The SPAC market has fundamentally shifted. With hundreds of vehicles still searching for targets and domestic opportunities increasingly picked over, U.S.-listed SPACs are casting wider nets—looking to Canada, Europe, Asia, and beyond. For foreign companies, a U.S. SPAC merger offers an attractive proposition: faster access to capital, institutional credibility, and visibility in the world’s deepest public markets. But for investors, the cross-border opportunity comes with a critical asterisk.