Stripchat Becomes First Adult Cam Site to Launch a SPAC Yep, that's where we are with the stock market now.
By Kenny Herzog Edited by Dan Bova
If you haven't noticed, the stock market is insane. Especially recently. Between the GameStop/Robinhood fiasco, Elon Musk and other bigwigs making noise about Bitcoin and the pandemic's persistent, real-world impact on peoples economic outlooks, it has been a surreal several months on Wall Street.
But let's not overlook the surging popularity of SPACs, or special purpose acquisitions companies, also commonly referred to as blank-check companies. If you're not familiar, SPACs are glorified shell companies that exist in name only as they entice investments through an IPO and then, ultimately (assuming they succeed), use those funds to acquire larger, established companies with actual commercial operations. Think of the process as a relatively hostile takeover.
And as of today, major adult webcam sites best be on watch. Ascendant, user-driven XXX forum Stripchat (what it sounds like... and yes, that link is safe for work) has announced its intentions to launch a SPAC focused on the adult entertainment business.
Related: Sorry Reddit Investors, Memestock Doesn't Actually Help Companies
In a brief press release, the site's VP of New Media, Max Bennett, declared, "Stripchat is not only bringing sexy back, but we're also bringing sexy SPAC!"
Sure. Though he did clarify in response to an email from Entrepreneur that the SPACs "formal name will be StripSPAC Acquisition Corp," and that, alas, "regulations prevent any SPAC from announcing potential targets as it may affect the movement of the stock."
Well, you have to at least admire their naked ambition.
