The U.S. Securities and Exchange Commission said the changes requiring more disclosures align initial public offerings for special-purpose acquisition companies more closely with traditional IPOs. (The Logic)

Talking point: The rules come into effect 125 days after they are published in the federal register, which has not yet happened, and the industry has been waiting nearly two years for them to be finalized. SPACs experienced a boom in 2020, but have since struggled with high interest rates and competition amongst each other for acquisition targets. As my colleague Catherine reported, Canadian-backed SPACs have seen investors pull their money after the companies missed their deadlines to complete an acquisition—typically two years. Many of those have folded, or struggled to complete deals amid a broader industry trend of liquidations outpacing mergers.