Special Purpose Acquisition Company - SPAC

It is, more or less, a Blank Check Company. A SPAC usually happens in real life when there's an industry in crisis, or a fractious set of competitors who are all nickel-and-diming each other to death. The SPAC then comes in and, more or less, buys "everyone" in that vertical group or industry, fixes operations a bit, raises prices, and blammo, they're in the black. See: Leveraged Buyout.

A SPAC is usually all equity, then subsequently layers on small amounts of debt. Like...a SPAC is formed to buy small motels all along a newly populous trucking route, delivering battery supplies to the new Tesla Factory. The motels are run-down, crappy, without WiFi, and they need sprucing up. So...for not all that much money, one operator can buy, say, 23 motels all along the same route, fix 'em, and have that excuse to raise prices. Then, subsequently, if they want to buy more motels, they can usually get a line of credit or straight debt, just based on what is likely very positive cash flow from those stayovers.

They'll keep the light on for ya (and charge you for it).