> A special purpose acquisition company (SPAC; /spæk/), also known as a "blank check company", is a shell corporation listed on a stock exchange with the purpose of acquiring a private company, thus making it public without going through the traditional initial public offering process and the associated regulations thereof.
Why should it not be legal? Exactly what is wrong with it and how would legislation that forbids it but allows other M&A activities look like? I don't see a problem.
https://en.wikipedia.org/wiki/Special-purpose_acquisition_co...