SPACs

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On July 13, 2021, the US Securities and Exchange Commission (“SEC”) announced charges against a special purpose acquisition company (“SPAC”), the proposed merger target company in the space transportation industry, each company’s CEO, and the SPAC’s sponsor. The charges were announced in connection with misleading statements made by the SPAC and target company to its…

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…

Today, the Office of Information and Regulatory Affairs released the Spring 2021 Unified Agenda of Regulatory and Deregulatory Actions, which includes the Securities and Exchange Commission’s rulemaking agenda.

The rulemaking agenda identifies short-term and long-term actions to be taken by the SEC.  There are a number of items that are noted in the final rulemaking…

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…

May 19, 2021 Webinar
12:00pm – 1:00pm EDT
Register here.

Please join Mayer Brown partners, Christopher Houpt, Brian Massengill, and Anna Pinedo, for the third session in the Banking & Financial Services Litigation webinar series.

This panel will discuss special purpose acquisition companies (SPACs), including:

  • An overview of the SPAC market and the SPAC

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May 18, 2021 Webinar
1:00pm – 2:00pm EDT
Register here.

Given the increased interest in going public through a combination with a SPAC, many private companies may not have had an opportunity to complete a public company readiness assessment. Often, in light of the accelerated timelines associated with SPAC opportunities, public company preparations may…

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

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