SEC Brings Enforcement Action Against Space SPAC for Alleged Misleading Disclosure and Due Diligence Failures | Proskauer Rose LLP
[co-author: Perry Laub] SEC”) has brought an enforcement action against a special purpose acquisition company (“ SPAC”) and its major participants, highlighting enhanced regulatory scrutiny of SPACs and underscoring the importance of following appropriate diligence and other practices in the de-SPAC process. On July 13, 2021, the U.S. Securities and Exchange Commission announced that it had brought an enforcement action against Stable Road Acquisition Company (“ Stable Road”), its sponsor, SRC-NI (“ SPAC Sponsor”), its CEO Brian Kabot, Stable Road’s proposed merger target, Mom...
Source: jdsupra.com