I think it depends on what we're talking about, right? My suggestion is that largely nobody cares or looks at these disclosures, not that they aren't important. I think institutional investors probably do, but they're certainly willing to invest in SPACs as well, it's not like it's only retail investors who buy shares of SPACs.
Your point about the business plan is interesting... it depends on the perceptions that investors have that the company can achieve a business plan, but it's not necessarily accurate right? Uber was going to do all this autonomous taxi stuff, and had it outlined in their business plan. WeWork was punished for having a crappy business plan before it filed, Uber has a crappy one (or at least one that turned out to be crappy in my opinion) and went public anyway. The disclosures certainly didn't help much - they aren't a guarantee. Things like Adam Neumann leasing his own properties to WeWork came out before any of these disclosures. If WeWork went the SPAC route (and it actually looks like it will at a $10bn or so valuation), it's not like you really hide all that stuff any more than you hide it in the normal IPO process.
If you don't like that Social Capital Hedosophia is taking SoFi public via IPOE SPAC, you can dump your shares. It's not like you have to hold the shares. It's a speculative position to take. Hell, at least you can actually dump the shares before the listing even happens - for IPOs there can be lockup periods where you wind up losing money because the IPO was way overpriced. Banks get their fees either way (which is fine).
Your point about the business plan is interesting... it depends on the perceptions that investors have that the company can achieve a business plan, but it's not necessarily accurate right? Uber was going to do all this autonomous taxi stuff, and had it outlined in their business plan. WeWork was punished for having a crappy business plan before it filed, Uber has a crappy one (or at least one that turned out to be crappy in my opinion) and went public anyway. The disclosures certainly didn't help much - they aren't a guarantee. Things like Adam Neumann leasing his own properties to WeWork came out before any of these disclosures. If WeWork went the SPAC route (and it actually looks like it will at a $10bn or so valuation), it's not like you really hide all that stuff any more than you hide it in the normal IPO process.
If you don't like that Social Capital Hedosophia is taking SoFi public via IPOE SPAC, you can dump your shares. It's not like you have to hold the shares. It's a speculative position to take. Hell, at least you can actually dump the shares before the listing even happens - for IPOs there can be lockup periods where you wind up losing money because the IPO was way overpriced. Banks get their fees either way (which is fine).