Securities
Unit
What a SPAC actually sells in its IPO: one share bundled with a fraction of a warrant, and sometimes a right.
Also written: spac unit, units
Units price at $10.00 almost without exception. Each contains one Class A share and a fraction of a redeemable warrant, commonly a half, a third or a quarter.
Units trade under a ticker ending in U or suffixed with -UN. Roughly 52 days after the IPO the components separate and begin trading on their own.
Why it matters
Only the share carries the redemption right against the trust. The warrant does not, which is why the pieces are worth studying separately once they split.
Related terms
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.
Warrant coverage
How much of a warrant comes attached to each unit, a direct read on demand at pricing.
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.