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  "documentTitle": "Merging with SPAC",
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  "authorName": "Mayer Brown, PwC",
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      "kind": "list",
      "text": "Not all SPACs are the same; Some are focused on a particular industry or geography, while others have no such mandate",
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      "text": "To compensate for illiquidity, SPACs offer investors units; Units consist of common stock and whole or fractional warrants; Warrants typically are priced \"out of the money\"; Shortly following IPO, common stock and warrants trade separately",
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      "kind": "list",
      "text": "Post IPO, SPACs place 100% of their IPO proceeds in an interest-bearing trust account; Objective is to complete an acquisition; Obligation to redeem investors under certain circumstances",
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      "text": "How does a SPAC work? (cont'd)",
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