You were surely on the right track, isn't easy to unravel. The SPAC public investors, 6.9M units of 1 common share and 1 warrant for $10, bailed on them, 99+% chose to redeem, leaving only the founders shares and the shares awarded in the SPAC and hardly any cash in the coffers. A SPAC wants to find a business that is "on the same level," because they're handing over shares in the combined business plus all the cash in the treasury to be used to grow the company to the owners of the private company merging in. In this case, the public investors elected not to play, meaning one of the first things this company will have to do is raise money somehow.
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