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A for-profit prison company is going public via SPAC, raising ESG concerns in the blank-check space

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The red-hot SPAC market could have an ESG problem. Securus Technologies, a prison services company that makes profit from charging families of the incarcerated for phone calls, is in talks to go public via merging with Atlantic Avenue Acquisition Corp, according a person familiar with the matter.

While prison services telecoms are less scrutinized than companies that operate correctional facilities, their for-profit nature and their line of business still typically make ESG-conscious investors

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