Source: https://mochatrade.com/learn/glossary/direct-listing-spac

# Direct listing / SPAC
URL: https://mochatrade.com/learn/glossary/direct-listing-spac
Last modified: 2026-10-17

A direct listing puts existing shares on an exchange with no new shares and no underwriter, so [the opening auction sets the first price](https://mochatrade.com/learn/us-market-structure/how-us-stock-prices-form). A SPAC is a listed shell that raises cash and later merges with a private company, a route that lives on [what the SEC allows](https://mochatrade.com/learn/us-market-structure/who-moves-us-stocks).

## Related terms

- Opening auction: https://mochatrade.com/learn/glossary/opening-auction
- SEC: https://mochatrade.com/learn/glossary/sec
- US ETF: https://mochatrade.com/learn/glossary/us-etf
- Index ETF: https://mochatrade.com/learn/glossary/index-etf
- Index rebalancing: https://mochatrade.com/learn/glossary/index-rebalancing
- Closing auction (official close): https://mochatrade.com/learn/glossary/closing-auction