FILE PHOTO: Former Director of the U.S. National Economic Council Gary Cohn speaks at a Reuters Newsmaker event in New York City, U.S., September 17, 2018. REUTERS/Jeenah Moon
SPACs were considered a banking backwater a decade ago but have emerged in 2020 as one of the most active areas on Wall Street, driven by splashy deals for the likes of space tourism company Virgin Galactic Holdings Inc and fantasy sports and gambling company DraftKings Inc. A SPAC is a shell company that raises money through an IPO to buy an unspecified operating company to then take public, usually within two years.
The SPAC had previously been on file with the U.S. Securities and Exchange Commision under the name CSR Acquisition Corp and had planned to raise $300 million.
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