Beginning in 2004 and continuing through 2006, and most likely beyond, an investment vehicle known as "special purpose acquisition corporations" (SPACs) has become a popular alternative investment strategy. Billions of dollars worth of securities have been registered with the Securities and Exchange Commission (SEC) for ultimate sale to the public through this form of registrant. This type of vehicle has been around for years in one form or the other and is commonly known as a "blank check company."
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