To anyone who wants to play in this sandbox, we can only say: “Good luck, suckers.”: Let’s start with first principles. SPACs, or special purpose acquisition companies, are shell companies that collect funds from investors on Wall Street on the expectation that they’ll find a private company to merge into within a given period of time, usually 24 months. The wrinkle is that the SPAC doesn’t have a target in mind at the outset, so these are the blindest of blind pools.