SPAC
Special purpose acquisition company (SPAC) is also known as ‘targeted acquisition company (TAC)’. It is a company whose main purpose is to acquire an existing company. As a publicly-traded buyout company, SPACs raise money for the acquisition by pooling money, usually in a trust fund, from the public and often in a targeted industry in the name of an unspecified merger. Generally, every SPAC is sold at $6 per unit of one share of a common stock. If no acquisition and merger occurs within two years, assets go back to their respective investors.
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