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GRAPHIC-SPACtacular: Blank-check firms hit the jackpot in 2020

Blank-check firms - popularly known as SPACs - emerged as the most popular investment vehicles and the primary driving force behind a record year for initial public offerings (IPOs) in 2020, even as overall dealmaking activity tumbled to a three-year low. SPACs are shell companies that raise funds in an IPO with the aim of buying a private company, with the acquired company becoming public after the merger. Once confined to the

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