The Latest Unicorn IPO Doesn't Have a Business ... Yet

Churchill Capital Corp III (NYSE: CCXX.U) successfully raised $1.1 billion in an IPO on Feb. 13. You would be forgiven if you missed the news -- the IPO didn't receive much media attention despite its status as one of the largest offers so far this year.

Churchill Capital III isn't a traditional business, it is a special purpose acquisition vehicle, or SPAC. SPACs raise money in the public market in order to buy another company -- in other words, Churchill Capital doesn't have a business, but it plans to use the $1.1 billion raised from investors to acquire one.

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Source Fool.com