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> Details: BuzzFeed said in an SEC filing following the vote, “the transaction is expected to raise at least $166.2 million," with about $150 million coming from convertible debt financing and $16.2 million from investor cash.

>That $16.2 million of investor cash is 94% less than the $287.5 million the SPAC raised in its IPO in January.

Big oof. The SPAC investors hate the deal and mostly pulled their money out of it.

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This is pretty standard these days, right? The people who invest in SPACs aren't actually interested in owning the target company medium-term. But someone else is willing to put up the money, so that's fine.

SPACs are not currently primarily a vehicle for raising capital, they're an alternative method for companies to go public. They have different (generally lower) regulatory requirements than an IPO, and different (probably about the same) costs in fees to the company.

Plenty of SPACs announce a merger and the stock price goes up. You don’t see much/any redemption in a case like that—why redeem a share for $10 when I can just sell it for $30?

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