 Its not too often that Im asked whether investors should buy the stock of a company that doesnt even have a product - and probably wont be around much longer. But thats where we are with Graf Industrial NYSE:GRAF. GRAF stock has been getting a lot of attention lately.Source: Shutterstock No doubt, there are special circumstances in play here.Graf is whats known as a special purpose acquisition company SPAC. These so-called blank-check companies have no operations at all but are created in the short term with the plans to merge with a private enterprise to take it public.InvestorPlace - Stock Market News, Stock Advice Trading TipsAccording to SPACInsider, 43 SPACs have gone the IPO route so far this year, and 59 companies did so last year, including sports betting site DraftKings NASDAQ:DKNG and Richard Bransons effort to privatize space flight with Virgin Galactic NYSE:SPCE. 15 Growth Stocks That Are Being Propped Up By Low Rates Graf raised 225 million in its IPO in 2018. Things got a little interesting in mid-April, when Graf issued a news release announcing it was negotiating with a polypropylene recycling company to take it public.The company was later identified as PureCycle Technologies. Graf spoke glowingly about what it called a groundbreaking recycling process that separates contaminants from plastic waste to transform into virgin-like resin.If you read the materials, you would think that Graf was all-in on plastics recycling and that the company had a true passion for green efforts that made its collaboration with PureCycle a natural fit.But the deal fell apart. Just a month after Grafs announcement, PureCycle was celebrating a new partnership it signed with Total NYSE:TOT. Thats a deal that actually makes sense because both PureCycle and Total are in the plastics business.And like a spurned lover, Graf went off looking for a new suitor. Now its found one. A Cloer Look at GRAF StockThe new company thats caught Grafs wandering eye is Velodyne Lidar, which is a pioneer in driver-assistance technology that is already backed by Ford NYSE:F, Baidu NASDAQ:BIDU and Nikon OTCMKTS:NINOY.The companies announced their partnership on July 2, in which Velodyne will emerge as a wholly-owned subsidiary. After the deal closes in the third quarter of this ear, Graf would be renamed Velodyne Lidar and be listed on the New York Stock Exchange with the ticker VLDR.Velodyne founder David Hall and its initial investors will retain an equity interest of 83 in the new company, which is expected to have an initial market cap of 1.8 billion.Velodyne is best known for making radar-like systems for self-driving vehicles. The technology, known as lidar, involves using lasers to generate 3-D images of the environment, and is already used by Ford and Mercedes-Benz.Velodyne CEO Anand Gopalan said the Graf deal will pay off for investors.Partnering with Graf Industrial will provide the opportunity to enhance our leading position in the lidar and sensor markets broadly around the world, creating new and exciting opportunities for our customers and employees. We will continue to focus on executing our strategic plan to deliver strong and disciplined growth, while realizing attractivThe Vale returns through prudent capital management.Graf stock, which was at around 10 per share six weeks ago, is now around 17.50. The Bottom Line on Graf StockThe self-driving vehicle business is certainly more attractive than plastic recycling. And its a lucrative business.Marketwatch reports that the self-driving car market is expected to expand by a compound annual growth rate of 36 through 2023, resulting in revenue of 173 billion.Theres no doubt that Velodyne will be an interesting business when it launches, but Im also confident that theres no value to be made between now and when the deal launches and VLDR stock hits the exchange.For now, investors are advised to sit this one out. VLDR is a name to watch when we head into the fourth quarter.Patrick Sanders is a freelance writer and editor in Maryland, and from 2015 to 2019 was head of the investment advice section at U.S. News World Report. Follow him on Twitter at 1patricksanders. As of this writing, he did not hold a position in any of the aforementioned securities. More From InvestorPlace Why Everyone Is Investing in 5G All WRONG Americas 1 Stock Picker Reveals His Next 1,000 Winner Revolutionary Tech Behind 5G Rollout Is Being Pioneered By This 1 Company Radical New Battery Could Dismantle Oil Markets The post When It Comes to Graf Stock, the Real Value Already Is Priced In appeared first on InvestorPlace. 