You are right, but their rise is not accidental. The appetite for risky investments, MEME stocks, and companies not vetted by the rigorous S-1 IPO application p

You are right, but their rise is not accidental. The appetite for risky investments, MEME stocks, and companies not vetted by the rigorous S-1 IPO application process has grown. https://www.villanovalawreview.com/post/1691-spac-to-reality-the-rise-fall-and-possible-future-of-spacs https://www.villanovalawreview.com/post/1691-spac-to-reality... "SPACs are not new and have existed for decades, in which they were historically used by small companies that had trouble raising capital on the open market via IPOs. However, in recent years, fueled by the market volatility following the Covid-19 pandemic, SPACs have become more mainstream." So, yes, while LEGALLY an SPAC could have existed a few years ago, investors never really seriously considered them as a safe investment.