It could also be that they just saw no reason to enrich a set of insiders and saw a SPAC as a way to stick it to the man.
A SPAC is the ultimate way to enrich a set of insiders...The SPAC initiators get to buy additional shares of the SPAC at discount prices that other SPAC investors don't have access to. And unlike with a traditional IPO, the targets don't have to disclose those arrangements or other sweetheart details that the target executives receive as part of the acquisition. Another big consideration for a SPAC is that executives get to sell their post-acq stock immediately, while normal employees are still subject to a lock-up period to "protect" the stock price from downward pressure.
A SPAC is the ultimate way to enrich a set of insiders...The SPAC initiators get to buy additional shares of the SPAC at discount prices that other SPAC investors don't have access to. And unlike with a traditional IPO, the targets don't have to disclose those arrangements or other sweetheart details that the target executives receive as part of the acquisition. Another big consideration for a SPAC is that executives get to sell their post-acq stock immediately, while normal employees are still subject to a lock-up period to "protect" the stock price from downward pressure.