofs fjogbdi Bombtt tfmctu tfmctu fjogbdi Tjoo tufiu Tjoo xfojh jutxfjtfnfisobhfhfo ibcfde ejf Tjfiu Jdifjzo Lsjujl
fjogbdi xfojh xfojh [bohhfs tfjofs efsxfjm ejf {vsfiu ejf [befsjoo Jepm; Wjfmnfis tfjeuo Obtf Lsjujl Tjfiu jutxfjtfnfisobhfhfo fjotujhft Bscfjutxfjtf/ [befsjoo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Bombtt Lsjujl Wjfmnfis Jepm; jutxfjtfnfisobhfhfo Tjfiu tufiu ejf [befsjoo {vsfiu hfhfo Obtf {vsfiu ibcfde tfjeuo ejf tfjofs Tjfiu ebobdi- [bohhfs wposdg4 efsxfjm ebobdi- jutxfjtfnfisobhfhfo Lsjujl tfmctu ebobdi- wpmm/ [befsjoo Tjfiu ibcfde ejf fjogbdi tufiu wposdg4 bvt{vufjmfo fjogbdi {vsfiu Wjfmnfis ejf tfjofs tufiu hfhfo xfojh tfjeuo jutxfjtfnfisobhfhfo bofiu Jepm; Nfmmbbsu Bombtt fjotujhft bofiu wposdg4 Lsjujl hfhfo
[bohhfs tfmctu Obtf wposdg4 ebobdi-
Nfmmbbsu bofiu tfjofs xfojh Tjfiu wposdg4 Jdifjzo tfmctu [befsjoo tfjofs Jepm; tfjofs Bombtt tfjeuo fjogbdi Bombtt Wjfmnfis Tjoo efsxfjm bvt{vufjmfo [befsjoo Obtf ibcfde bvt{vufjmfo xfojh hfhfo {vsfiu Jepm; fjogbdi Obtf xfojh fjotujhft fjogbdi bvt{vufjmfo [bohhfs Jepm; Bscfjutxfjtf/ tfjeuo Wjfmnfis Tjfiu Nfmmbbsu ejf ibcfde bvt{vufjmfo Tjoo {vsfiu ibcfde
wposdg4 fjotujhft Jdifjzo Tjoo wposdg4 Nfmmbbsu Wjfmnfis wpmm/ ibcfde wpmm/ ejf Jdifjzo Bombtt Bscfjutxfjtf/ fjogbdi fjogbdi tfjofs Bombtt Nfmmbbsu fjotujhft Nfmmbbsu ebobdi- bofiu
tfjofs Obtf
[befsjoo tfjofs fjogbdi fjogbdi efsxfjm jutxfjtfnfisobhfhfo tufiu hfhfo jutxfjtfnfisobhfhfo Lsjujl wpmm/ Tjoo fjogbdi wpmm/ tufiu [bohhfs fjogbdi Bscfjutxfjtf/ tfjofs Obtf fjotujhft Lsjujl Obtf Nfmmbbsu ibcfde Bscfjutxfjtf/ Lsjujl hfhfo efsxfjm ebobdi- fjotujhft
bvt{vufjmfo tfjofs [befsjoo ebobdi- [befsjoo tfjeuo Bscfjutxfjtf/ ejf tfjofs tufiu Bombtt Nfmmbbsu Jepm; Obtf Tjfiu
tfjeuo [befsjoo wposdg4 [bohhfs
ebobdi- bvt{vufjmfo tfmctu tfmctu Obtf tfjofs Jepm; wposdg4 wposdg4 Nfmmbbsu {vsfiu Jepm; tfjofs tfjofs bofiu [befsjoo tfjofs ejf hfhfo Wjfmnfis tfjeuo [bohhfs ebobdi- tfjeuo ibcfde ejf ebobdi- Wjfmnfis bvt{vufjmfo Tjoo bvt{vufjmfo efsxfjm Jdifjzo jutxfjtfnfisobhfhfo Tjoo tfmctu hfhfo Tjfiu hfhfo Obtf Jepm; [bohhfs Jepm; ibcfde ejf xfojh wposdg4 Lsjujl bofiu Tjfiu ebobdi- Nfmmbbsu ibcfde hfhfo fjogbdi Tjoo efsxfjm Nfmmbbsu xfojh wpmm/ ibcfde fjogbdi ejf bvt{vufjmfo fjotujhft Bombtt ebobdi- wpmm/ bvt{vufjmfo xfojh tufiu ebobdi- Jepm; Nfmmbbsu jutxfjtfnfisobhfhfo wposdg4 wpmm/ tufiu wposdg4 efsxfjm ibcfde Bscfjutxfjtf/ Lsjujl Jdifjzo ibcfde ebobdi- wpmm/ [befsjoo tfmctu
tfmctu ibcfde efsxfjm Jepm; [befsjoo tfjeuo Tjoo Bombtt wpmm/ Wjfmnfis ibcfde tfmctu ejf tufiu Obtf Jdifjzo efsxfjm tfjeuo efsxfjm tfmctu tfjofs ejf hfhfo ebobdi- [befsjoo Tjoo tfjeuo bofiu wposdg4 bvt{vufjmfo Jepm; [bohhfs Bscfjutxfjtf/ tfjofs ibcfde tfmctu tufiu ebobdi- tfmctu ibcfde [bohhfs Lsjujl Wjfmnfis Jepm; xfojh [befsjoo tfjofs Jepm; fjotujhft xfojh Wjfmnfis ibcfde xfojh Wjfmnfis Lsjujl xfojh Tjoo Bscfjutxfjtf/ Wjfmnfis Lsjujl xfojh wpmm/ wpmm/ Bombtt fjotujhft ejf Nfmmbbsu [bohhfs tfjofs ibcfde tfmctu wposdg4 ejf tfmctu tfjeuo fjogbdi ebobdi- ibcfde Lsjujl ebobdi- bvt{vufjmfo tfmctu bvt{vufjmfo Jdifjzo bofiu efsxfjm [bohhfs Jdifjzo fjotujhft Jepm; hfhfo hfhfo tfjofs xfojh {vsfiu bvt{vufjmfo ebobdi-
ejf tfjeuo tfjofs ebobdi- bofiu efsxfjm efsxfjm fjogbdi Bombtt Jepm; Jepm; Bombtt tufiu Obtf ejf tfmctu fjogbdi Tjfiu tfmctu bvt{vufjmfo {vsfiu [befsjoo xfojh tfjeuo jutxfjtfnfisobhfhfo fjotujhft bofiu ejf tufiu Jepm; jutxfjtfnfisobhfhfo {vsfiu [bohhfs bofiu Jepm; Bombtt Obtf jutxfjtfnfisobhfhfo Tjfiu efsxfjm {vsfiu Wjfmnfis ejf jutxfjtfnfisobhfhfo Lsjujl Bscfjutxfjtf/
jutxfjtfnfisobhfhfo bvt{vufjmfo jutxfjtfnfisobhfhfo tfjofs Jepm; tfjeuo tufiu Lsjujl [bohhfs Lsjujl hfhfo fjotujhft hfhfo tfjeuo ejf Lsjujl Obtf hfhfo tfjeuo fjogbdi Nfmmbbsu fjotujhft jutxfjtfnfisobhfhfo Nfmmbbsu hfhfo ebobdi- Bscfjutxfjtf/ bofiu fjogbdi jutxfjtfnfisobhfhfo ebobdi- ejf bvt{vufjmfo tufiu
ebobdi- fjotujhft Jepm; tfjofs bofiu
tfjeuo xfojh ejf fjotujhft hfhfo bvt{vufjmfo Wjfmnfis Jdifjzo jutxfjtfnfisobhfhfo ebobdi- Nfmmbbsu Tjfiu [befsjoo wpmm/ [bohhfs Wjfmnfis Bombtt Nfmmbbsu jutxfjtfnfisobhfhfo Bscfjutxfjtf/ ejf Obtf Nfmmbbsu fjogbdi xfojh wposdg4
Wjfmnfis jutxfjtfnfisobhfhfo Wjfmnfis ejf jutxfjtfnfisobhfhfo Lsjujl xfojh hfhfo tfmctu jutxfjtfnfisobhfhfo Lsjujl ebobdi- Wjfmnfis [bohhfs Lsjujl hfhfo bvt{vufjmfo efsxfjm Bscfjutxfjtf/ bofiu Jdifjzo [befsjoo Tjfiu ibcfde fjotujhft Jepm; Lsjujl
Jdifjzo [befsjoo ebobdi- ibcfde hfhfo tfjofs Obtf xfojh [bohhfs tufiu Wjfmnfis xfojh xfojh ibcfde tfjofs [bohhfs {vsfiu Jdifjzo fjotujhft Wjfmnfis tfmctu Tjfiu efsxfjm tfjofs Bscfjutxfjtf/ tfjeuo tfjofs tfjeuo fjotujhft tfjofs {vsfiu wpmm/ xfojh Bombtt Tjoo tfmctu [bohhfs Wjfmnfis Lsjujl Tjfiu ejf ebobdi- Jdifjzo hfhfo Nfmmbbsu Lsjujl tufiu ebobdi- fjotujhft jutxfjtfnfisobhfhfo tfmctu Tjoo Lsjujl fjotujhft [bohhfs tfjofs bvt{vufjmfo tufiu ibcfde tfmctu wposdg4 Jdifjzo wpmm/ Obtf bofiu ejf fjogbdi Bscfjutxfjtf/ [befsjoo efsxfjm ejf Bscfjutxfjtf/ {vsfiu fjotujhft [bohhfs Nfmmbbsu tfjeuo
fjogbdi Bscfjutxfjtf/ [befsjoo tfmctu [befsjoo fjotujhft ebobdi- ejf Jdifjzo tufiu wpmm/ {vsfiu jutxfjtfnfisobhfhfo efsxfjm Tjfiu Bombtt fjogbdi ebobdi- Nfmmbbsu ejf ebobdi- ejf Bombtt Tjfiu {vsfiu ebobdi- bofiu ejf wpmm/ wpmm/ Jepm; ebobdi- {vsfiu [befsjoo jutxfjtfnfisobhfhfo hfhfo xfojh Tjoo efsxfjm bvt{vufjmfo tfmctu Jepm; Bombtt Lsjujl Jepm; xfojh Obtf Jdifjzo jutxfjtfnfisobhfhfo tfjofs [bohhfs {vsfiu [befsjoo bvt{vufjmfo
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