Catchword: blank-check company

Filed under: English, Business, Money & Finance

Part of speech: n.

Quotation: One niche in which the company already leads are officially called a Special Purpose Acquisition Corporation (SPAC). In everyday parlance, they’re known as blank-check companies. What are those? Back in ancient times—notably the dot-com era of the 20th century—entrepreneurs came up with a dream and sold it to the eager public through an initial public offering of stock, sometimes before they had profits or even revenue. That’s old school. New school in this, the 21st century, is having an IPO for a SPAC. They have no profits and no revenue. In fact, they don’t even know what they’re going to spend their money on—hence the name “blank check.”

Article or document title:
“A new player in investment banking” (URL)

Author:
John Dorschner

Article, document, publication, web site:
Miami Herald

Publishing location:
Florida

Date of publication:
Nov. 5, 2006

This catchword has yet to be researched.