A special purpose acquisition company, or SPAC, is a company set up by investors with one purpose: to help a private company go public. SPACs have helped companies like DraftKings, BuzzFeed and Virgin Orbit Holdings go public. They’ve grown more popular in recent years because they make investing in large, public companies more accessible to…

Cara Smith writes for NerdWallet. Email: cara.smith@nerdwallet.com.

The article SPAC Explained originally appeared on NerdWallet.

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