Well, I agree to an extent, these are simply OTC shells, not necessarily SPACs. SPACs raise funds through a 'blind pool', they take those blind pool funds and put them into a trust account, until they can find an acquisition target, and then use those funds to purchase said company.....however, the concept is somewhat similar, as you say, they are bought based on the future...or what could be...not necessarily what is at that current time.
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