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SPACs have seen exponential growth in 2020, but SPAC sponsors, investors and targets should beware the scrutiny de-SPAC transactions are receiving from the plaintiffs’ bar and the
TAKEAWAYS
2020’s SPAC IPO explosion will inevitably lead to some underwhelming de-SPAC transactions (or failures to consummate any transaction at all) and thus a likely increase in SPAC-related litigation.
SPAC litigation will likely embroil not only SPAC sponsors but also the directors and officers of the acquisition target and the continuing public entity that takes over the target’s business.
Although SPACs present a unique method of creating a public company, the key steps to limit litigation risk and regulatory scrutiny are familiar ones e.g., thorough diligence, comprehensive disclosures and reasonable forecasts.