Right, designed by the banks who underwrite the IPO -- not necessarily designed by the companies themselves, hence why a SPAC can look (to those companies) like

Right, designed by the banks who underwrite the IPO -- not necessarily designed by the companies themselves, hence why a SPAC can look (to those companies) like the better option. The whole sort-of-conflict-of-interest inherent in IPOs has been fascinating for me to learn about.