In this transaction, investors of a private company acquire a majority of shares from a publicly listed shell company, subsequently merging it with the acquiring entity. Investment banks and financial institutions commonly utilize shell companies as vehicles to facilitate these deals. Shell companies, often simplistic in nature, can be registered with the Securities and Exchange Commission (SEC) in advance, streamlining the registration process and reducing associated costs. To finalize the merger, the private company exchanges its shares with those of the public shell, resulting in the transformation of the acquiring entity into a publicly listed company. APO stands for Alternative Public Offering, as may be the first time the operating business goes public, but not for the history of the incorporated entity.  Reverse mergers, and SPAC’s also fit in this category.