On March 30, 2022, the US Securities and Exchange Commission (the "SEC"), approved the issuance of proposed rules regarding special purpose acquisition companies ("SPACs"). The SEC's Chairman Gary Gensler noted that the rules "would strengthen disclosure, marketing standards and gatekeeper and issuer obligations by market participants in SPACs, helping ensure that investors in these vehicles get protections similar to those when investing in traditional IPOs."
White & Case's SPAC Group submitted a comment letter to the SEC providing comments on certain proposed rules and in some cases, offering suggestions for changes where the group believes the proposed rules go beyond the Commission's stated intentions or would impose costs that would significantly exceed any benefits to investors.
Our comment letter follows the client alert we posted in April 2022, where we provided analysis of the implications of these proposed rules.
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