A special purpose acquisition company (SPAC) is a shell company with no business operations of its own. A SPAC raises money in an IPO, then searches for a company to acquire. Once the SPAC identifies and merges with a target, the combined firm usually takes the name of the target.

The use of a SPAC makes the IPO process easier. This is because a SPAC does not need to make extensive disclosures when it goes public because the SPAC has no operating history.

Here's a link to the Form S-1 registration statement for GS Acquisition Holdings (the SPAC mentioned in the video): https://www.sec.gov/Archives/edgar/da...

GS Acquisition Holdings merged with Vertiv, a company that manufactures equipment for data centers. The combined company is called Vertiv Holdings.—
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