This is the life cycle of the spac right now
Open at 10$
1st rumor hits within 3 months and it shoots up to 14-15
People begin doing research on target merger, from here is when you decide to take your profit or stay
1. If target turn out to suck or is a growth target 2-3 years from profit, the spac will start to decline down towards 12$
2. If target is solid, stock will either stay near 15 or continue to shoot up (see the recent ACTC spac)
From here the stock will do either 1 or 2 up until the actual merger date in which 1 and 2 will repeat itself. Solid target will go up while the growth/weaker targets will get a quick 50% and then immediately decline
At whatever point you sell, roll those profits into the next 10$ spac you like, rinse and repeat. From what I'm seeing, the current SPAC mania is accelerating which is increasing the speed that these events happen and the size of the ups and downs and people jump from one SPAC to another as I detailed above