Reuters cite unnamed sources, "four people with direct knowledge of the matter."
- Say that the US Securities and Exchange commission has opened an inquiry into blank-check IPO frenzy -sources
- SEC sent letters to Wall Street banks last week seeking information on special purpose acquisition company or SPAC deals
- SEC is seeking information on fees, volumes, internal controls
One of the sources said letters were sent by the SEC's enforcement division, suggesting they may be a precursor to a formal investigation.
Here we go, Reuters have popped it u on the web, the full article link here
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SPACs are listed shell companies that raise funds to acquire a private company with the purpose of taking it public, allowing such targets to sidestep a traditional initial public offering.
(ps. I am aware its spelt 'cheques', thanks ;-) )