The SEC’s Divisions on Corporate Finance and Investment Management have but one agenda item on their meeting tomorrow: SPACs, shell companies, and projections.
In December 2021, SEC Chair Gary Gensler compared SPACs to traditional IPOs, and noted that there may be different levels of disclosure provided to various parties involved in SPAC transactions. He further made reference to future regulatory action on SPACs, reports the Proskauer law firm.
This March gathering may well be what Chair Gensler promised, as the Commission will consider at this meeting “whether to propose amendments regarding special purpose acquisition companies, shell companies, the use of projections in Commission filings and a rule addressing the status of special purpose acquisition companies under the Investment Company Act of 1940.” Read more.
