Some SPACs like PTSH go out of their way to reduce that explicitly. For any deal that requires a PIPE investor some of that should be bargained away.

Not sure where THCB is on that continuum — what’s the explanation on that?

A dilutive structure with big promote and lots of immediately exercisable warrants creates a huge incentive to get the deal done no-matter-what, and the result contributes to so many Companies trading way down after the DeSPAC/merger, indicating they were pushed through but overvalued but based on structure the SPAC team and financial advisors still made out like bandits.