Another name for a SPAC — a company formed with no specified business operations, whose purpose is to raise capital in order to acquire an existing company. See SPAC.
The term predates the modern SPAC boom and still shows up in older filings, textbooks and legal documents, so recognizing it as a synonym for SPAC is useful when researching a company's structure from primary-source filings rather than the newer, more common coverage that uses only the 'SPAC' terminology.
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