Every public SPAC holder can redeem before the vote regardless of how they vote, and can keep the warrants. That makes the pre-deal share close to a cash-like instrument and makes the trust value a hard floor on the share price.
High redemption rates are the central risk of any de-spac. They leave the combined company with a fraction of its advertised cash and with a very small remaining float, which is exactly the setup that produces violent post-merger squeezes and then equally violent collapses as the pipe-deal shares register.
Example: trust holds $10.24 a share. With the stock at $10.05, redeeming is worth $0.19 a share risk-free. 27.6M of 30M shares redeem, a 92% rate, leaving 2.4M public shares trading.
Related: spac, de-spac, float, pipe-deal, founder-shares