Special Purpose Acquisition Companies (SPACs) are essentially blank check companies with the backing of sophisticated institutional investors. SPACs raise money through an IPO solely to acquire another company.
GigCapital2 to merge with two telehealth firms in $1.35 billion deal
Blank-check acquisition company GigCapital2 Inc has agreed to merge with UpHealth Holdings Inc and Cloudbreak Health LLC to create a digital healthcare company valued at $1.35 billion, the companies said on Monday.