IPO – SPAC raises cash and begins trading as a unit. The cash is placed in Trust.
Searching phase – After IPO, the SPAC management team looks for a company to merge with. This is typically 24 months but can be shorter depending on the SPAC
A company as powerful as @facebook should be subject to proper scrutiny. Mike Schroepfer, its CTO, told us that the buck stops with Mark Zuckerberg on the Cambridge Analytica scandal, which is why he should come and answer our questions @DamianCollins @IanCLucas pic.twitter.com/0H4VMhtIFu
— Digital, Culture, Media and Sport Committee (@CommonsCMS) May 23, 2018