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| From 8K 5/2020 ITEM 5.02 | DEPARTURE OF CERTAIN OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS |
On May 5, 2020, William J. Caragol resigned from his position as the Chief Financial Officer of the Company effective immediately. The Company expects that Mr. Caragol will remain available to provide certain consulting services to the Company as needed. Mr. Patrizio, the Company’s Chief Executive Officer will assume the role of interim Chief Financial Officer until such time as a replacement can be appointed.
On May 5, 2020, Kenneth Mathews resigned from his positions as Director, Secretary and Treasurer of the Company effective immediately. On May 5, 2020, R. Scott Williams resigned from his position as Director of the Company effective immediately. As a result of these resignations, Mr. Patrizio is the sole director of the Company.
The Company has not been advised that these resignations are due to any disagreements with the Company’s policies, operations or practices.
Paul's LinkedIn Profie https://www.linkedin.com/public-profile/in/paul-patrizio-6a1a0245?challengeId=AQGt1UGq9bkxPgAAAXc7ss2MBZbLs0D6ThBkC6-tDni3LC8n77b1vPouvPGy4oumCQ621IBiid7VIS8PIKbjiyDtaL4zrFC4mQ&submissionId=af1775ff-ac9a-5d16-f848-07d9b455f73a
He has an active interest in SPAC and is part of the SPAC Opportunities group according to his LinkedIn Profile.
What is SPAC (Special Purpose Acquisition Company)?
https://www.investopedia.com/terms/s/spac.asp
Excerpt from link
What Is a Special Purpose Acquisition Company (SPAC)?
A special purpose acquisition company (SPAC) is a company with no commercial operations that is formed strictly to raise capital through an initial public offering (IPO) for the purpose of acquiring an existing company. Also known as "blank check companies," SPACs have been around for decades. In recent years, they've become more popular, attracting big-name underwriters and investors and raising a record amount of IPO money in 2019. In 2020, as of the beginning of August, more than 50 SPACs have been formed in the U.S. which have raised some $21.5 billion.
KEY TAKEAWAYS
- A special purpose acquisition company is formed to raise money through an initial public offering to buy another company.
At the time of their IPOs, SPACs have no existing business operations or even stated targets for acquisition.
Investors in SPACs can range from well-known private equity funds to the general public.
SPACs have two years to complete an acquisition or they must return their funds to investors.
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