$NGCA READ. The sponsor sells SPAC shares to early investors to amass a war chest of capital. Then they list the blank check company on a stock exchange. At this point, the stock price will tread water around $10. Now it’s the sponsor’s job to find a high-quality company to merge with. If they can find a good private company within two years, they’ll merge with it and the private company will now be public. If the sponsor fails at their job, then the investors their $10/share back