How are the funds raised by a SPAC protected?

A SPAC must deposit or place in trust at least 90% of the money raised in its public offering; withdrawals are restricted, and borrowing from others and providing debt guarantees are prohibited.

It is also prohibited from selecting or negotiating with a merger target before its initial offering. Its articles of incorporation must provide that, if it is dissolved, the deposited funds are paid only to the shareholders who bought in the public offering, in proportion to their shareholdings.