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AIB Acquisition Corp, also known as AIB Acquisition Corporation Unit (AIBBU), is a blank check company [SPAC definition]. This means it's a company that has been set up with the purpose of raising money through an initial public offering (IPO) and then using those funds to acquire another, already existing company.
Here's a breakdown of what AIB Acquisition Corp does:
- No existing business: AIB Acquisition Corp itself doesn't have any significant operations [investing.com].
- Looking for a target: The purpose of the company is to find a business in the fintech industry to merge with, acquire its assets, or buy its shares [investing.com].
- Raising money first: Before they can do any acquisitions, they need to raise capital through an IPO. Investors who buy into the IPO are essentially betting on the management team's ability to find a good target company.
You can find more information about AIB Acquisition Corp on their website [AIB SPAC website].