Companies - special purpose vehicles - acquisitions.
A cash shell is a company whose assets are substantially, or entirely, cash or cash equivalents.
Some cash shells may have a strategy to seek an acquisition opportunity or to develop a business as a start-up.
Accordingly, there is some overlap between cash shell companies and Special Purpose Acquisition Companies (SPACs).
(Source - Financial Conduct Authority - Primary Market Technical Note 420 - updated August 2021)