A "reverse takeover" - a type of merger that private companies use to become publicly traded without having to resort to the expense of an IPO (initial public offering). Initially, the private company purchases enough shares to control a publicly traded company. The private company's shareholders then use its shares in the private company to exchange for shares in the public company. At this point, the private company has effectively become publicly traded. Also known as a "reverse merger" or a "reverse IPO".

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