It seems like the gist of it is that taking a startup public is a pain in the ass on account of regulatory complexity, so you just create a shell company with a

It seems like the gist of it is that taking a startup public is a pain in the ass on account of regulatory complexity, so you just create a shell company with a charter that says that if it goes public with enough money it will buy your startup in a private transaction. Then you IPO your shell company, which is easy because it has no operations. If it raises enough money you sell your startup to it, and if not you return the money to the shareholders.