This sounds like a pump and dump sell. Wikipedia has something on SPACs. And this seems like a reasonable writeup.
Dateline 2016-04-30, NST:
Special-purpose acquisition companies (SPACs), also known as development stage companies, remain relevant in Malaysia as they are a viable capital market offering.
This is despite their mixed performance currently, according to industry observers.
They said SPAC was an instrument that enabled entrepreneurs to raise funds to build their businesses, allowing the market to have more liquidity and offering an option for investors with no risk of losing their money.
They said it was unfortunate that the first few SPACs in the oil and gas (O&G) industry were listed on Bursa Malaysia at a time when the sector and overall economy were experiencing one of the most volatile periods.
“Further, because of the SPACs’ ‘newness’, the grasp of the concept is still low, not only among investors but also regulators and certain financial industry players,” an industry specialist told Business Times.
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Wata - Malaysian Oil and Gas Engineer 