Apple co-founder Steve Wozniak, along with ex-CEO Gil Amelio and ex-CTO Ellen Hancock, this week raised over US$140 million for Acquicor Technology, a company formed for the sole purpose of finding a tech firm to purchase. Ina Fried wrote for CNET that the Acquicor prospectus describes it as a "blank check company."
The company "is generally looking for opportunities created by the convergence of various Internet Protocol-based technologies," Ms. Fried wrote. She said that Acquicoris SEC filing explained that it sees Ip-based convergence as "a major catalyst for growth opportunities in the technology, multimedia and networking sectors and will lead to the development of new, agile and integrated applications, products and services."
Currently, the money raised is in a trust account, with the interest earned available for the companyis operating expenses. If Acquicor canit find a suitable company to purchase, it will refund the money to shareholders. The three founders gave themselves 18 months to "effect a business combination," they said in the filing.