SEC Guidance SPAC Disclosures: Conflicts of Interest
Tuesday, December 29, 2020 On December 22, 2020, the staff of the Securities and Exchange Commission's Division of Corporation Finance issued new guidance with disclosure considerations for special purpose acquisition companies ("SPACs"). The new guidance is reflected in CF Disclosure Guidance Topic No. 11 ("Topic No. 11"). SPACs, or "blank check companies," become public reporting companies through initial public offerings ("IPOs") and raise money for use in the acquisition of one or more operating companies. SPACs have been an increasingly popular structure and, in 2020, there hav...
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