Before the merger goes through the stock price has a floor of $10. Typically the SPAC will IPO and start looking for a deal, this takes around 1-1.5 year. Durin

Before the merger goes through the stock price has a floor of $10. Typically the SPAC will IPO and start looking for a deal, this takes around 1-1.5 year. During that time the stock will be trading at around $10. When a deal is announced it typically takes 3-6 months for the merger to complete. The floor is still in place during that time. After the merger goes through the floor disappears and it starts trading like a normal stock.