Which of the following statements about Special Purpose Acquisition Companies $($SPACs$)$ is correct?

Shareholders of a SPAC are informed about the acquisition target before they invest.

SPAC managers receive their management fee immediately upon the formation of the SPAC.

SPACs must find a shareholder$-$approved deal within $5$ to $7$ years.

Management typically receives a $20\%$ stake in the company only after a deal is successfully completed.