Why are you bringing up SPACs? Cytodyn is not a privately held company. If one were trying to acquire Cytodyn there would be an SEC report at 5% ownership. Then the fun begins. The share price gets driven upwards, it would become prohibitive to buy majority ownership. From a minority ownership it would become a hostile takeover with the shares they're holding being non-votable for takeover purposes for years. If they somehow convinced a majority of shareholders to vote for it new shares would come online held by those defending against a takeover.

Talk of a SPAC makes less sense then talk of a buyout.