This requires that you and your partners put together at least the 5% of the amount you are intending to raise. Just as an example, if you intend to obtain 500 M US$, you have to put together 25 M US$ from your own sources, plus some 950 K US$ to cover the listing and legal expenses related to the process. The 25 M US$ go to an escrow account, and is invested into US Treasury Bonds until the IPO, in a manner that, in the event of failure of the IPO, the investors ("Founding Investors"), recover their money, while losing the amount of the fees.
Naturally, a SPAC has to publicly declare what kind of assets does it plan to acquire if and when the IPO has succeeded in raising the funds, as the potential investors need to see that there is a coherent and feasible project (or several), and the potential benefits of investing their money in it.The process of the creation and launching a SPAC is strictly regulated by the US financial authorities, It has to meet and accomplish a series of rules.
Please see below:
1. The Harvard Law paper that summarizes the regulations and procedures needed to create and list a SPAC. https://corpgov.law.harvard.edu/2018/07/06/special-purpose-acquisition-companies-an-introduction/
2. U.S Securities and Exchange Commission Investor Alert and Bulletins. https://www.sec.gov/oiea/investor-alerts-and-bulletins/what-you-need-know-about-spacs-investor-bulletin
3. What is SPAC ( SWOT Analytics ) Video https://www.youtube.com/watch?v=jfNFI5JhrvA
As I anticipate, this would require you to gather the "founding investors" beforehand and giving us a formal assignment to carry on with the procedures.
Qualification Criteria: Ability of the promoter to pledge 5% of the funds in U.S Treasury Bonds for a period of 20 weeks or until IPO in closed post which the money will auto revert to the promoters account.
We have the experience and contacts to put together SPAC, fulfill the processes and secure underwriting banks, legal advice and everything else required for a successful result.