Comment Deadline Set for SEC SPAC Proposal
Comments are due by June 13, 2022 for an SEC proposal to (i) enhance disclosure requirements on special purpose acquisition companies ("SPACs") and (ii) more closely align the financial statements of private operating companies merging with SPACs with those required in registration statements for IPOs. The SEC proposal was published in the Federal Register.
As previously covered, the proposed rules would require additional disclosure concerning:
- SPAC compensation, conflicts of interest and sources of dilution;
- the business combination transactions between SPACs and private operating companies; and
- projections made by SPACs and their target companies.
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The SEC proposed new rules to "address the application of disclosure, underwriter liability . . . and concerns associated with, business combination transactions involving SPACs."
