blank check company

blank check company
USA
A company that meets the following criteria:
• It is a development stage company that has no specific business plan or purpose or has indicated that its business plan is to engage in a merger or acquisition with an unidentified company or companies, or other entity or person.
• It is issuing penny stock.
See Rule 419 under the Securities Act.

Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

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