That's not really true though. The SPAC needs to file an S-4 before the deSPAC (the merger), which informs investors in minute detail about the target company a

That's not really true though. The SPAC needs to file an S-4 before the deSPAC (the merger), which informs investors in minute detail about the target company and the merger deal. I don't know exactly how it compares to an S-1, but it's extremely comprehensive. The biggest difference I can see is that a traditional IPO can't succeed without getting institutional investors onboard, and there are strict guidelines about what can be pitched to them. The negotiations between a SPAC and its target company are much less constrained. I'm not an expert in this, so I'm probably wrong on some of the details, but my company is undergoing a SPAC merger, so I've tried to inform myself on how it works.