SPAC question

I cannot think of a different group to ask.

I was reading docs about a SPAC last night, and it came to my mind to ask why are there units, shares, and warrants in the market? When do “units” split apart into a share and a warrant?

It seemed like I found the answer, ~45 days after units are sold the owners of units can sell the warrants separate from the shares, but it didn’t seem to answer why there are “still” units in the market.

Is splitting a unit into its pieces an election one needs to make at the brokerage?

Hey, Rob,

I don’t know the answer to this. But it seems like making an election at the broker might be the answer.