The SEC wants to clamp down on blank-check firms’ rosy projections when touting deals. But the headiest days of the party are already over, writes JMAGuilford:
The U.S. Securities and Exchange Commission on March 30 proposed a series of changes in regulations governing special-purpose acquisition companies. The proposals include curtailing safe harbor protections that shield SPACs from legal liability over their forecasts.
Special-purpose acquisition companies raised over $162.5 billion in 2021, up from $83.4 billion in 2020, according to SPAC Research. Thus far in the first quarter of 2022, SPACs have raised $9.8 billion through initial public offerings, far below first-quarter issuance of $98 billion in 2021. Some 15 SPAC transactions have broken this quarter, compared to only one in the same period last year.A street sign for Wall Street is seen outside the New York Stock Exchange in New York City, New York, U.
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