McLaren Technologies Acquisition Corp to form more SPACs

US-based McLaren Technology Acquisition Corp, the second Indian promoted Special Purpose Acquisition Company (SPAC) to go for a listing at NASDAQ, says it would be forming multiple SPACs to acquire more Indian start-ups.

“Once we acquire a company they will be listed on the NASDAQ automatically. We will not go back to them after that. We will have more SPACs in future to acquire more Indian companies”, says Sajan Pillai the Chairman and Chief Executive Officer of McLaren Technology Acquisition Corp.

A SPAC is a special purpose vehicle that is used to acquire other companies and help them list on the US stock exchanges.