The shares, however, won't vest until a successful merger is made. David Feldman, a securities lawyer at Hiller PC, said this type of risk-reward ratio is not unusual for SPACS. "They say they're entitled to more compensation because they take the most risk," he said. Tishman Speyer declined to comment due to SEC regulations. The special-purpose acquisition company, dubbed TS Innovation Acquisitions Corp., will focus on mergers and acquisitions of proptech companies, or technology businesses focused on the real estate industry.