SoftBank’s SPACs set for Tuesday listing on Nasdaq

Shell companies to raise $480m in push to acquire AI businesses

TOKYO — SoftBank Group said on Monday that its two new special purpose acquisition companies, or SPACs, will be listed on the U.S. Nasdaq exchange on Tuesday.

The Japanese conglomerate will raise $480 million with the listings as it aims to acquire businesses in the artificial intelligence sector.

A SPAC does not have a business at the time of listing. The operator searches for an acquisition target and turns the SPAC into a functioning company. The acquisition target will then be listed by merging with the SPAC.