The deal
Minimum cash condition
A closing condition requiring a floor of cash to survive redemptions, and a common reason deals collapse.
Targets insist on a minimum amount of cash at closing. If redemptions take the combined trust and PIPE below that figure, the target can walk away.
Waivers are frequent, and a waived minimum cash condition tends to mean the target has accepted far less money than it planned for.
Related terms
Redemption
A public shareholder's right to hand back shares for their pro-rata share of the trust, exercisable at a vote.
PIPE
A private placement raised alongside the combination to replace cash lost to redemptions and validate the price.
Business combination
The merger that turns the shell and a private company into one listed operating business.
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.