Tax Treatment of SPAC Sponsors https://www.bdo.com/insights/tax/federal-tax/important-tax-issues-when-navigating-a-spac-transa The timing of the issuance of the founders shares should be carefully planned to avoid undesirable tax consequences for the sponsors. Well, there you have it. Exactly what I have been saying from the start. (Sponsor shares don't apply to me anymore though)