I read that the timeline for a SPAC company is 24 months. If it didn't complete an acquisition, it will be dissolved. So, if I see a random stock chart and found that it has a value (was listed) for more than two years, does this mean it is certainly not a SPAC?

Example stock chart

  • The stock shown in the chart is Sirius XM Holdings Inc. (NADSAQ: SIRI). It is not a SPAC.
    – Flux
    Aug 1 '21 at 9:09

Are there any SPAC stocks that have been in the stock market for more than two years and is still a SPAC?

This depends on the jurisdiction. The rules are typically specified by stock exchanges and/or by securities regulators.

In the USA, SPACs listed on the NYSE and the NASDAQ must complete their de-SPAC transaction within 36 months. Individual SPAC charters may specify a shorter time period (e.g. 18 months or 24 months), but these shorter time periods can typically be extended through a shareholder vote, or through an automatic extension specified in the SPAC's charter. An example of an automatic extension is a +6 months extension when the SPAC obtains a definite agreement or letter of intent for merger. The total time period (inclusive of whatever extensions) must not exceed 36 months.


  • NYSE Listed Company Manual — 102.06 Minimum Numerical Standards - Acquisition Companies

    e. the AC will be liquidated if no Business Combination has been consummated within a specified time period not to exceed three years. The Exchange will promptly commence delisting procedures with respect to any AC that fails to consummate its Business Combination within (i) the time period specified by its constitutive documents or by contract or (ii) three years, whichever is shorter; and

  • NASDAQ Rulebook — IM-5101-2. Listing of Companies Whose Business Plan is to Complete One or More Acquisitions

    (b) Within 36 months of the effectiveness of its IPO registration statement, or such shorter period that the company specifies in its registration statement, the Company must complete one or more business combinations having an aggregate fair market value of at least 80% of the value of the deposit account (excluding any deferred underwriters fees and taxes payable on the income earned on the deposit account) at the time of the agreement to enter into the initial combination.

  • "Some SPACs automatically extend their short time period after obtaining a definite agreement or letter of intent for merger."> extend after 3 years or automatically extend a 18/24 months to at most 36 months ?
    – huab
    Aug 1 '21 at 20:30
  • 1
    @huab Please refer to the edits.
    – Flux
    Aug 1 '21 at 21:02
  • I found a SPAC (NKLA) which IPO date was june, 4, 2020.. but its chart shows first price on june, 13, 2018 (more than 3 years).. how is this?
    – huab
    Aug 3 '21 at 19:52
  • 1
    @huab VectoIQ Acquisition Corporation's units began trading on 2018-05-16 under ticker VTIQU on the NASDAQ. The common stock (VTIQ) and warrant (VTIQW) were listed some time later. VectoIQ Acquisition Corporation merged with Nikola Corporation in June 2020 (which is well within 3 years), and the VTIQ ticker was changed to NKLA. NKLA is not a SPAC, since the merger has already happened.
    – Flux
    Aug 3 '21 at 20:59
  • 1
    @huab Yes. VectoIQ Acquisition Corporation was a SPAC, but the present-day Nikola Corporation (a combination of VectoIQ Acquisition Corporation and Nikola Corporation) is not a SPAC.
    – Flux
    Aug 3 '21 at 21:37

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