Carlos E. Juarez

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The special purpose acquisition company (“SPAC”) craze took the world by storm during 2020 and early 2021. SPACs continue to dominate the finance and business news cycles, with headlines of unicorns choosing to go public through this IPO-alternative. More recently, the future of the SPAC market has been called into question, as concerns have arisen…

Directors’ and officers’ (D&O) insurance policies are traditionally structured as “ABC” policies, comprised of Side A, B, and C coverage that together provide protection for the issuer and for directors and officers.  For SPACs, ABC polices differ from those of a traditional operating company with a balance sheet, and, as a result, some SPACs elect…

From a SPAC’s IPO through to its initial business combination with a target company and beyond, there are certain D&O insurance considerations that may not be top of mind for a SPAC management team.  However, budgeting for and structuring D&O insurance plans is an essential part of attracting independent directors to a SPAC’s board and…

During its meeting on June 10, the Securities and Exchange Commission’s Investor Advisory Committee held a panel discussion regarding 10b5-1 plans, welcoming three market participants and academics.  As we previously blogged, SEC Chair Gary Gensler asked for recommendations for the Commission’s consideration on how to “freshen up Rule 10b5-1.”

Dr. Dan Taylor, Associate…

Global funding for companies in the automotive and mobility sectors fell to $27.6 billion in 2020, a 5% decrease year-over-year, with 522 deals completed according to CB Insights’ recent report and webinar on the State of Mobility. While the first half of 2020 was particularly affected by the COVID-19 pandemic, the second half of…

Securities and Exchange Commission Chair Gary Gensler was back on the Hill, this time testifying before the Subcommittee on Financial Services and General Government, US House Appropriations Committee.  During his testimony, Chair Gensler commented on five key capital markets trends, which included a discussion on IPO, SPAC and direct listing trends and policy implications.

In…

Global venture-backed fintech funding reached almost $23 billion in the first quarter of 2021, a 110% quarter-over-quarter increase, according to CB Insights’ latest report and webinar, The State of Fintech.  Accounting for the increased investment in fintech companies were 57 mega rounds, or financings, that raised over $100 million.  Overall, there were 614 fintech…

The Securities and Exchange Commission announced it will hold its 40th Annual Government-Business Forum on Small Business Capital Formation virtually from May 24 – 27, 2021.  The Forum, hosted by the SEC’s Office of the Advocate for Small Business Capital Formation, will take place over four days and will feature a number of topics. …

On April 29, 2021, Sen. John Kennedy (R) introduced the Sponsor Promote and Compensation (SPAC) Act (the “bill”), which would require the SEC to issue rules requiring enhanced disclosures for blank check companies, including SPACs, during the IPO and pre-merger stages.

Specifically, the SPAC Act calls for rules requiring the disclosure of:

  1. the amount of

…