Special purpose acquisition companies (SPACs) have taken the capital markets by storm lately. Operating at the intersection between securities regulation and the law relating to mergers and acquisitions (M&A), SPACs are essentially cash shell entities that raise finances through an initial public offering (IPO) of securities. They do so with the sole purpose of scouting, within a limited timeframe, for appropriate target companies with which they would combine in a transaction popularly referred to as a ‘de-SPAC’.1 This way, private target companies with operating businesses could achieve listing of their securities without undertaking a traditional IPO.