How can a shareholder who opposes a SPAC merger get their money back?

A shareholder who opposes a listed company's board resolution on a merger can notify the company in writing of their opposition before the general meeting of shareholders and then, within 20 days of the date of the shareholders' resolution, demand in writing, stating the class and number of shares, that the company purchase their shares.

The company must buy the shares within 1 month from the end of the demand period; the purchase price is set by agreement, and if no agreement is reached, it is calculated by a method set in the Enforcement Decree based on prices traded on the stock market before the date of the board resolution, and if either side still objects, it may ask a court to decide. In principle, the right covers shares acquired before the board resolution was disclosed, so shares bought after the merger was announced may be excluded.