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A New Way to Go Public

"Blank checks" make going public more palatable.

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This story appears in the September 2006 issue of Entrepreneur. Subscribe »

It's no secret that taking your company public has become increasingly difficult in recent years, but blank check , also called Special Purpose Acquisition Companies, may crack open the IPO window for growing companies once again.

A is a newly formed, publicly held company with no operations and no revenue. It is created for the sole purpose of acquiring an operating company. Most of the time, the acquired company receives both capital and publicly traded stock.

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