A SPAC is a special purpose acquisition company. A good description comes from CNBC's SPACs used to be a joke in Silicon Valley — now they’re going mainstream. Key quote:
In a SPAC, a group of investors raise money for a shell company with no underlying business. The SPAC goes public, generally at $10 per share, and then starts hunting for a company to acquire.
A new SPAC called Z-Work was recently formed that's focused on the gig economy. According to their website, they describe their ideal acquisition as having the following characteristics:
SPACs used to be somewhat rare, but there's now a SPAC frenzy going on.
What the SPAC frenzy tells us about the market and ourselves:
So it's no surprise there's a gig economy SPAC.