You are right about SPAC being a warpspeed IPO, but there are still regulations. The biggest thing about SPAC is that its the easiest way to bypass giving control of your company to Wall Street deep state. If you have read Patrick Byrne's original posts (deepcapture.org), he exposed this scam and how Wall Street controls every company to their will.

By going this route, Trump is keeping control away from deep state, but also allowing normies like you and me to catch IPO value. If its a normal IPO, its almost impossible to get shares at IPO value unless you are a big player, because the banks control the allocations. Here, there is no middle man.

However, going via SPAC is quite risky for the company. They dont have the Banks behind them to push it and to make the market if needed. They literally need people to invest in something that has no value believing it will have value. So the risk and rewards goes both ways.

As for when the merge will happen, I believe the value of the capital raised by the SPAC should equal the fair value of the company to merge, so depending on how fast the TMTG grows and increases in value, it wil happen fast