A SPAC is essentially a shell company formed with the 'special purpose' of acquiring a target company and with a proposal of future economic benefits. As is known to all, shell companies have been a matter of concern to regulators across the globe, importantly because shell companies have been infamously known to vanish into the thin air after taking public money on false promises. But a SPAC is not your regular shell company that most regulators have already blacklisted in their records – these are companies that come with a strict regulatory framework with lesser supervisory control as compared to traditional listed companies.