The company's name is Pagaya Technologies (NASDAQ: PGY), and management designed its business model around using artificial intelligence (AI) to help offer financial products to more people while also reducing risks for banks, fintechs, merchants, lenders, and other businesses. Pagaya used a special purpose acquisition company (SPAC) merger to become publicly traded in the U.S. markets. First, sometimes companies using the SPAC merger aren't really prepared to operate as a public company, lack the internal controls and governance necessary for financial reporting, and mislead investors with exaggerated growth projections.
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