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Major SPAC News, Rules May Be Coming This Week

On Thursday, March 24th, the Securities and Exchange Commission announced an agenda for a March 30th open meeting for the Divisions on Corporate Finance and Investment Management.  The meeting has only one agenda item: 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.

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.”

© 2023 Proskauer Rose LLP. National Law Review, Volume XII, Number 87
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About this Author

Julia D. Alonzo Litigation Attorney Proskauer Rose New York, NY
Senior Counsel

Julia Alonzo is a senior counsel in the Litigation Department with a focus on securities and corporate governance litigation. She is experienced in complex securities and white collar litigation matters, including federal securities class actions, derivative lawsuits, internal investigations and federal white collar defense.

Julia maintains an active pro bono practice, with a focus on immigration law, asylum and child welfare issues. In addition, she sits on the associate board of the Brooklyn Defender Services Family Defense Practice, which aims to provide interdisciplinary...

212-969-4558
Corey I. Rogoff Securities Litigation Lawyer Proskauer Law Firm
Associate

Corey Rogoff is a litigation associate in Washington, D.C. with a focus on securities litigation. Corey earned his J.D. from Columbia Law School, where he was a Harlan Fiske Stone Scholar and served on the Columbia Journal of Tax Law. While a summer associate at Proskauer, Corey seconded at Major League Baseball’s Washington Nationals franchise. Corey earned a B.A. in Political Science from Johns Hopkins University.

202-416-6884
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