From when are a SPAC's listing deadline and merger deadline counted?

The Enforcement Decree of the FSCMA requires a SPAC to list the shares from its initial offering on the stock market within 90 days of the payment date for those shares, and to complete registration of a merger with another corporation within 36 months of the same date.

At least 90% of the money raised must be deposited or placed in trust with a securities finance company or similar institution by the business day following the payment date, and at least one of the promoters must be a dealer in equity securities above a certain size. Note that, under the law, these deadlines are counted from the payment date for the shares of the initial offering.