Chi is a blank check company, or special purpose acquisition company (SPAC), created to merge with or acquire a private business. Chi has no operations of its own and instead holds capital in a trust to take a private company public. The sponsor, Goldenstone, is led by management with experience in real estate and food industries, and several Chi directors have professional ties to China. Chi focuses on finding acquisition targets in the artificial intelligence, green energy, and electric vehicle sectors. The business model requires Chi to close a deal before a set deadline; if Chi fails to complete a merger, Chi must return the trust funds to shareholders while the sponsor’s interests expire worthless. Chi previously agreed to merge with a payments technology firm and a fuel cell company, but both deals were terminated before closing. Management’s connections to China may limit Chi's appeal to targets outside of that region and could introduce regulatory risks. Significant shareholder redemptions have reduced the capital remaining in the trust, which means Chi will likely require third-party financing to fund a future acquisition.