The ordinary income tax you referred to definitely seems to be the case if you received the shares from your company, but it's not so clear it's taxable if you went out and purchased them. Do you have something that gives a definitive answer, because I've seen both sides argued.
At one point, I thought there was another SPAC example in which they basically handled the conversion for you. I think it was something like they took the current share price, subtract $11.50, and then you get the equivalent amount of shares. What you pasted is the more likely scenario. There is also an unanswered question about the tax implication and whether there is capital gains involved.
You're barking up the wrong tree.