A senior regulator with the U.S. Securities and Exchange Commission is warning businesses that going public through a special-purpose acquisition company deal, or a SPAC, “gives no one a free pass” when it comes to making misleading statements about growth. (The Logic)
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A senior regulator with the U.S. Securities and Exchange Commission is warning businesses that going public through a special-purpose acquisition company deal, or a SPAC, “gives no one a free pass” when it comes to making misleading statements about growth. (The Logic)
Talking point: SPACs are formed for the express purpose of trading on the stock market and looking for other companies to buy, which then get a spot on the stock exchange. Such deals make it easier for early-stage startups to go public, with The Wall Street Journal reporting at least 15 companies with no revenue have listed or plan to list this year at valuations above US$1 billion. In a sign the boom might be slowing down, the Financial Times reported that SPACs are starting to have difficulty securing the financing necessary to complete acquisitions.
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