Trying to understand a little about SPACs

Anyone know why this would be down 30% the day before the new company officially goes on the exchange?

Could it just be so that if it were to go to $10, it would appear to be up?

Seems strange to dump the day before new company is listed.

Perhaps some people can't sell after it changes for a few days and would rather get out before?

If anyone has any theories or examples, it would be appreciated.

Trying to learn a little from this current example.