It’s not as bad as that. SPAC investors can get their money back after the deal is announced and before the merger is consummated. Some SPACs had over 90% of s

It’s not as bad as that. SPAC investors can get their money back after the deal is announced and before the merger is consummated. Some SPACs had over 90% of such redemptions, which makes it complicated for the private company being acquired: the SPAC may appear to have, say, $300 million in cash, but when the merger is through you only have less than $30 million. Bad news for loss-making growth businesses.