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Chris Bryant

SPAC-Squared Is Wall Street’s Latest Wheeze

Financial engineering has found a way to keep ailing SPACs afloat.

Running low on cash.

Running low on cash.

Photographer: Victor J. Blue/Bloomberg

Just when you think you’ve seen it all in SPAC-land, along comes a money-losing company that only recently went public via a blank-check firm announcing a merger with a second special-purpose acquisition company to save its skin. SPAC-squared, if you like.

Wejo Group Ltd., a British connected-vehicle data company, became a public company in November 2021 after combining with Virtuoso Acquisition Corp., a SPAC. On Tuesday, Wejo said it plans to merge with another blank-check firm, TKB Critical Technologies I, to secure up to $100 million in cash.