Well spacs were heavily regulated over the last two years, that combined with the inflationary climate should mean things like this are done with for now.
If you want to do such a random approach then do buy a bit off all because then you‘re upside goes toward infinite while downside is at most 100%. If you short, your downside goes toward infinite. Plus the market can stay irrational longer than you can stay solvent.
I don't think people mean literal short positions. The safest way to do this would be to buy long-dated PUTs, and roll them if necessary. Not that that's free -- which goes to your "irrational longer than you can stay solvent" point.
SPACs (basically going public as a shell corp) are chosen specifically because it allows company insiders to cash out their equity without disclosing as much as regular IPO companies.