blank-check company

blank-check company
 n.— «One niche in which the company already leads are officially called a Special Purpose Acquisition Corporation (SPAC). In everyday parlance, they’re known as blank-check companies. What are those? Back in ancient times—notably the dot-com era of the 20th century—entrepreneurs came up with a dream and sold it to the eager public through an initial public offering of stock, sometimes before they had profits or even revenue. That’s old school. New school in this, the 21st century, is having an IPO for a SPAC. They have no profits and no revenue. In fact, they don’t even know what they’re going to spend their money on—hence the name “blank check.”» —“A new player in investment banking” by John Dorschner Miami Herald (Florida) Nov. 5, 2006. (source: Double-Tongued Dictionary)