Spats, as they're known, are pools of cash raised from public investors with the intention of later buying a company.

And in the past several months, the targets of many of these blank check companies are being referred to as pre revenue or in layman's terms.

That means backs are buying companies that don't have any revenue.

Yet many of these companies are in high growth areas, such as electric vehicles and payment systems, and so they're using projections to tell their story to investors.

And they have all the appropriate caveats and fair warnings and disclosures.

Investors know very well what they're getting into, and many of them are very sophisticated.

But it differs from traditional initial public offerings, where companies that Onley have a strong track record of booking revenue typically, But they are also very apprehensive to say anything about their futures.

Companies being bought by specs are partly emboldened because they have established filings with the SEC.

I'll be it.

Those filings are really just from the shell company themselves, but this technically gives them protection under safe harbor provisions.

These provisions allow for executives to make forward looking statements about their companies so long as they're making them to investors in good faith.

But they're really only protected if they have this established record filings with the SEC.

And at least one case, the use of these projections at a company bought bias back is being litigated, so the technicality could come under scrutiny later.

But for now, the company is being bought by specs are letting their projections fly, Yeah.