Just before Thanksgiving a faithful reader alerted us to an article from Business Insider [link]. In it noted sommelier and “lifestyle director” Sara Lehman reviewed eleven wines – cabernets, pinot grigios and rosés – all under $10.
Among selections including Trader Joe’s (“It’s reminding me of apple juice”), Costco (“Give it a nice swirl first”), and BJ’s (“I’m getting some barnyard”), Ms. Lehman chose Target’s ‘The Collection.’ “If I were to bring something less expensive to my friends.”
$10 guidelines reminded us of our current topic: special purpose acquisition companies, or SPACs. These ‘blank-check’ companies differ from regular-way IPOs by being priced at $10 per share, then floating around that level. Another difference is that investors have the option of cashing out (with interest) at the IPO price before the vehicle makes an acquisition...
