What is a SPAC?
Special purpose acquisition companies (SPAC) are publicly-traded buyout companies that raise collective investment funds in the form of blind pool money, through an initial public offering (IPO), for the purpose of completing an acquisition of an existing private company, sometimes in a specified target industry such as information technology. The money raised through the IPO of an SPAC is put into a trust where it is held until the SPAC identifies a merger or acquisition opportunity to pursue with the invested funds. Shares of an SPAC are typically sold in relatively inexpensive units that include one share of common stock and a warrant conveying the right to purchase additional shares or partial shares.
Taking cue from the above, a XIII.P SPAC is an industry specific acquisition fund that we utilize to make Strategic Acquisitions in alignment with the human sub-experience we intend to EVOLVE&ENHANCE.