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>So I looked it up and basically it looks like they acquired a company which was ALREADY listed on NASDAQ then renamed it Not just any company, a Spac. Special
by stu2b50 6y ago
>So I looked it up and basically it looks like they acquired a company which was ALREADY listed on NASDAQ then renamed it
Not just any company, a Spac. Special purpose acquisition company. That's their purpose, they're not actually companies, but blank check investment vehicles.
It's a way to go public without an IPO. And unlike reverse mergers with actual companies spacs are clean since they're shell companies.
They're neither shady nor unusual, though.
- glangdale 6y agoReverse Takeovers (RTOs) are super-common in Australia. A lot of broken mining companies whose exploration came up blank wind up sitting around still with a symbol on the ASX. This is used as an easy way to list - although the prognosis is not normally good (i.e. anyone evading the scrutiny of a listing starts a bit behind the 8-ball). Given how expensive and complex listing is, it's not the worst thing in the world.