What stages does a SPAC investment go through from listing to merger?

According to a Korea Exchange handbook, a SPAC lists after a public offering and then searches for a merger target; once a target is chosen, it goes through a board resolution on the merger and its disclosure, signing of the merger agreement and filing of a major matters report, and the exchange's preliminary review of the merger listing.

If it passes the review, the process is completed by filing a securities registration statement for the merger, convening a general meeting of shareholders and passing a special resolution, accepting appraisal right (share purchase) demands from dissenting shareholders, registering the merger and listing the new merger shares. Once the merger is complete, SPAC investors become shareholders of the merged company and bear changes in that company's value directly.