Global Lights Acquisition (GLAC) is a SPAC — a blank check company with no operations, no revenue, and no acquisition target. Global Lights raised $69M in its November 2023 IPO on Nasdaq, with proceeds held in a Trust Account earning interest until a deal closes or the SPAC liquidates. The company intends to focus its search on businesses in sustainable development, clean energy, and environmental infrastructure, though it can pursue any target in any industry or geography. The management team is based in Beijing with backgrounds in environmental protection, resource recycling, and water treatment, making a China-based acquisition target the most likely outcome. As a SPAC, the business model centers on the Sponsor identifying and merging with a private company to take it public. The Sponsor receives Founder Shares — roughly a 20% equity stake at near-zero cost — which only have value if a deal closes, creating an incentive to complete a transaction before the deadline. Public shareholders can redeem shares for their pro rata share of the Trust Account (~$10.05/share) if they dislike a proposed deal. Global Lights has until November 2024 to close a deal, with two optional 3-month extensions that could push the deadline to May 2025. Key risks include PRC regulatory approvals, potential VIE structure complexity for Chinese targets, deadline-driven pressure on the Sponsor, and the risk that heavy shareholder redemptions leave the combined company undercapitalized.