A SPAC (special-purpose acquisition company) is a shell company that IPOs to raise capital for the purpose of merging with a private company, taking it public without a traditional IPO. The boom-and-bust of SPACs made "de-SPAC" communications a distinct discipline: managing projections, redemptions, and heightened investor and regulatory skepticism. For communications teams, a SPAC transaction demands careful, defensible messaging around forward-looking claims that draw particular SEC scrutiny.