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I am not sure the exact terms of the deal with regards to shares you will receive, but shareholders of IPOC will become shareholders of Opendoor when the acquisition closes in April, 2021. There will likely be a fee charged by your brokerage for the action. Given that the market price of IPOC has largely risen to the premium offered for Opendoor, there is probably not going to be much action between now and when the deal closes. So if you are not going to want to become a shareholder of Opendoor, there is little value to be realized in the interim. But if you want to be a shareholder of Opendoor from day one, then you'll want to hold onto your position.

The purpose of a SPAC is to invest in the promise that something good will come. You buy shares of the placeholder company with the understanding and expectation that the SPAC is going to buy something really cool and worth your long term investment dollars. When and what, you won't know until they make the announcement. The company being acquired will become a public company because the SPAC acquiring them is a public company. The SPAC will then adopt the name of the new company and change its ticker symbol. This allows the company being acquired to skip the costs and process of going public by itself. Shareholders of the SPAC need only enjoy the ride.

Here's a clip from Motley Fool Live explaining more about SPACs:

Who notes the risk is that until a SPAC announces an acquisition, it really has no growth drivers, and once that acquisition has been announced, shareholders have to decide whether the wait was worth it and you have high enough conviction in the target as a long term (3-5 years or longer) investment to hand onto your shares or to sell and start over somewhere else...

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Ticker Guide: The Walt Disney Company (DIS), Intuit (INTU), Live Nation (LYV), CME Group (CME), MongoDB (MDB), Trip Advisor (TRIP), Vivendi SA (VIVHY), Mimecast (MIME), Hain Celestial (HAIN), Royce Micro Capital Trust (RMT)
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