Please provide a detailed explaination.

4. SPACS - Special Purpose Acquisition Corporations - have played a significant role in the capital markets in the last 24 months. In 2020 they had 244 IPOs raising $78 billion and in 2021 they have had 359 IPOs raising $95 billion. This is obviously an economic boon for investment banks. This money must put to work in 24 months. If not, the shareholders will receive their cash back. The SPACs are issued at $10 per share and trade on the exchange so you can sell it or buy it in the open market at any time. The structure has a safeguard in it that allows the shareholders to vote on any acquisition proposed by the sponsors of the SPAC. Without approval no deal can be done. Competition to the find acquisition targets is very intense with so much capital available in so many SPACs. This also is a fee generating event for Wall Street banks hoping to bring a deal to a SPAC. Due diligence, which is paid for by the sponsor, is limited in both time and scope. The sponsor receives 20% of the equity for the management expertise. Please discuss whether you would modify the SPAC structure. If you think it should be modified, please be very clear on why and how it should be modified, and be very clear on what results you hope the modifications will achieve for the investors and sponsors. If you do not think that it should be modified, please explain why not