An open baffle speaker is any speaker that projects sound equally in two directions, to the front and back.
This diagram, from Wikipedia, shows this. They radiate sound in a figure 8 pattern.
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The sound coming from the rear is out-of-phase with the sound coming from the front. If this rear wave bounces off a wall, it's reflection will project forward in-phase with the speaker's front wave. This can sound good, but it requires careful room placement of both the speakers and the listener. It can be difficult and frustrating for an owner to get this right. If you listen while off to the side of a dipole, 90° off-axis, the bass sound of the front and rear wave cancel each other, resulting in very little sound. This can sound disturbingly odd, or it can help eliminate unwanted reflections from side walls.
Because dipole speaker radiate sound equally in two directions, they are less sensitive than monopole speakers that radiate only forwards. Often, this can be somewhat improved with equalization. Linkwitz's dipole designs were well known for carefully done equalization that resulted in very good sound. Still, these speakers required careful room placement to sound good. I've heard dipoles that I do like, but I've never wanted to try to deal with their disadvantages in my family room.