Loyola Capital is a sponsor of LUAC, and as such has created Class B shares of LUAC known as a promote. When discussing SPACs like LUAC, the promote is

• A. a large stake (in this case 5,000,000 shares) purchased for a nominal fee, that LUAC sponsors can cash out upon completion of a business combination.
• B. a large stake (in this case 5,000,000 shares) purchased for a nominal fee, that LUAC sponsors can sell to prospective investors in a PIPE, to help backstop the SPAC against redemptions.
• C. a large stake (in this case 5,000,000 shares) purchased for a nominal fee, that LUAC sponsors can cash out at the IPO.
• D. a large stake (in this case, 5,000,000 shares) purchased for a nominal fee, that sponsors can convert to shares of LUAC upon completion of a business combination.