Giant Oak is a blank check company, or special purpose acquisition company (SPAC), formed to raise capital through an initial public offering and execute a merger, share exchange, asset acquisition, or similar business combination with an operating business. Giant Oak maintains no commercial operations, sells no products, and generates no operating revenue. Giant Oak targets established middle-market companies with positive cash flow and experienced management teams that seek a public listing. Because the company's management and sponsor have significant ties to China, Giant Oak focuses its acquisition efforts primarily on China-based operating businesses. Under its business model, investor funds from the initial public offering are held in a trust account while management identifies a target. If Giant Oak completes a transaction within its specified timeframe, it combines with the target business and lists the combined entity on Nasdaq. If Giant Oak fails to close a transaction within the allowed timeframe, the capital held in trust is liquidated and returned to public shareholders.