Many start-ups don't have profits when they go public. Some don't even have any significant revenue to speak of. But Acquicor took things a step further. It didn't even have a business.
The company, launched by three former Apple executives, was what's known as a blank-check company. Rather than have a business plan, such firms instead ask investors to bet on their management's track record, in this case that of former Apple CEO Gil Amelio, company co-founder Steve Wozniak, and former CTO Ellen Hancock.
Still, that was enough to land the company more than $160 million in a stock offering. … Read more