Step 1: Prospective
manager sets up SPAC
Step 2: SPAC Manager
sorts out details, in
particular fee structure
and underwriters
Step 3: SPAC Manager
markets to investors
who buy units in the
company
Step 4: SPAC Manager
lists their company on
the Stock Market
Step 5: SPAC Manager
researches the market
to find a Target
Acquisition
Step 6: Investors vote
to buy company or
not, new investors may
join (PIPE)
Step 7: If successful,
the company is
bought.
Step 8: Company
merges with SPAC and
lists on the market
Step 9: SPAC Manager
remains with company
to provide advice