Oh, yeah. The "good for the little guy" argument is that essentially anyone can buy into a SPAC before the merger goes through, whereas with an IPO, the bank on

Oh, yeah. The "good for the little guy" argument is that essentially anyone can buy into a SPAC before the merger goes through, whereas with an IPO, the bank only takes orders from big investors. Little guys have to then buy from one of those big investors, usually at higher price. SPACs typically trade at around $10 per share before the merger is announced, and most PIPE deals get the same price. So everyone is on equal footing at the start. After the merger is announced, the share price tends to rise, so little guys that get in late pay more. But they at least had the opportunity to go in at the same price as the big investors. So, from that perspective, it is more egalitarian.