[vmception]

> And I assume, in the final stage of a SPAC’s lifecycle, there will be de-listing, liquidation and/or distressed debt fees.

lol, are these target companies saddled with debt though? I don't think so

[BbzzbB]

Given the cash burn of the classic 2021 SPAC, if they're not riddled with debt yet they may well be as soon as the stock market ATM stops spitting money (which might be about now).

Which reminds me OP omitted dilution/share issuance as a mechanism for banker fees.