Then one of Cline's board members — a venture capitalist who
also ran a
SPAC — told him about CEA Acquisition, a public shell company based in Tampa that was trading on the OTC Bulletin Board.
Stellar is a blank check company,
also commonly referred to as a Special Purpose Acquisition Company, or
SPAC, formed for the purpose of entering into a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses or entities.