Stock photo giant, Getty Images Holdings Inc. (NYSE:GETY) went public on Monday, following its merger with special-purpose acquisition company (SPAC) CC Neuberger Principal Holdings (CCNB).

On Friday, shares of the new publicly traded company soared more than 150% after it was revealed that 99.4% of the company’s float was redeemed by shareholders at an average price of $10.03 — shares are trading around $26 right now.

Of the 82.8 million shares available, some 82.3 million of them were redeemed by CCNB shareholders — leaving about 508,000 available to the public.

Read also: Mark Wahlberg's Stock Jumped 49% Today: What You Need To Know

How did that happen? A feature of the SPAC structure is that shareholders have a week before the SPAC reverse merger transaction closes to choose to redeem their shares.

Investors have the option to redeem their shares prior to the business combination for a pro-rata share of the cash in the trust account because the SPAC itself has no business operations and the target firm is unknown at the time of the IPO.

A shareholder may decide to exchange shares for the roughly $10 per share held in trust from the SPAC's first IPO at the redemption date. Due to interest accrued on the funds kept in trust, the price can be a few cents higher than $10 per share, as it is in this case at $10.03.

At the present share price, the 508,000 shares that are available to the public are worth about $13.8 million.

In 2021, Getty earned just $0.13 per share on revenues of $918 million.

Getty went public with a valuation of $4.8 billion. At current share prices, the company is worth around $2.3 billion.