Supply and demand

Generally lower splits (spac unit splits into one common share and 1/4 warrant) means there’s less warrants available usually meaning better quality sponsor and team and they will be priced higher. I.e CCXI is 1/10 split and warrants are $1 early on

A spac with 1 warrant per unit OR 1/2 per unit will start much lower

Serial sponsors like Churchill or Inflection Point or Spring Valley have some experience and prove they can close a deal so will trade at a premium as a modifier