According to The Guardian, the newly announced Trump Media & Technology Group, or TMTG, has been in collaboration with a company called Digital World Acquisition Corporation, which is a blank-check acquisition firm. But what is a blank-check acquisition firm?

“Blank-check companies like Digital World, also called special purpose acquisition companies, or SPACs, sell their shares to investors first and then go looking for a business to merge with. They aren’t supposed to have a deal lined up before selling shares,” says The New York Times.

Regulators from the SEC are now investigating documents related to TMTG, but have stated that this investigation has not been prompted by a violation of the law.