The 'Special Purpose Acquisition Company' or the Blank Check Company is an entity established for the purpose of acquiring the firm in a particular area. Its objective is to collect money by issuing IPO. (Initial Public Offer).
Funds raise from investors through I.P.O. are deposited in an 'escrow account', which can be used at the time of acquisition. If the acquisition is not made within 2 years of issue of the I.P.O., than the S.P.A.C. comes to end and money is returned to the investors.
An escrow account is an account in which funds are transacted by a trust through two or more partners.The trust manages the said funds until the acquisition or contracting process is completed. Upon completion of the escrow agreement, the amount is paid to the businessman.
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