Share of acquisition-seeking SPACs in the U.S. 2020, by unit structure

In 2020, the capital structure of the majority of special purpose acquisition companies (SPACs) in the United States consisted of one share and less than one whole warrant. While a purchased share (of common stock) gives you partial ownership of a share of a company, a warrant gives you the right to purchase shares of common stock at a predetermined price after an IPO. A total ten percent of SPACs in the U.S. had a unit structure that consisted of one share and one warrant, which means that each unit bought by an investor in these SPACs consisted of one share and one warrant.