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Oh. Well at that point they're no longer a SPAC, right? This same scenario of almost being broke can apply to startups and recently IPO'd companies too. Really any small company in practice.

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Yes, but the goal with SPACs was to allow these kind of companies to go public without following the due diligence process of a regular IPO.

Technically yes, but oftentimes companies that were taken public via a de-SPAC merger are still referred to as SPACs in the media.

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