[mdorazio]

OP's information is a bit sparse. A SPAC is a regular stock on the stock market and its share price is tied directly to the amount of money used to instantiate it in the first place. In general, you hold it for as long as you want and it will bounce around within a dollar of its baseline price. You can sell it at any point and get your money back. I can't really think of a scenario in which you would lose more than a few percentage points of your money without a lot of warning.

The downside of SPACs is that if they don't do a reverse merger they're unlikely to appreciate in value like a normal stock (or index), so you're basically gambling the opportunity cost against a chance of significant gain.