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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...

Mallard Acquisition Corp. Receives Expected Notice from Nasdaq Regarding Delayed Annual Report April 22, 2021 17:05 ET | Source: Mallard Acquisition Corp. Mallard Acquisition Corp. Cornelius, North Carolina, UNITED STATES NEW YORK, April 22, 2021 (GLOBE NEWSWIRE) -- Mallard Acquisition Corp. (NASDAQ: MACUU) (the “Company”) announced today that it received a notice (“Notice”) from the Listing Qualifications Department of The Nasdaq Stock Market (“Nasdaq”) stating that the Company is not in compliance with Nasdaq Listing Rule 5250(c)(1)...

To embed, copy and paste the code into your website or blog: On April 12, 2021, the U.S. Securities and Exchange Commission (SEC) published a joint statement by John Coates, Acting Director of the Division of Corporation Finance, and Paul Munter, Acting Chief Accountant, which provides their view on the accounting treatment of warrants issued by special purpose acquisition companies (SPACs). This statement, titled  Staff Statement on Accounting and Reporting Considerations for Warrants Issued by Special Purpose Acquisition Companies (SPACs), 1 suggests that the SEC staff has concerns that t...

Key Points Between September 2020 and March 2021, at least 35 SPACs have been hit with one or more shareholder lawsuits filed in New York state court. These lawsuits generally allege that SPAC directors breached their fiduciary duties to shareholders by providing allegedly inadequate disclosures regarding proposed de-SPAC mergers. Some of these lawsuits also assert claims against the SPAC itself, as well as the target company and its board of directors, for allegedly aiding and abetting the SPAC directors' breaches. Although these cases are in their early stages and assert claims that are lim...

Friday, April 16, 2021 Following the increase in the number of special purpose acquisition companies (SPACs) and the related business combinations between SPACs and private target businesses (commonly referred to as “de-SPAC” transactions), an increase in regulatory scrutiny, particularly from the Securities and Exchange Commission, is emerging. As discussed below, in the last week the SEC has issued two statements — one related to the accounting treatment of warrants and one related to liability risk — that have attracted considerable attention from SPACs and other stakehol...