In the last year, there has been an unprecedented surge of special purpose acquisition company (SPAC) formations. This has attracted a lot of attention to the SPAC space, from the sponsor side (traditional private equity firms, athletes, and celebrities) to the investor side (hedge funds and retail traders). Vast sums of capital and new found popularity have attracted private companies looking for potential exits or additional sources of capital. In addition, the Securities and Exchange Commission (SEC) recently expressed a strong interest in these vehicles.