SPAC announces plan to launch new SPAC

NEW YORK, NY – The rise of the SPAC continues as last week Asset Bubble Acquisition Corp. (ABAC) announced that it would be spinning off a second SPAC.

Special purpose acquisition corporations — known by the acronym SPAC – have seen a record number of IPOs in 2020 causing increased concern among skeptics.

The latest SPAC is expected to raise $127.5 million for Asset Bubble Acquisition Corp. despite the blank check company having yet to make an acquisition.

“You can never pass up an opportunity to create an investment vehicle that underperforms the market as a whole,” explained ABAC Director Richard Backman.

The ABAC SPAC launching a second SPAC has raised the suspicions of regulators, however a source from the SEC doesn’t expect any action to be taken.

According to Mr. Backman, the SPAC’s SPAC is will evaluate merging with another SPAC.