Also in case 1, of a sale, you can issue additional warrants to “friends” and key “investors” as an incentive. Which further dilutes the actual post merger equi

Also in case 1, of a sale, you can issue additional warrants to “friends” and key “investors” as an incentive. Which further dilutes the actual post merger equity pool that everyone is buying in to. SPACs are free money for early investors at the cost of everyone else whos too small to get sweetheart terms or actually sticks with the equities.