Color me skeptical and maybe one of the attorneys on HN could jump in, but solving the brain damage of an IPO reason seems like a red herring to me. SPAC could

Color me skeptical and maybe one of the attorneys on HN could jump in, but solving the brain damage of an IPO reason seems like a red herring to me. SPAC could have value in a down market, when the IPO market is closed and a company is forced to raise a down round. Ratchets would kick in and founders would lose equity. If the SPAC, after fees, is able to offer a higher valuation to the company then its best alternative, it might actually work to benefit the company. I haven't seen anyone comment about this down market scenario this past week and wondering if someone smarter than me had any thoughts?