I. SPAC and de-spac Background – A special purpose acquisition company, or SPAC, is a public company with no operations, products, or assets. Unlike a traditional public company's initial public offering (ipo), a SPAC's primary function is to raise capital that is deposited into a trust account and to seek out and combine with a private operating company to take that private company public, avoiding the traditional ipo process for the private company…
Source: The Modern De-SPAC and a Way Forward