SPAC's, or Special Purpose Acquisition Companies, are set up for the purpose of making one big acquisition within a finite period using an IPO, an offer which mostly involves only insiders and hedge funds in the initial stage, and hardly any ordinary investors. Once the company makes the deal, the hedge funds sell off their shares to unwary investors who think they're getting a hot new investment company...The share value starts falling since the SPAC prinicipal has no interest in any more deals.