Imagine the pitch: Hey investors, wanna cough up $140 million for my new company? No, I don't know what I'm going to do with it. Probably buy some other companies.
If you or I tried that, the chances of success would be low. But then, we're not Apple co-founder and beloved tech guru Steve Wozniak.
Wozniak, joined by former Apple CEO Gil Amelio and former Apple CTO Ellen Hancock, this week launched his new company, Acquicor Technology. Regulatory filings refer to Acquicor as a "blank check company," formed to acquire other technology companies.
If they don't find a company to buy, or if shareholders don't approve of Acquicor's target, the money will go back to shareholders.
Blog community response:
"They don't even need to know what they are doing, you just want to use their network, because the IPO comes with the company founding and you raise $150 Million for the three to buy any company out there."
--Oliver Thylmann - Thoughts
"The public investors pumped in $150 million even after reading the company's official filing statement saying that the founders still don't know what they will do with the new company. Overnight, the three founders became richer by $30 million. Now, isn't that an easy way to make money?!"
"What makes the offering more odd is that the executives are very busy with their own projects -- CEO Gilbert Amelio is a partner at a VC firm, while Wozniak remains president of the aforementioned Wheels of Zeus. As the company doesn't have any full-time employees, it's not clear who will be tending to the investors interests."