介紹 SPAC 的文章滿多的，但都偏重於 SPAC 機制對『想要上市的公司』的影響，本系列文章試圖站在『投資人(散戶)的角度』去了解 SPAC 機制，並進一步討論利用 SPAC 機制獲利的可能性；內文將試著盡量把一些基本介紹打散、再與實務面重組，單看一篇可能會有點混亂，但是如果把整個系列讀完，希望能帶給讀者豁然開朗的感覺；內容希望可以涵蓋 SPAC 的基本機制，以及實際投資 SPAC 會遇到的一些疑問，跟如何利用現在的投資環境提高投資 SPAC 的勝率；不過，因為涉及很多 SEC 文件的內容，受限於英文能力的不足，如果翻譯或者是解釋有誤，還請指正。
總共會有六篇：
1. SPAC 的基本機制：一個信託帳戶、兩次 IPO 機會以及三個退場機制，並與傳統 IPO 上市的比較。
2. SPAC 的六大階段：SPAC 的 Pre-IPO、SPAC 本身的 IPO、找尋併購標的、確定併購標的、併購標的後的 IPO、以及合併完成與重回基本面。
3. SPAC 上市的範例：以 IPOB -> OPEN 為例。
4. 如何找到 SPAC 標的：善用 SPACTRACK。
5. 深入探討：Bill Ackman 的 PSTH 《設計 I》。
6. 深入探討：Bill Ackman 的 PSTH 《設計 II》。
中文資料都大同小異，也不能解決部分的疑惑，所以只好去找英文資料。
這篇哈佛的文章是目前看到最完整的一篇介紹。
目前只看到優點（深怕自己有盲點，歡迎大家打臉），覺得對一般的小散戶而言，應該是適合短期投資、小賭怡情的一個選擇，只要有點耐心，也不要太貪心，然後多點心思，應該有機會在半年內賺到至少 30% 的報酬率，當然前提是低利率、熱錢持續；
優點摘要整理如下：
- 有兩次 IPO 的機會 — < SPAC 本身的 IPO>與< SPAC 併購(或者是說合併比較適合)其他間公司的 IPO>。
- 資金具保障，且有三種不同的退場機制。
- 套牢的時間，即時間成本與資金成本，最長兩年；在熱錢氾濫的現在，有機會縮短至三個月至六個月。
- 只要不貪心，應該可以在別人被割韭菜的時候，及早脫身；不過，目前市場都覺得 SPAC 上市很好賺了，所以獲利脫身的成本會被墊高，風險報酬率將被提升。
R 大認為，投資 SPAC 的風險過高，不如去找 Angel List 來投資；但筆者覺得，Angel List 要靠散戶自己找投資標的、投入資金的門檻比較高，加上不確定何時會上市（獲利了結），相對於 SPAC 是由專業團隊尋找上市標的、每股最低可以 10 美元進場，以及最長兩年內就可以知道投資結果（上市或沒辦法上市），感覺 SPCA 還是 CP 值比較高的方式。
風險：
很剛好的，在第五篇提到的 SBE 原訂於 2021 年 02月 11 日的特別股東會已經延期到 2021 年 02月 25 日，新聞稿的原因（透明度不足）如下，似乎是股東的投票不夠踴躍，而這更凸顯出顯得第五篇跟第六篇的主角-PSTH 的難能可貴；另外，SBE 是在 2019 年上市的，24 個月期限快到了，很有可能投資人真的會拿回十塊（第一篇的<退場機制 2>），為了避免找到大限將至的 SPAC，建議可以善用第四篇的 SPACTRACK 的排序功能。
8-K Current Report
Item 8.01. Other Events.
On February 11, 2021, Switchback Energy Acquisition Corporation (“Switchback”) issued a press release announcing that it has convened and then adjourned, without conducting any business, its virtual Special Meeting of Stockholders (the “Special Meeting”) relating to the proposed business combination and related transactions (the “Proposed Transactions”) with ChargePoint, Inc. (the “Company”), and will reconvene such Special Meeting at 10:00 a.m., Eastern time, on February 25, 2021.
The press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and incorporated herein by reference.
相關的新聞稿如下：
Dallas, Texas, Feb. 11, 2021 (GLOBE NEWSWIRE) — Switchback Energy Acquisition Corporation (NYSE: SBE) (“Switchback”) today announced that it convened and then adjourned, without conducting any other business, its virtual Special Meeting of Stockholders to February 25, 2021 at 10:00 a.m., Eastern time (the “Special Meeting”), to allow for more time for stockholders to vote their shares to reach the required quorum and approve the required proposals. The Special Meeting is being held to consider the proposed business combination (the “Business Combination”) between Switchback and ChargePoint, Inc. (“ChargePoint”), and the related proposals, as described in Switchback’s definitive proxy statement/prospectus/consent solicitation statement, dated January 8, 2021 (the “Registration Statement”). The Special Meeting will be held via live webcast at https://www.cstproxy.com/switchbackenergy/sm2021.
Switchback has received overwhelming support for the Business Combination. At the time the Special Meeting was convened, approximately 99.9% of the proxies received had been voted in favor of the transaction. However, since holders of approximately 45% of the outstanding shares submitted proxies to vote, the necessary quorum of a majority of the outstanding shares was not present. Switchback requests that any investor who held shares of stock in Switchback as of the close of business on December 16, 2020 and has not yet voted do so as soon as possible in order to avoid additional delays.
【深入探討】 Bill Ackman 的 PSTH
在上篇文章的結尾部分，筆者先用 SpacTrack 找出 PSTH，再利用其表格，對 PSTH 有一些基本的了解；接著，本篇文章將以 CNBC 文章與發行書（PROSPECTUS）互相搭配，進一步來探究 PSTH 特別之處；
在 CNBC 這篇文章中提到， PSTH 有兩個與眾不同的設計 ：
《設計 I》認股權證：PSTH 擁有 （A-2）可分配唐提式可贖回認股權證（Distributable Tontine Redeemable Warrants），可提高合併上市的機會；將在《第五篇》介紹。
《設計 II》發起人機制：更重要的是，為消除市場疑慮，發起人股份（Founder Shares 或 Sponsor Shares）也經過特別的設計，試圖減少發起人( Sponsor )的暴利，並讓發起人與散戶的利益達成一致；將在《第六篇》介紹。
《第五篇》與《第六篇》將分別討論《設計 I》與《設計 II》；各篇將分為上下半部；上半部都先以《第四篇》中的兩檔 SPAC （（1）IPOB 與（2） BTN），以及（3）SBE 為主，下半部才會回到 PSTH 本身的認股權證與發起人機制。
CNBC 還提到很多關於 PSTH 值得留意的細節，當然更完整的內容還是會在 SEC 的文件 — PROSPECTUS （424B4）裡，雖然台灣投資人交易認股權證的機會不大，但筆者認為仍值得花時間了解一下。
在 PROSPECTUS SUMMARY 的地方，可以找到一些名詞解釋，對於了解後續會提到的一些專有名詞有很大的幫助；後面在 『The Offering』 的地方會整理得更清楚一些。建議可以用關鍵字來搜尋『 SUMMARY』 與 『The Offering』，可加快尋找特定名詞解釋的速度。
《設計 I》認股權證（Warrants）
【本篇結論】：
（A）一般 SPAC 的認股權證：
《第二階段》除了 Unit 內含的『認股權證』(public warrants)之外，多數的 SPAC 都允許 Sponsor 認購『私募認股權證』（private placement warrants），兩種認股權證相似的地方包含：認購價大多為 1.5 美元，執行價格大多為 11.5 美元，『執行轉換日期』的限制也大多相同；相異之處在於，『私募認股權證』的『執行買賣跟轉換的日期』也有所限制。（B）PSTH 的認股權證：
（1）PSTH 除了一般的『認股權證』(public warrants) 外，還有 Tontine （唐提式）認股權證；PSTH 的創新之處就在於利用 17 世紀的投資方法 — Tontine （唐提式），來提升併購案獲得股東同意的機會，鼓勵股東長期持有；而且『投下同意票的股東』的投資勝率可望因此提高；同時減少股東要求贖回持股的可能，降低新公司帳上現金減少的風險。（2）PSTH 發起人也可以透過私募的方式買進『私募認股權證』（private placement warrants），但需要以真金白銀來買進，其執行價較一般 SPAC 來得高，閉鎖期也相對較長，推測也是為了降低不對稱獲利的 SPAC 通病。
《設計I》上半部：
《第四篇》已介紹過（1） IPOB 與 （2）BTN，因此本部分將多以 （3） SBE 為主，且 SBE 即將於 2021 年第一季完成 《第五階段》，這三檔 SPAC 的認股權證機制基本相同。
【上半部結論】/ 一般 SPAC 的認股權證：
《第二階段》除了 Unit 內含的『認股權證』(public warrants)之外，多數的 SPAC 都允許 Sponsor 認購『私募認股權證』（private placement warrants），認購價多為 1.5 美元，執行價格為 11.5 美元，『執行轉換日期』有所限制，『執行買賣跟轉換的日期』也有所限制。
（3）SBE：即將於 2021 年第一季完成《第五階段》
Switchback Energy Acquisition Corporation (SBE) 於 2019 年 05 月 10 日 成立，2019 年 07 月 26 日發布公開發行書（PROSPECTUS），並於 2020 年 9 月 23 日宣布找到併購標的- ChargePoint, Inc., ，最後將於 2021 年 2 月 11 日舉行股東會（Special Meeting），在 2020 年 12 月 16 日當日持有 A 股跟 B 股的股東將有權利參與投票；在股東會的前幾天，每位股東都應會收到詢問要不要執行贖回權（redemption rights） 的股務通知，請參考《第一篇》。
根據 2019 年 7 月 26 日發行的 PROSPECTUS，SBE 在《第二階段》發行 3 千萬個單位，內含 1 股 『A 股』 （Class A common stock）(public shares)與 1/3 的『可贖回認股權證』（one-third of one redeemable warrant，意即每 3 個單位才可以獲得 1 張完整的、可執行的可贖回認股權證）(public warrants)。
《第二階段》發行的 3 千萬個單位與『私募認股權證』 （private placement warrants）所募得的現金 （3 億美元加上 800 萬美元的現金），將被放入信託帳戶（Trust Sccount） 。
Unit 在《第二階段》會被分拆成 A 股跟可贖回認股權證，但持有人可選擇要不要分拆；《第五階段》後，Unit 將自動分拆成 A 股跟可贖回認股權證。
2019 年 7 月 26 日發行的 PROSPECTUS
Of the approximately $308.0 million in proceeds we receive from this offering and the sale of the private placement warrants described in this prospectus, or $353.9 million if the underwriters’ option to purchase additional units is exercised in full, $300 million ($10.00 per unit), or approximately $345 million if the underwriters’ option to purchase additional units is exercised in full ($10.00 per unit), will be deposited into a U.S. -based trust account with Continental Stock Transfer & Trust Company acting as trustee, and $8.0 million, including $6.0 million in underwriting discounts and commissions (or approximately $8.9 million, including approximately $6.9 million in underwriting discounts and commissions, if the underwriters’ option to purchase additional units is exercised in full), will be used to pay fees and expenses in connection with the closing of this offering and for working capital following the closing of this offering.
《第二階段》時，SBE 共發行兩種認股權證（Switchback Warrants）：
SBE 將有兩種認股權證，總共為 15,333,333張，執行價格都是 11.50 美元，其『執行日期』為（1）完成《第五階段》的 30 天後，或者（2）完成《第二階段》的 12 個月後，取決 (1) 或 (2) 哪個較晚發生；兩種認股權證都將在完成《第五階段》的 5 年後失效；
（『執行日期』解釋：假設《第二階段》後的 6 個月就完成《第五階段》，那並需要等到完成《第二階段》的 12 個月後才能執行認股權證；假設《第二階段》後的 13 個月後才完成《第五階段》，那就必須再多等 30 天才能執行認股權證）
第一種認股權證 / 可贖回認股權證（public warrants)：
第一種認股權證是在《第二階段》中，3000 萬個單位內含的 1000 萬張 (30,000,000 *1/3) 的可贖回認股權證（one-third of one redeemable warrant，public warrants)；
第二種認股權證 / 私募認股權證 (private placement warrants)：
即 Sponsor （NGP Swithback, LLC）可在《第二階段》的當下，以私募的方式，額外以每張 1.5 美元的價格買進 5,333,333 張的私募認股權證（private placement warrants），總金額為 800 萬美元（被存至信託帳戶中，但實務上將被用來支付《第二階段》的相關費用），其執行價格為 11.50 美元；
雖然兩種認股權證對『執行日期』的規定相同，但私募認股權證 （private placement warrants）還有一些特殊的權利與義務（Transfer restrictions on private placement warrants），如在完成《第五階段》的 30 天後才可以『轉讓』跟『買賣』（可贖回認股權證（public warrants) 沒有這個限制），以及如果 24 個月後，SBE 沒有完成《第五階段》，原本募得的 800萬美元將被用來支應 A 股的贖回，即全部的 3.08 億美元都由持有 A 股的股東均分（<退場機制 2>），私募認股權證的價值將歸零；
2019 年 7 月 26 日發行的 PROSPECTUS
Private placement warrants
Our sponsor has committed, pursuant to a written agreement, to purchase an aggregate of 5,333,333 private placement warrants(or 5,933,333 private placement warrants if the underwriters’ option to purchase additional units is exercised in full), each exercisable to purchase one share of our Class A common stock at $11.50 per share, at a price of $1.50 per warrant(approximately $8,000,000 in the aggregate or approximately $8,900,000 in the aggregate if the underwriters’ option to purchase additional units is exercised in full) in a private placement that will close simultaneously with the closing of this offering.
A portion of the purchase price of the private placement warrants will be added to the proceeds from this offering to beheld in the trust account such that at the time of closing $300.0 million (or $345.0 million if the underwriters exercise their option to purchase additional units in full) will be held in the trust account.
If we do not complete our initial business combination within 24 months from the closing of this offering, the proceeds from the sale of the private placement warrants held in the trust account will be used to fund the redemption of our public shares (subject to the requirements of applicable law) and the private placement warrants will expire worthless.
The private placement warrants will be non -redeemable for cash and exercisable on a cashless basis so long as they are held by the sponsor or its permitted transferees.
If the private placement warrants are held by holders other than the sponsor or its permitted transferees, the private placement warrants will be redeemable by us and exercisable by the holders on the same basis as the warrants included in the units being sold in this offering.
在完成《第五階段》的 30 天後才可以『轉讓』跟『買賣』
2019 年 7 月 26 日發行的 PROSPECTUS
Transfer restrictions on private placement warrants
The private placement warrants will not be transferable, assignable or saleable until the date that is 30 days after the completion of our initial business combination (except as described below under “Principal Stockholders — Transfers of Founder Shares and Private Placement Warrants”).
補充一下，BTWN 也是有一樣的私募認股權證：
Our sponsor has committed to purchase an aggregate of 6,000,000 private placement warrants (or 6,825,000 private placement warrants if the over-allotment option is exercised in full) at a price of $1.50 per warrant ($9,000,000 in the aggregate, or $10,237,500 if the over-allotment option is exercised in full) in a private placement that will close simultaneously with the closing of this offering. Each private placement warrant is exercisable to purchase one Class A ordinary share at $11.50 per share, subject to adjustment as provided herein.
因此，可以做出以下的結論：
【上半部結論】/ 一般 SPAC 的認股權證：
《第二階段》除了 Unit 內含的『認股權證』(public warrants)之外，多數的 SPAC 都允許 Sponsor 認購『私募認股權證』（private placement warrants），認購價多為 1.5 美元，執行價格為 11.5 美元，『執行轉換日期』有所限制，『執行買賣跟轉換的日期』也有所限制。雖然兩種認股權證對『執行日期』的規定相同，但私募認股權證 （private placement warrants）還有一些特殊的權利與義務（Transfer restrictions on private placement warrants），如在完成《第五階段》的 30 天後才可以『轉讓』跟『買賣』（可贖回認股權證（public warrants) 沒有這個限制），以及如果 24 個月後，SBE 沒有完成《第五階段》，原本募得的 800萬美元將被用來支應 A 股的贖回，即全部的 3.08 億美元都由持有 A 股的股東均分（<退場機制 2>），私募認股權證的價值將歸零。
2021 年 02 月 11 日補充：根據 SBE 公布的 8-K 文件，原訂 2021 年 02 月 11 日舉辦的特別股東會延期至 2021 年 02 月 11 日。雖然有 99.9％的代理投票贊成合併交易，但只有大約45％的已發行股票的持有人真的投票，因此只好延期。
Switchback Energy Acquisition Corporation (SBE) 於 2019 年 05 月 10 日 成立，2019 年 07 月 26 日發布公開發行書（PROSPECTUS）， 2021 年 07 月26 日將會是兩年的期限，雖然電動車相關領域的公司是目前熱門的標的，但併購不成功、或者是一再延期投票，還是會對市場信心不利。
8-K Current Report
Item 8.01. Other Events.
On February 11, 2021, Switchback Energy Acquisition Corporation (“Switchback”) issued a press release announcing that it has convened and then adjourned, without conducting any business, its virtual Special Meeting of Stockholders (the “Special Meeting”) relating to the proposed business combination and related transactions (the “Proposed Transactions”) with ChargePoint, Inc. (the “Company”), and will reconvene such Special Meeting at 10:00 a.m., Eastern time, on February 25, 2021.
The press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and incorporated herein by reference.
相關的新聞稿如下：
Dallas, Texas, Feb. 11, 2021 (GLOBE NEWSWIRE) — Switchback Energy Acquisition Corporation (NYSE: SBE) (“Switchback”) today announced that it convened and then adjourned, without conducting any other business, its virtual Special Meeting of Stockholders to February 25, 2021 at 10:00 a.m., Eastern time (the “Special Meeting”), to allow for more time for stockholders to vote their shares to reach the required quorum and approve the required proposals. The Special Meeting is being held to consider the proposed business combination (the “Business Combination”) between Switchback and ChargePoint, Inc. (“ChargePoint”), and the related proposals, as described in Switchback’s definitive proxy statement/prospectus/consent solicitation statement, dated January 8, 2021 (the “Registration Statement”). The Special Meeting will be held via live webcast at https://www.cstproxy.com/switchbackenergy/sm2021.
Switchback has received overwhelming support for the Business Combination. At the time the Special Meeting was convened, approximately 99.9% of the proxies received had been voted in favor of the transaction. However, since holders of approximately 45% of the outstanding shares submitted proxies to vote, the necessary quorum of a majority of the outstanding shares was not present. Switchback requests that any investor who held shares of stock in Switchback as of the close of business on December 16, 2020 and has not yet voted do so as soon as possible in order to avoid additional delays.
《設計I》下半部：
PSTH 共發行：（A）Redeemable Warrants （ 可贖回認股權證 ）、 （B）SPAC 內部人士權證（主要是為了解釋方便，其實發行書內並沒有這個名稱）與（C）Forward Purchase （遠期購買）（主要是為了解釋方便，其實發行書內並沒有這個名稱）。
【下半部結論】：
（A）Redeemable Warrants（ 可贖回認股權證 ）：
主要包含（A-1）Distributable Redeemable Warrants 和（A-2）Distributable Tontine Redeemable Warrants （（A-1）可分配可贖回認股權證與（A-2）可分配唐提式可贖回認股權證）；兩種權證的執行價格都是 23 美元，『執行日期』為（1）完成《第五階段》的 30 天 後，或者是（2）完成《第二階段》的 12 個月後，取決 (1) 或 (2) 哪個較晚發生；並在完成《第五階段》的 5 年後失效（expire）。
《第二階段》所發行的 每個 Unit 都會內含 1/9 張的（A-1）；
而在《第五階段》後還持有 PSTH 的投資人，『每 1 股 PSTH』都還會被分配到 2/9 張的（A-2）。
（B）PSTH 內部人士認股權證，發起人與董事以私募所買進的認股權證：
主要包含（B-1）Sponsor Warrants （創始人認股權證）和 （B-2）Director Warrants（董事認股權證）；其特殊的地方在於，（1）行使價格為 24 美元（發行價格的 20%，高於一般 SPAC 的 15%），（2）閉鎖時期為 3 年，即執行日期是在完成《第五階段》的三年後，以及（3）創始人與董事要花錢去買權證，成本相對較高。（C）Forward Purchase（遠期購買），針對發起人與董事所設計的協議：
主要包含（C -1）Forward Purchase Agreement（遠期購買協議）和 （C-2）Director Forward Purchase Agreement（董事遠期購買協議），這兩個協議雖然購買的是 Unit，但也包含認股權證，因此被納入這個部分。這兩個協議都會出售 Unit，每單位的價格皆為 20 美元，每個 Unit 也都包含 1 股的普通股 (Class A Common Stock)，但是卻包含 1/3 張的認股權證 (也就是說，擁有三個單位，可以獲得一張認股權證 )；執行日不可晚於 《第五階段》，即不可晚於 Initial Business Combination （初始業務合併日）。
【重點整理】：（A）Redeemable Warrants （ 可贖回認股權證 ）
（A）Redeemable Warrants （ 可贖回認股權證 ），其執行價格都是 23 美元，『執行日期』為（1）完成《第五階段》的 30 天 後，或者是（2）完成《第二階段》的 12 個月後，取決 (1) 或 (2) 哪個較晚發生。
（『執行日期』解釋：假設《第二階段》後的 6 個月就完成《第五階段》，那並需要等到完成《第二階段》的 12 個月後才能執行認股權證；假設《第二階段》後的 13 個月後才完成《第五階段》，那就必須再多等 30 天才能執行認股權證）
另外，（A）Redeemable Warrants （ 可贖回認股權證 ）在《第五階段》完成的 5 年後將失效（expire）。
The Redeemable Warrants will become exercisable on the later of:
(1) 30 days after the completion of our initial business combination; and
(2) 12 months from the closing of this offering;
（A）Redeemable Warrants 是由兩種認股權證所組成，即（A-1）Distributable Redeemable Warrants 和（A-2）Distributable Tontine Redeemable Warrants （（A-1）可分配可贖回認股權證與（A-2）可分配唐提式可贖回認股權證），各發行 22,222,222 張 與 44,444,444 張。
單位（PSTH.U）：
PROSPECTUS 的開頭寫到， PSTH 將發行 2 億個單位（PSTH.U），每個 Unit 有 1 股的 A 股（Class A common stock），因此共有 2 億股 A 股 ；
（A-1）Distributable Redeemable Warrants / 可分配可贖回認股權證（PSTH.WS）：
發行數量則為 22,222,222 張 （『每 1 個 Unit』 包含 1/9 張的認股權證，因此共有 200,000,000 * 1/9 = 22,222,222 張，也就是說，每 9 個 Unit 可以拿到 1 張認股權證），該認股權證被命名為 （A-1）Distributable Redeemable Warrants，即（A-1）可分配可贖回認股權證（PSTH.WS）。
A 股（PSTH） 與（A-1）可分配可贖回認股權證（PSTH.WS），都將在 《第二階段》之後從 Unit 中分拆出來，而 PSTH.U 本身則將停止交易。
This is an initial public offering of our securities. Each unit has an offering price of $20.00 and consists of one share of our Class A common stock, par value $0.0001 per share (our “Class A Common Stock”), and one-ninth of one redeemable warrant (or 22,222,222 redeemable warrants in the aggregate, which we refer to as the “Distributable Redeemable Warrants”).
We expect the Class A Common Stock and Distributable Redeemable Warrants comprising the units to begin separate trading on the NYSE on the 52nd day following the date of this prospectus, subject to the conditions described below.
At such time, our public stockholders will hold Class A Common Stock and Distributable Redeemable Warrants separately and will no longer hold units, and the units will no longer trade or be listed on the NYSE.
（A-2）Distributable Tontine Redeemable Warrants / 可分配唐提式可贖回認股權證：
PSTH 另外規定，在《第五階段》後，『每 1 股 PSTH』（因為《第二階段》後就沒有 Unit 了 ）會被分配到 2/9 張的認股權證，200,000,000 * 2/9 = 44,444,444 張，因此總共會額外發行 44,444,444 張可贖回的認股權證，這些認股權證名為 （A-2）Distributable Tontine Redeemable Warrants；因為每 1 股會被分配到 2/9 張的認股權證，也就是說，每 9 股可拿到 2 張認股權證。
何謂 Tontine：
根據 CNBC 文章（Bill Ackman and Tontine Holdings rewrite the terms for SPACs ）對 Tontine 的解釋，這是 17 世紀時的投資設計，每個投資人都放一筆錢至一個帳戶，每個人就可開始從裡面分到錢；Tontine 精神在於，若有人先過世，其份額就會留給其他還活著的人去攤分。
CNBC — Bill Ackman and Tontine Holdings rewrite the terms for SPACs
A tontine is an investment plan devised in the 17th century whereby each investor pays an agreed sum into the fund and thereafter receives a periodic payout with that payment devolving to the other participants upon the death of an investor.
因此， PSTH 的全名為 Pershing Square “Tontine” Holdings，裡面就有著 Tontine 這個單字；簡單說，如果投資人持有 PSTH 越久，可能有越高的獲利。
（A-2）之所以特別，是因其與股東同不同意合併案有關，也就是前面提到的 <退場機制 3>。其意義在於，如果股東不同意合併案，可在合併日之前要求公司贖回其持股，則該名不同意合併案的股東就不會獲得（A-2）；換句話說，同意該合併案的股東在《第五階段》（合併案生效後）就可以『額外』按比例獲得（A-2）。（就是股東如果先撤了，剩下的人可以瓜分其分額，即 Tontine）
In addition, our amended and restated certificate of incorporation provides that an aggregate of 44,444,444 redeemable warrants will be distributed on a pro-rata basis only to holders of record of the Class A Common Stock issued in this offering (whether acquired in this offering or afterward) that are outstanding after the time at which we redeem any shares of Class A Common Stock that the holders thereof have elected to redeem in connection with our initial business combination (which redemption time we refer to as the “Initial Business Combination Redemption Time”).
We refer to such warrants as the “Distributable Tontine Redeemable Warrants” and, collectively with the Distributable Redeemable Warrants, as the “Redeemable Warrants.”
The Distributable Tontine Redeemable Warrants will be distributed at the “Tontine Distribution Time,” which will be immediately after the Initial Business Combination Redemption Time and immediately before the closing of our initial business combination.
（A-2）算是 PSTH 特有的認股權證；發行其他 SPAC 沒有的認股權證有什麼特別的意義嗎？CNBC 覺得意義非凡：It is this last element that is significant.
CNBC — Bill Ackman and Tontine Holdings rewrite the terms for SPACs
The structure of Tontine Holdings is unique on many different levels. First, each unit consists of: (i) one share of common stock, (ii) one-ninth of a redeemable warrant, exercisable at $23; and (iii) two-ninths of a warrant, exercisable at $23 provided that they are not redeemed in connection with a proposed business combination. It is this last element that is significant.
CNBC 認為，（A-2）可提升併購案獲得股東同意的機會，並鼓勵股東長期持有 PSTH；而且，『投下同意票的股東』將可按比例分到『不同意的股東』的那一份（A-2），投資勝率可望因此提高。（ 即 Tontine 機制）
另一個角度來看，（A-2）還可以減少股東要求贖回持股的風險，因為贖回持股將會導致新公司的帳上現金變少（《第二階段。募得、放在信託內的現金，也就是新公司的帳上現金）。
CNBC — Bill Ackman and Tontine Holdings rewrite the terms for SPACs
The one-ninth of a warrant is detachable on day 52 and this is a normal incentive for SPAC investors. However, unlike virtually all other SPACs where all warrants are detachable, two-thirds (這邊應該是寫錯…) of the warrants issued to shareholders are not detachable, discouraging the arb community and encouraging long term investors.
Moreover, the investors do not even receive these two-thirds (這邊應該是寫錯…) of warrants if they choose to redeem their stock prior to the closing of the acquisition, giving a significant amount of more certainty that the acquisition will close.
And finally, as additional incentive to hold the securities through the closing, if a shareholder does redeem, their warrants are distributed pro rata to the shareholders who remain in the SPAC, hence the name “Tontine” holdings.
【重點整理】：（B）SPAC 內部人士權證
（B）SPAC 內部人士權證，其特殊之處在於，（1）行使價格為 24 美元（發行價格的 20%，高於一般 SPAC 的 15%），（2）閉鎖時期為完成 《第五階段》的 3 年後，以及（3）內部人士以近 7000 萬美元的代價買進相當於 6% 的新公司股權的認股權證，成本較一般 SPAC 的內部人士來的高很多（2.5 萬買進 2% 的新公司股權）。
（B）PSTH 內部人士認股權證（為解釋方便而命名，發行書內無此名稱）：
在 《第二階段》後，發起人與董事（如 SBE）通常還會透過私募的方式（private placement）獲得額外的認股權證；以 PSTH來說，私募認股權證還可以細分分 （B-1）Sponsor Warrants 和 （B-2）Director Warrants，即（B-1）發起人認股權證與（B-2）董事認股權證；
（B-1）Sponsor Warrants /（B-1）發起人認股權證：
以 PSTH 來說，『發起人認股權證』 是指發起人可以獲得的認股權證，公平價格（fair market value）在《第二階段》當下被決定為 6500萬美元（請在PROSPECTUS 中搜尋 Valuation of Sponsor Warrants 來研究計算過程）；
這些認股權證被設計為（1）完成《第五階段》的三年之後，這些認股權證才可以被買賣、轉疑與執行，（2）最多只能轉換為 5.95% 的新公司股權（在完全稀釋過後 — on a fully diluted basis，下面摘錄的部分有詳述應考慮哪些因素，將與《第六篇》相關），（3）執行價格為 24 美元（比發行價格高出 20%；一般 SPAC 的認股權證的執行價格都是高出 15%）。
PSTH — PROSPECTUS — DESCRIPTION OF SECURITIES
Sponsor Warrants
Concurrently with this offering, our Sponsor will purchase the Sponsor Warrants for an aggregate purchase price of $65,000,000. The fair market value of the Sponsor Warrants as of the date of this offering was determined by us in consultation with a third-party, nationally recognized valuation firm, as described in greater detail in the “Valuation of Sponsor Warrants” section below.
The Sponsor Warrants will generally not be saleable, transferable, or exercisable until three years after the date of our initial business combination.
The Sponsor Warrants will be exercisable, in whole or in part, for that number of shares constituting 5.95% of the common stock of the post-combination business outstanding, on a fully diluted basis, as of the time immediately following the initial business combination, at an exercise price equal to $24.00 per common share of the post-combination business.
The term “fully diluted basis” means the number of shares deemed to be outstanding at such time and will include the gross number of shares issuable upon the exercise of the Redeemable Warrants, the Forward Purchase Warrants, the Sponsor Warrants, the Director Warrants and any other warrants or options of the company, as well as the gross number of shares underlying any other instrument, whether debt or otherwise, that is convertible or exercisable into or exchangeable for, or that tracks the performance of, shares of common stock (including any equity or equity-based award), in each case without regard to whether such warrant, option or instrument is then exercisable or convertible or “in-the-money” and without regard as to whether fewer shares of common stock may actually be issued as a result of any “cashless” or “net exercise” procedure.
The Sponsor Warrants will have a term of 10 years from the consummation of our initial business combination. Any Sponsor Warrants that are not exercised as of the expiration date will be deemed exercised just prior to the time of expiration if the fair market value (as defined in the following paragraph) on the expiration date exceeds the exercise price.
與一般 SPAC 的差別：
一般 SPAC 的發起人與董事也都可以買進私募認股權證 (private placement warrants)，權證的買進價格為 1.5 美元，其『執行日期』為（1）完成《第五階段》的 30 天 後，或者是（2）完成《第二階段》的 12 個月後，取決 (1) 或 (2) 哪個較晚發生；假設某檔 SPAC 在第 23 個月（24 個月期限之前）才完成《第五階段》，這檔 SPAC 的私募認股權證最晚也可在 24 個月的時候轉換成股票。
【重點整理】：PSTH 的 （B-1）發起人認股權證
儘管發行書中並沒有提及 6500 萬美元是買進多少張的權證，但時間是完成《第五階段》的三年後，其發起人所投入的成本（6500 萬美元，還要加上（C）Forward Purchase（遠期購買）所投入的資本）與時間（五年）都遠高於一般的SPAC。
PSTH 相信，（B-1）發起人認股權證 ，加上下一章節將提到的（C -1-a）Committed Forward Purchase Units（已承諾遠期購買單位，將購買 10 億美元的 Units），發起人投入的總資金將高達 10.65 億美元，會讓發起人更有切身之痛（skin in the game，可看看 Nassim Nicholas Taleb寫的不對稱陷阱：當別人的風險變成你的風險，如何解決隱藏在生活中的不對等困境，雖然筆者看不太懂），因此會更激勵發起人去找到更適合的企業，以更符合股東利益的條件來執行併購，並為股東創造長期的價值；否則發起人將失去大部分的投資。
We believe that the combination of the Sponsor’s minimum $1,000,000,000 forward purchase commitment and the $65,000,000 Sponsor Warrant purchase gives our Sponsor significant “skin in the game,” motivating the Sponsor to:
(1) identify a company that meets our acquisition criteria,
(2) consummate a merger transaction on attractive terms for our shareholders, and
(3) create value for our shareholders over the long term.
In the event that the Sponsor is unable to consummate a transaction prior to the dissolution deadline for the company, the Sponsor Warrant will likely lose substantially all of its value.
（B-2）Director Warrants /（B-2）董事認股權證：
如下面所摘錄的， 以 PSTH 來說，『董事認股權證』 是指 Mr. Ackman 之外的董事可以獲得的認股權證，每位董事最多只能認購等值 81.25 萬美金（與『發起人認股權證』成一定的比例）的認股權證（共四位董事，不過，Ms. Gersh 僅買入 400,000 美元）。
『董事認股權證』除了將有一些特訂的轉換限制與註冊權利之外，基本上與『發起人認股權證』 所受到的限制相同，意即（1）執行時間是完成《第五階段》的三年後，（2）最多只能轉換為 0.26% 的新公司股權，（3）執行價格為 24 美元（比發行價格高出 20%；一般 SPAC 的認股權證的執行價格都是高出 15%）。
PSTH — PROSPECTUS — DESCRIPTION OF SECURITIES
Director Warrants
Each of our directors, other than Mr. Ackman, has been given the opportunity to purchase, in a private placement concurrently with this offering, a Director Warrant in an amount of up to $812,500.
Our directors have agreed to purchase, in the aggregate, $2,837,500 of Director Warrants.
Each Director Warrant will be exercisable for a percentage of the common shares of the post-combination business (on a fully diluted basis) calculated as the purchase price of such Director Warrant divided by the purchase price of the Sponsor Warrants, multiplied by 5.95%, reflecting fair market value as determined with respect to the Sponsor Warrants.
The exercise price per common share of the post-combination business will be $24.00. The aggregate amount of Director Warrants that our directors have agreed to purchase will be exercisable for approximately 0.26% of the common shares of the post-combination business (on a fully diluted basis).
The Director Warrants will be issued pursuant to a Director Warrant agreement between us and Continental Stock Transfer & Trust Company, as warrant agent.
You should review a copy of the Director Warrant agreement, a form of which is filed as an exhibit to the registration statement of which this prospectus is a part, for a complete description of the terms and conditions applicable to the Director Warrants.
（B-1）『發起人認股權證』與（B-2）『董事認股權證』：
PSTH 的發起人與董事們需要以 $ 67,837,500（$65,000,000 + $2,837,500 ）的代價去買進這兩種認股權證，未來獲得的股數將佔新公司股權比重的 6.21% （5.95%＋0.26%）。其付出的代價，是遠高於其他 SPAC 的發起人以 2.5 萬美元買進 2–4% 的新公司股份，而且行使價格（以 CNBC 的觀點來說，是一般投資人的獲利要高於 20% 之後，PSTH 的內部人士才可以行使認股權證）與閉鎖期（ 2 年與 3 年的差別）都相對較長。
PSTH — PROSPECTUS — DESCRIPTION OF SECURITIES
Each of our directors, other than Mr. Ackman, has been given the opportunity to purchase, in a private placement concurrently with this offering, a Director Warrant in an amount of up to $812,500.
Each Director Warrant will be exercisable for a percentage of the common shares of the post-combination business (on a fully diluted basis) calculated as the purchase price of such Director Warrant divided by the purchase price of the Sponsor Warrants, multiplied by 5.95%, reflecting fair market value as determined with respect to the Sponsor Warrants.
The exercise price per common share of the post-combination business will be $24.00.
The Sponsor Warrants and the $2,837,500 aggregate amount of Director Warrants will be exercisable, in the aggregate, for that number of shares equal to approximately 6.21% of the shares of the post-combination business on a fully diluted basis.
Our directors have agreed to purchase Director Warrants in the following amounts: Ms. Gersh, $400,000; Mr. Ovitz, $812,500; Ms. Reses, $812,500; and Mr. Steinberg, $812,500.
Such aggregate amount of $2,837,500 of Director Warrants will be exercisable for approximately 0.26% of the common shares of the post-combination business (on a fully diluted basis).
The Director Warrants will be subject to certain transfer restrictions and, along with the shares underlying the Director Warrants, will have certain registration rights. The Director Warrants will otherwise have terms identical to those of the Sponsor Warrants.
這邊比較特別的地方是，筆者在發行書中並沒有找到（B-1）與（B-2）這兩種認股權證的發行數量，以及他們是以多少比例去轉換為合併後的新股票；如前面所提到的（A-1）可分配可贖回認股權證共發行 22,222,222 張，（A-2）可分配唐提式可贖回認股權證則是發行 44,444,444 張，轉換比例都是 1 張認股權證可以轉換為 1 股新股票。
但是基本上，CNBC 是認同 PSTH的做法；至於 PSTH 如何放棄 Sponsor Shares，請參考《第六篇》。
CNBC — Bill Ackman and Tontine Holdings rewrite the terms for SPACs
Why it’s ‘groundbreaking’
But this is not the really groundbreaking feature of the Tontine compensation structure.
The truly remarkable departure from SPAC standard terms is that Pershing Square is not taking any founders shares.
By removing this egregious compensation element, Pershing Square really shows their allegiance to their investors. Pershing Square’s sole compensation for founding and capitalizing the SPAC and sourcing, negotiating and closing a $10B+ acquisition will be a 6.21% promote after the investors have already received a 20% return.
To put it another way, under Pershing Square’s warrant-only compensation structure, Pershing Square does not receive any compensation until after the shareholders receive a 20% return, whereas under the typical founders shares compensation structure (as illustrated by the Goldman Sachs and Third Point SPACs above), the shareholders do not see any return until after the company receives a 20% return. Furthermore, Pershing Square paid $67.8 million for these warrants, money they do not get back if a deal is not procured and closed.
【重點整理】：（C）Forward Purchase (遠期購買)
PSTH 分別與發起人跟董事簽訂（C -1）Forward Purchase Agreement（遠期購買協議）和 （C-2）Director Forward Purchase Agreement（董事遠期購買協議）。兩個協議都要求發起人與董事在《第五階段》完成之前買進固定數量的單位（Unit），每單位的價格皆為 20 美元，每個 Unit 也都包含 1 股的普通股（Class A Common Stock），但是，卻包含 1/3 張的認股權證 （也就是說，三個單位可獲得一張認股權證）。就發起人而言，發起人已同意以 10 億美元買進 5,000 萬個 Unit（即（C -1-a）Committed Forward Purchase Units（已承諾遠期購買單位）），另外還可以額外以 20 億美元買進 1 億個Unit （即（C-1-b）Additional Forward Purchase Units，額外遠期購買單位）。
（C -1） Forward Purchase Agreement，遠期購買協議：
將包含兩部分，（C -1-a）Committed Forward Purchase Units（已承諾遠期購買單位），以及 （C-1-b）Additional Forward Purchase Units （額外遠期購買單位），都必須在《第五階段》完成之前執行。
（C -1-a）Committed Forward Purchase Units，已承諾遠期購買單位：
意即 Pershing Square Funds 已同意透過私募的方式買下共 5,000 萬個單位(Unit)，每單位為 20 美元，總額為 10 億美元，必須在《第五階段》完成之前執行。此購買義務不可以（may not be）轉讓給其他人。
Prior to this offering, we entered into a Forward Purchase Agreement with each of the Pershing Square Funds (which, in such capacity, we refer to collectively as the “Forward Purchasers”). Pursuant to the Forward Purchase Agreement, the Forward Purchasers have agreed to purchase an aggregate of $1,000,000,000 of units (which we refer to as the “Committed Forward Purchase Units”), which will have a purchase price of $20.00 and consist of one share of Class A Common Stock and one-third of one warrant.
The purchase of the 50,000,000 Committed Forward Purchase Units will take place in one or more private placements in such amounts and at such time or times as the Forward Purchasers determine, with the full amount to have been purchased no later than simultaneously with the closing of our initial business combination. The Forward Purchasers’ obligation to purchase the Committed Forward Purchase Units may not be transferred to any other parties.
（C-1-b）Additional Forward Purchase Units，額外遠期購買單位：
Pershing Square Funds 可以選擇要不要透過私募的方式，『額外』買進 1 億個單位（或是還可再加買更多單位），每單位為 20 美元，總額為 20 億美元，必須在《第五階段》完成之前執行。Pershing Square Funds 可以將增加單位的購買額度，此權利可以轉讓，但僅限於轉讓給 PSCM 所管理的實體。
The Forward Purchase Agreement also provides that the Forward Purchasers may elect to purchase up to an additional aggregate of $2,000,000,000 of units (which we refer to as the “Additional Forward Purchase Units”), which will also have a purchase price of $20.00 and consist of one share of Class A Common Stock and one-third of one warrant. Any elections to purchase the up to 100,000,000 Additional Forward Purchase Units will also take place in one or more private placements, in such amounts and at such time or times as the Forward Purchasers determine, but no later than simultaneously with the closing of our initial business combination.
We and the Forward Purchasers may determine, by mutual agreement, to increase the number of Additional Forward Purchase Units at any time prior to our initial business combination. The Forward Purchasers’ right to purchase the Additional Forward Purchase Units may be transferred, in whole or in part, to any entity that is managed by PSCM, but not to third parties.
The Forward Purchasers’ obligation or right, as applicable, to purchase the Forward Purchase Units will be allocated among the Forward Purchasers from time to time as described herein.
（C-2）Director Forward Purchase Agreement，董事遠期購買協議：
獨立董事可買進 30 萬個單位，每單位為 20 美元，總額為 600 萬美元，必須在《第五階段》完成之前執行。參與此協議的 Mr. Ovitz 與 Ms. Reses 等兩名獨立董事已承諾將分別購買 500 萬與 100 萬美元的單位（Units）（即（C -1-a）Committed Forward Purchase Units （已承諾遠期購買單位）） 。
Prior to or concurrently with this offering, we will enter into a Director Forward Purchase Agreement with certain of our independent directors. The Director Forward Purchasers have agreed to purchase, in one or more private placements in such amounts and at such time or times as each Director Forward Purchaser determines, but no later than simultaneously with the closing of our initial business combination, an aggregate of $6,000,000 of Forward Purchase Units.
The Director Forward Purchasers have agreed to purchase the following amounts of Forward Purchase Units: Mr. Ovitz, $5,000,000 and Ms. Reses, $1,000,000.
The Director Forward Purchasers may not transfer their obligation to purchase such Forward Purchase Units, other than to our Sponsor, other directors and Affiliate Transferees. Such Forward Purchase Securities will be subject to certain transfer restrictions and have certain registration rights, as described herein.
Forward Purchase Units（遠期購買單位）：
包含 （C -1-a）Committed Forward Purchase Units，已承諾遠期購買單位、（C-1-b）Additional Forward Purchase Units，額外遠期購買單位，以及兩名獨立董事承諾要購買的 30 萬個單位，統稱為 Forward Purchase Units（遠期購買單位）。
In addition, certain of our independent directors have committed to purchase an aggregate of $6,000,000 of such units, as further described herein, which, collectively with the Committed Forward Purchase Units and Additional Forward Purchase Units, we refer to as the “Forward Purchase Units.” The proceeds of all purchases of Forward Purchase Units will be deposited into our operating account.
Forward Purchase Securities（遠期購買證券）：
Forward Purchase Units（遠期購買單位）內含的 A 股，被命名為 Forward Purchase Shares（遠期購買 A 股），內含的認股權證被命名為 Forward Purchase Warrants（遠期購買認股權證）， 三種證券統稱為 Forward Purchase Securities（遠期購買證券）。
We refer to the shares of Class A Common Stock and warrants constituting the Forward Purchase Units as the “Forward Purchase Shares” and “Forward Purchase Warrants,” respectively, and collectively with the shares of Class A Common Stock underlying the Forward Purchase Warrants, the “Forward Purchase Securities.”
Forward Purchase Shares（遠期購買 A 股）：
不具備獲得 （A-2）Distributable Tontine Redeemable Warrants / 可分配唐提式可贖回認股權證的權利；在 《第五階段》時，也不具備贖回權（redemption rights）；當 PSTH 未能完成 《第五階段》時而必須清算資產時，持有人也不能獲得退款。
The Forward Purchase Shares will have no right to receive any Distributable Tontine Redeemable Warrants, no redemption rights in connection with our initial business combination or in connection with certain amendments to our amended and restated certificate of incorporation and will have no rights to liquidating distributions from our trust account in the event that we fail to complete our initial business combination within the prescribed time frame.
Forward Purchase Warrants（遠期購買認股權證）：
不具備投票權。
The Forward Purchase Warrants will have no right to vote on amendments to the warrant agreement prior to our initial business combination, except with respect to certain provisions relating solely to the transfer of the Forward Purchase Securities.
Forward Purchase Securities（遠期購買證券）：
The Forward Purchase Securities, as long as they are held by the Forward Purchasers or their permitted transferees, will have certain transfer restrictions and registration rights.
In all other respects, the terms of the Forward Purchase Shares and Forward Purchase Warrants, respectively, will be identical to the terms of the shares of Class A Common Stock and the Redeemable Warrants included in the units being issued in this offering.
值得注意的是，Forward Purchase Units（遠期購買單位）可以獲得 1/3 的認股權證，明顯高於一般投資人在《第二階段》中，每個單位所獲得的 1/9 的認股權證。不過，Forward Purchase Warrants （遠期購買認股權證）與 （A）Redeemable Warrants （ 可贖回認股權證 ）的條款相同，意即其執行日期為（1）完成《第五階段》的 30 天後，或者是（2）完成《第二階段》的 12 個月後，取決 (1) 或 (2) 哪個較晚發生。
（『執行日期』解釋：假設《第二階段》後的 6 個月就完成《第五階段》，那並需要等到完成《第二階段》的 12 個月後才能執行認股權證；假設《第二階段》後的 13 個月後才完成《第五階段》，那就必須再多等 30 天才能執行認股權證）
• “Forward Purchase Agreement” are to an agreement providing for the sale of our Forward Purchase Units to the Pershing Square Funds (in their capacity as the Forward Purchasers) or, in the case of the Additional Forward Purchase Units, to the Affiliate Transferees, in one or more private placements in such amounts and at such time or times as the Forward Purchasers determine, but no later than simultaneously with the closing of our initial business combination;
•“Forward Purchase Securities” are to the Forward Purchase Shares, Forward Purchase Warrants, and shares of Class A Common Stock underlying the Forward Purchase Warrants;
•“Forward Purchase Shares” are to the shares of our Class A Common Stock to be issued pursuant to the Forward Purchase Agreement and to certain directors purchasing Forward Purchase Units, which will generally have identical terms to those of the shares of Class A Common Stock issued in this offering, except as described herein;
•“Forward Purchase Warrants” are to the warrants to be issued pursuant to the Forward Purchase Agreement and to certain directors purchasing Forward Purchase Units, which will generally have identical terms to those of the Redeemable Warrants issued in this offering, except as described herein;
•“Forward Purchase Units” are to the Committed Forward Purchase Units and the Additional Forward Purchase Units issuable pursuant to the Forward Purchase Agreement, and the Forward Purchase Units issuable to the forward purchase directors;
•“Forward Purchasers” are to the Pershing Square Funds and, for the avoidance of doubt, such term does not include the Director Forward Purchasers;
【下半部結論】：
（A）Redeemable Warrants（ 可贖回認股權證 ）：
主要包含（A-1）Distributable Redeemable Warrants 和（A-2）Distributable Tontine Redeemable Warrants （（A-1）可分配可贖回認股權證與（A-2）可分配唐提式可贖回認股權證）；兩種權證的執行價格都是 23 美元，『執行日期』為（1）完成《第五階段》的 30 天 後，或者是（2）完成《第二階段》的 12 個月後，取決 (1) 或 (2) 哪個較晚發生；並在完成《第五階段》的 5 年後失效（expire）。
《第二階段》所發行的每個 Unit 都會內含 1/9 張的（A-1）；
而在《第五階段》後還持有 PSTH 的投資人，『每 1 股 PSTH』都還會被分配到 2/9 張的（A-2）。
（B）PSTH 內部人士認股權證，發起人與董事以私募所買進的認股權證：
主要包含（B-1）Sponsor Warrants （創始人認股權證）和 （B-2）Director Warrants（董事認股權證）；其特殊的地方在於，（1）行使價格為 24 美元（發行價格的 20%，高於一般 SPAC 的 15%），（2）閉鎖時期為 3 年，即執行日期是在完成《第五階段》的三年後，以及（3）創始人與董事要花錢去買權證，成本相對較高。（C）Forward Purchase（遠期購買），針對發起人與董事所設計的協議：
PSTH 分別與發起人跟董事簽訂（C -1）Forward Purchase Agreement（遠期購買協議）和 （C-2）Director Forward Purchase Agreement（董事遠期購買協議）。兩個協議都要求發起人與董事在《第五階段》完成之前買進固定數量的單位（Unit），每單位的價格皆為 20 美元，每個 Unit 也都包含 1 股的普通股（Class A Common Stock），但是，卻包含 1/3 張的認股權證 （也就是說，三個單位可獲得一張認股權證）。
【本篇結論】
（A）Redeemable Warrants（ 可贖回認股權證 ）：
其創新主要是（A-2）Distributable Tontine Redeemable Warrants （（A-2）可分配唐提式可贖回認股權證），讓《第五階段》後還持有 PSTH 的投資人，『每 1 股 PSTH』都還會被分配到 2/9 張的（A-2），激勵投資人可以長期投資 PSTH。（B-1）Sponsor Warrants /（B-1）發起人認股權證：
儘管發行書中並沒有提及 6500 萬美元是買進多少張的認股權證，但時間是完成《第五階段》的三年後，其發起人所投入的成本（6500 萬美元，還要加上（C）Forward Purchase（遠期購買）所投入的資本）與時間（五年）都遠高於一般的 SPAC。（C）Forward Purchase（遠期購買）：
讓 Sponsor 與董事可以額外購買單位，獲得 A 股與認股權證；A 股可以增加其股東權益的占比，達到提高合併案通過的機率；但是每個單位可以獲得 1/3 的認股權證，明顯高於一般投資在《第二階段》中，每個單位所獲得的 1/9 的認股權證（ 即（A-1）Distributable Redeemable Warrants，（A-1）可分配可贖回認股權證（PSTH.WS））；但就發起人而言，發起人已同意以 10 億美元買進 5,000 萬個 Unit（即（C -1-a）Committed Forward Purchase Units（已承諾遠期購買單位）），另外還可以額外以 20 億美元買進 1 億個 Unit （即（C-1-b）Additional Forward Purchase Units，額外遠期購買單位）。
因此整體而言，此遠期購買的機制相對於一般 SPAC 的 Sponsor 機制，還是相對合理，詳細計算過程可以參考《第六篇》。