The trust
Trust per share
The trust balance divided by the public shares outstanding, which is the amount a redeeming holder receives.
Also written: trust value per share, redemption value, cash in trust per share
Trust per share starts at or slightly above the $10.00 unit price and rises as the trust earns interest. Sponsor contributions made to buy extra time raise it further.
It is disclosed in quarterly and annual reports and in every proxy that opens a redemption window. Because redemptions shrink the trust and the share count together, the per-share figure is far more stable than the headline balance.
Why it matters
This is the redemption floor. The gap between it and the market price is the entire pre-deal trade: a discount pays you to carry deadline risk, a premium means you are paying for the deal rather than the cash.
Related terms
Trust account
The segregated account holding the IPO proceeds, invested in short-dated government securities and released only on a closing or a liquidation.
Redemption
A public shareholder's right to hand back shares for their pro-rata share of the trust, exercisable at a vote.
Premium or discount to trust
The difference between the market price and the trust per share, expressed as a percentage.
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.