Consider the one event that changed the perception of oil forever. The “gusher” reached 150 feet, producing 100,000 barrels per day. The world had never seen the volume of oil discovered on that day. There was oil before the Spindletop event, the casual observer just didn’t know much about the fossil fuel before that fateful day on January 10, 1901. For special purpose acquisition companies, their Spindletop was in 2020 with this quote by Jeff Mortara, head of equity capital markets origination at UBS:
SPACs have become a new way of doing an M&A deal.
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