When billionaire investor Bill Ackman first proposed his riff on the SPAC — he wanted to slap an R in the middle of the acronym — few cared on Wall Street. This was mid-2021 and the SPAC market, where investors hand cash to a dealmaker hunting for a company to acquire, was just months removed from peak mania. So bankers weren’t too interested in contemplating a new flavor of SPAC that would add a layer of complexity.
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