blank check company

(3) For purposes of paragraph (1) of this subsection, the term “blank check company” means any development stage company that is issuing a penny stock (within the meaning of section 78c(a)(51) of this title ) and that— (A) has no specific business plan or purpose; or (B) has indicated that its business plan is to merge with an unidentified company or companies.

Source

15 USC § 77g(b)(3)

---

Scoping language

None identified, default scope is assumed to be the parent (subchapter I) of this section.

---

Is this correct? or