The full name of SPAC is: Special Purpose Acquisition Company, special purpose acquisition company.

Its essence is a financial instrument that provides listing services for companies.

SPAC is usually formed and listed by veterans or business elites as sponsors (management teams) in the investment field. It raises funds from mutual funds, hedge funds, etc., and raises tens of millions of dollars through listing to find a high-growth company.

A "pure cash shell company" with the purpose of merging with an unlisted company without any actual business.