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Investing.com -- Chamath Palihapitiya, dubbed by some as the Wall Street’s "SPAC king," is making a comeback to the blank-check company market with a new special purpose acquisition vehicle.
According to a filing released late Monday, American Exceptionalism Acquisition Corp, which Palihapitiya chairs, plans to list on the New York Stock Exchange under the ticker ’AEXA’. The SPAC aims to raise $250 million to target companies operating in artificial intelligence, energy, decentralized finance, and defense sectors.
SPACs function as shell companies that raise capital through an initial public offering to merge with a private business and take it public. This method offers companies an alternative path to markets that avoids the lengthier and more expensive traditional IPO process. It has also faced harsh criticism in recent years, after many such listing saw their shares plummet.
"While SPACs are not the solution for every issue in the IPO process, I continue to believe that they have an important piece to play in capital formation - and especially now," Palihapitiya said, having spent the past several years away from the markets.
Palihapitiya has had notable success with previous SPAC ventures, including SoFi Technologies (NASDAQ:SOFI), which went public through a blank-check deal in 2021 valued at roughly $8.65 billion.