In the merger process, the target can issue more information and forward projections. In an IPO, you cannot issue forward projections. The point of the SPAC is

In the merger process, the target can issue more information and forward projections. In an IPO, you cannot issue forward projections. The point of the SPAC is to take companies public that are more forward oriented. As they are learning though, it is hard to be a publicly traded company. You still have to comply with regular SEC requirements once the merger is complete.