Top Performing SPACs of 2020: Report

The companies are discussing a transaction that could be announced in coming weeks, and that may give the combined entity an enterprise value of $1 billion to $1.2 billion.

Federal suits against SPACs have continued to pile up, with 14 such filings in the first half of 2021, compared to seven in all of 2020 and six in 2019.

"The size of an IPO, whether it’s a traditional IPO or a SPAC, is absolutely a proxy for quality. And the size of the average SPAC has been rising. The size of the average IPO has been falling,” the CEO and CIO of Morgan Creek Capital Management told CNBC.

While the SPAC's sponsors have until Dec. 8 to get a merger extension approved -- and a postposed vote on is scheduled for next week to push the deadline back even further -- ideological holders and Trump fans may not understand SPAC rules.