Which of the following is not a characteristic feature of a special purpose acquisition company (SPAC)? A blank check company that goes public for a sole purpose of merging with a private (target) company, thereby bringing the private company public. A SPAC begins when it raises funds in an IPO by issuing units at $10 per unit. The money raised in a SPAC IPO is deposited in a trust fund (escrow account) that invests in Treasury securities. A SPAC has a 2-year life span during which the sponsor must look for and complete a merger with a target company. All of the above are correct