The website of a company set up by three ex-Apple grandees which went public this week and attracted $150 million in funding despite making clear in the prospectus that the founders have no idea what the company will do. It’s a “special purpose acquisition company, or SPAC”. So now you know.
Update (18 March)… From Good Morning, Silicon Valley:
Steve Wozniak, co-founder of Apple and one of Acquicor’s principals has apparently put the brakes on Wheels of Zeus (WoZ), the wireless technology venture he launched in 2002. Now normally that wouldn’t be such a big deal. Companies are shutting down all the time. Problem is, WoZ’s impending demise wasn’t disclosed in Acquicor’s prospectus. And it really should have been. After all Acquicor is a special purpose acquisition company — a company formed to acquire other companies — and much of its credibility rests with the reputations of its founders. I imagine Acquicor investors would have liked to have been told that one of its principals was pulling the plug on an enterprise that might have have been one reason they invested in the first place.