There has recently been a resurgence of interest in special purpose acquisition companies (SPACs), which are also known as ‘blank check’ or ‘cash shell’ companies. Over the past 7 years SPACs incorporated in the British Virgin Islands (BVI) have raised aggregate capital of over US$5 billion and, in 2017 alone, new BVI SPACs raised gross proceeds of approximately US$2.5 billion1. This article outlines the key features of a SPAC, explores recent market trends and explains why the BVI is a popular domicile for these vehicles. Click here for more.
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