A blank check company is a development stage company that has no specific business plan or purpose or has indicated its business plan is to engage in a merger or acquisition with an unidentified company or companies, other entity, or person. These companies typically involve speculative investments and often fall within the SEC’s definition of "penny stocks" or are considered "microcap stocks."

空白支票公司是处于发展阶段的公司，没有具体的商业计划或目的，或其商业计划为参与不知名公司、其他实体或人士的收购兼并。该等公司通常会参与投机性投资，属于SEC规定的“penny stocks”或被视为“microcap stocks”。

In addition, a blank check company registering for a securities offering may be subject to additional requirements for the protection of investors, including depositing most of the raised funds in an escrow account until an acquisition is agreed to and requiring shareholder approval of any identified acquisition.

此外，空白支票公司若进行证券登记，须遵守额外要求以保护投资者，包括将募集资金存托至托管账户，直至就收购事宜达成一致，以及就任何确定收购获得股东批准。

A type of blank check company is a “special purpose acquisition company,” or SPAC for short. A SPAC is created specifically to pool funds in order to finance a merger or acquisition opportunity within a set timeframe.

其中，特殊目的收购公司（SPAC）属于空白支票公司，专为集中资金而设，以便在规定时间内为收购或兼并提供资金。

参考：

www.investor.gov