New for subscribers: Cramer says to 'slow down with the SPACs' as more rich investors join the blank check boom Check out CNBCPro today.
CNBC's Jim Cramer said Tuesday that the newest trend on Wall Street to take companies public has gone too far.
The markets have seen a surge in special purpose acquisition companies, sometimes called "blank-check companies," which raise money through an IPO and then look to merge with a private firm to make it publicly traded. The strategy has attracted high-profile investors and other public figures in recent moths, and Cramer said on "Squawk on the Street" that the market doesn't need any more SPACs.
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