What does SPAC mean?

Special Purpose Acquisition Company (SPAC), also known as a blank check company, is a company that is formed with the sole purpose of raising capital through an Initial Public Offering (IPO) to acquire or merge with a private company, thus making the private company public without going through the traditional IPO process.
SPAC is formed with the primary objective of acquiring another company.
After going public, the SPAC has a limited timeframe, usually 18-24 months, to identify and acquire a suitable target company. This target company is typically a high-growth private entity operating in a specific industry or sector.

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