SPAC

An Special Purpose Acquisition Company (SPAC) is an enterprise formed solely to capital through an initial public offering (IPO) in order to merge with or acquire an existing company.

There are also known as "blank check companies."

Their popularity is increasing. While only two SPACs were used in 2010, a decade later, in 2020, as many as 247 SPACs were created which raised $80 billion in new investments. In the first quarter of 2021, a total of $96 billion was raised for 295 new SPACs.