> A special purpose acquisition company (SPAC; /spæk/), also known as a "blank check company", is a shell corporation listed on a stock exchange with the purpose of acquiring a private company, thus making it public without going through the traditional initial public offering process and the associated regulations thereof.
Why should it not be legal? Exactly what is wrong with it and how would legislation that forbids it but allows other M&A activities look like? I don't see a problem.
Interesting that Yubico is choosing to go public via SPAC. It’s lower scrutiny, it became more popular over the last few years, and then lost some popularity because of high profile duds. Why go with a SPAC in that environment if the business is healthy and profitable?
Because, as far as I know, the business is not hugely profitable and there's not much scope to change that. Yubico makes a product that is high quality, does exactly what it says on the tin, does not come with any integrated ads/AI or anything else like that, but in the grand scheme of things is fairly niche (I wonder how many people outside of the tech and perhaps gov sectors would even recognise the company name).
There's simply no way they can line up the "here's how we get to 1B users and then mine all their personal data" business plan that some other tech companies can do.
