Securities
Class A shares
The shares sold to the public, carrying the right to redeem for a pro-rata share of the trust.
Also written: public shares, ordinary shares
Class A shares are what public investors hold. They vote on the combination and on any extension, and they can be redeemed at trust value in connection with either.
They are described as temporary equity in the financial statements because that redemption right means the issuer cannot treat them as permanent capital.
Related terms
Redemption
A public shareholder's right to hand back shares for their pro-rata share of the trust, exercisable at a vote.
Trust per share
The trust balance divided by the public shares outstanding, which is the amount a redeeming holder receives.
Founder shares
The class of shares the sponsor buys before the IPO at nominal cost, typically 20% of the post-IPO share count.
See the term in the wild: the screener shows trust size, per-share value and deadlines for every U.S. SPAC, and each profile links to the filings the numbers came from.
Definitions describe market practice and are not investment, legal or tax advice.