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The meteoric rise in the use of special purpose acquisition companies (SPACs)—with more than $98 billion raised in over 300 deals year-to-date alone—has prompted increased government scrutiny of...
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To print this article, all you need is to be registered or login on Mondaq.com. SEC requirements on SPACs are ramping up. The last time they did so, blank-check companies languished. How will greater scrutiny this time round impact the momentum of SPACs in play and in the planning stages? The surge in today's market darling special-purpose acquisition companies (SPACs) has the SEC taking notice. On April 8, the SEC issued a public statement outlining a myriad of concerns including risks from fees, conflicts, and sponsor compensation. "With the unprecedented surge has...
Summary Special purpose acquisition companies (“SPACs”), it seems, are everywhere. SPACs have been around for decades, but use of a SPAC to take a company public without a traditional initial public offering (“IPO”) has recently exploded in popularity, especially in the first few months of 2021. One driver of the popularity of SPACs is the perception that they have lower liability risks than a traditional IPO. But a closer look at SPAC transactions suggests that the liability risks are not as low as some believe, and SPAC sponsors and directors and officers of SPAC companies shoul...