In a traditional IPO, you go to the banks and they arrange a road show for you to talk to investors. Then everyone negotiates how much stock they want at what p

In a traditional IPO, you go to the banks and they arrange a road show for you to talk to investors. Then everyone negotiates how much stock they want at what price. The company doesn't find out how much it will sell or its valuation until the night before the IPO! And if it fails, it is massively embarrassing and damaging to the company With a SPAC, all the negotiations take place privately, and when they're done, the company knows exactly what they're selling and at what price.