Santo doesn't fit the SPAC template. A SPAC is a new shell with no business but a mountain of cash - it raises the cash by selling shares, with the stated intention of buying a private company (a "unicorn") which is ready, even overdue for going public, but doesn't want the hastle of doing the IPO registration. The unicorn owners sell their viable business to the SPAC and its shareholders, for the cash the SPAC is offering (because it HAS cash..).
Santo is 8.6 billion shares already sold, mostly over 3 years ago, mostly raising less than $0.001 per share, on a string of "buzzword promises" - Frankie (our beloved leader (snort)) was gonna "market energy drinks".."licence the drink recipes".."sell wine and cigars in Vietnam".."sell ConEx boxes converted to weed growhouses".."mine Bitcoin".."develop blockchain applications".."sell a cryptocurrency-wallet-on-a-plastic-card (Asama, Asamacura ?)".."facilitate weed authenticity/traceability with blockchain enabled smart labels".."sell "collectible" blockchain enabled geocaching bandanas ("Skullys")".."Reinvent Bahamas gov't currency as a crypto".."provide blockchain consulting"..... with ZERO TANGIBLE PROGRESS OR MARKET TRACTION for any of these schemes. Instead, the money already raised (my guess, about 10 million) has gone to Frankie, and allowed him to pay his bills and live a globetrotter lifestyle WITHOUT HAVING TO ACTUALLY DO any of the work to make any of those schemes into an actual business.
Santo can't be a SPAC because it can't afford something like AirBNB, Eventbrite, Menards, LEGO Corp. etc... our problem is that Frankie burned/stole all the cash - our shares-for-sale represent nothing BUT the shares themselves.
