Spacs are so-called blank-check companies that have no other business than to raise money in a listing and to acquire assets within two years.
They have boomed this year and other public figures to embrace the craze include former Cosmopolitan editor Joanna Coles, as well as US sports stars Alex Rodriguez and Shaquille O’Neal.
The Spac marks a comeback for Davis, who served as the Conservative Party’s treasurer and then chief executive between 2016 and 2019.
His previous acquisition vehicle X2 raised $4billion but failed to seal the big takeovers he had hoped for and it was wound down in 2016 with investor money returned.