Trading
Separation
The point, usually 52 days after the IPO, when units split into their component securities.
Also written: unit separation, unit split
Until separation only the unit trades. Afterwards the share and the warrant trade under their own tickers and can be bought or sold independently.
Liquidity in the components is often thin at first, and the pieces can trade at a noticeable gap to the unit.
Related terms
Unit
What a SPAC actually sells in its IPO: one share bundled with a fraction of a warrant, and sometimes a right.
Warrant
A right to buy a share at a fixed price, usually $11.50, exercisable only after a combination closes.
Class A shares
The shares sold to the public, carrying the right to redeem for a pro-rata share of the trust.
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.