When sponsors first launch a Spac, they will pay a nominal price for what is known as “founder stock”. If the Spac executives don’t find a target, they won’t get proceeds from the liquidation of the Spac — unlike investors who buy shares on the public market — so it acts as a reward (often, a generous one) for putting money at risk.  On the other hand, if a deal is done, the founders receive shares equivalent to 20 per cent of the Spac’s proceeds for putting the deal together. It can therefore be a huge windfall for relatively little capital.

https://www.ft.com/content/a6aa760f-3cc6-48d3-b02d-a211862f6f17