SPAC sponsors get essentially a free money trade when they merge with a company; usually this results in merging with sub-par companies with bad numbers (no revenue or even product usually) so investors can cash out massively without the company really needing to succeed at all

Case in point: most SPACs have fallen anywhere from 50-70% (evtol/lidar/battery companies) over the past year due to the fact that most don't have either a working product or poor numbers