No, its mutually exclusive. A SPAC can transform any private company into a public company. They take VC backed companies public, they take newly formed pre-r

No, its mutually exclusive. A SPAC can transform any private company into a public company. They take VC backed companies public, they take newly formed pre-revenue companies public, they take previously public companies public, they merge with public companies, it does not matter. Its just a reverse merger with a specific structure and formula.