Goldman Sachs (NYSE:GS), the controversial investment bank, is drastically cutting back its connection with special purpose acquisition companies (SPACs) as regulators tighten rules for “blank cheque companies”. The Bloomberg news agency reported that the bank will suspend any fresh SPAC issuance in the US, at least temporarily. A special purpose acquisition company is similar to a cash shell, in that it raises money from investors with a view to using that money to buy an existing privately-owned business. From the point of view of the acquired business, the merger with SPAC is seen as a quick, less bureaucratic way to achieve a stock exchange listing. For a while, SPACs were all the rage, which some pundits suggested was indicative of a market that had become frothy. Enthusiasm for the investment vehicles has waned since the US Securities and Exchange Commission introduced a number of new rules relating to SPACs in March while the recent market shake-out has also soured sentiment towards them. That being said, Grindr announced yesterday it would come to market via a merger with Tiga Acquisition Corp, a SPAC that listed in November 2020. READ Grindr chooses to go public via the SPAC route