In a traditional i p o, you go public and the insiders have to hold their shares. That's when you don't have sponsor bank. You just list the equities on the exchange. And if people want to sell, it just trades like a stock normally would. It's a very di y approach, and i think it's going to become the leading one,. In a spack, you basically have the financial sponsor who raises it. They all take work, but there is a very big difference in the quality of the sponsors....