I don't really understand SPACs. Is there a good article explaining what they do and why you take them instead of going public directly. And what happens to those SPAC shares now if you bought some?
Plenty of material on SPACs online, but per your question, the shares of the spac (SRNG) convert to the target (DNA). If you had units (SRNGU), you also got 1 share (DNA) + 1/5 warrant (DNA.W) per unit.
Yeah, absolutely. Especially when in comparison with current IPOs. Their listings end up being "take the publicly stated IPO price, pick a random multiple between 1x and 3x, and that's what we'll actually drop onto the market at some unknown period of time during the day". Of course some people aren't happy about the SPAC structure - how else would they make their money?
