Oceanhawk Acquisition II Corp just filed. It's a blank check SPAC — Cayman exempted, no target selected, no operations, no revenue. The headline: a trust account vehicle with proceeds earmarked beyond

No revenue, no operations, no chosen target — that's the whole point of a blank check. The only financial substance here is the trust account and whatever interest income it can generate. Use of proceeds: funds outside the trust or drawn from trust interest income. Standard SPAC plumbing — capital sits in trust until a business combination closes. The risk is structural, not operational: no target means no thesis yet. Investors are backing a shell and a team, with de-SPAC performance and PIPE conditions still the sector's soft spots. Bottom line: this is a pre-thesis bet. You're buying optionality on a deal that doesn't exist yet — wait for the target, the sector, and the terms before committing.

No revenue, no operations, no chosen target — that's the whole point of a blank check. The only financial substance here is the trust account and whatever interest income it can generate.