The deep problem with SPACs is the sponsors' and warrant holders' cuts, paid by the target company or the SPAC shareholders, leading to a bad deal for both (Matt Levine/Bloomberg)

Matt Levine / Bloomberg:
The deep problem with SPACs is the sponsors' and warrant holders' cuts, paid by the target company or the SPAC shareholders, leading to a bad deal for both  —  SPAC SPAC SPAC  —  Simplifying a bit, the way a special purpose acquisition company works is that the sponsor of the SPAC raises …