SPACs or 'birleşme amaçlı ortaklıklar' as regulated in Turkish law, have burst in recent years in international markets. Turkish SPACs modelled after their US counterparts, are founded through the initial public offering (IPO), and do not have any commercial operation until then. SPACs seek to merge with an operating non-public company called as target company. However, this merger process has its own risks. Bearing in mind that the IPO procedure is challenging, non-public companies may wish to merge with SPACs, by evading the relevant securities regulations. Hence, target companies seem to have an increasing demand to merge with SPACs, because merger procedure is easier to oblige than that of IPO's and they can become public in a shorter time. The merger with SPACs will diminish the failure risk in an IPO and ensure the cash flow into the target company, which is already financially small sized. Moreover, SPACs are obliged to merge with a target company within the timeframe and within the scope of investment strategy determined in their prospectuses in IPOs. However, some shareholders may wish to redeem their shares since the merger has not taken place for a reason or despite the shareholder approval of the merger, they are not satisfied of this merger. In case the merger has not consummated within the timeframe, the shareholders except sponsors are required to receive the 90% of the fund from the IPO must. In the other case, the voluntary buy-back process must be observed for the shareholders who would like to redeem their shares despite shareholder approval of the merger. Therefore, how this voluntary buy-back should be processed should be examined in detail.