Once a lightly regarded alternative to a traditional initial public offering, the special purpose acquisition company, or SPAC, is here to stay, says Vincent Cubbage, CEO of Tortoise Acquisition Corp. After marshaling the public debut of natural gas Class 8 truck driveline maker Hyliion Holdings, Cubbage is hunting again. His new SPAC is one of more than 170 so-called blank check companies sifting the startup landscape for candidates to financially enable the growth that supports public trading.
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