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ARTICLE · 22 FEBRUARY 2024

SEC Adopts New Rules Regarding SPAC Transactions

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On Jan. 24, 2024, the Securities and Exchange Commission (SEC) adopted new rules aimed to enhance protections in initial public offerings (IPOs) made by special purpose acquisition companies...

United StatesCorporate/Commercial Law
Jay H. Knight
Jay H. Knight
Sophi J. Gorman
Sophi J. Gorman
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On Jan. 24, 2024, the Securities and Exchange Commission (SEC) adopted new rules aimed to enhance protections in initial public offerings (IPOs) made by special purpose acquisition companies (SPAC) and in subsequent business combination transactions between SPACs and private operating companies, known as de-SPAC transactions.

The new SPAC rules were adopted by a 3-2 vote of the SEC Commissioners, and follow the rules proposed in March 2022. The final rules will become effective 125 days after their publication in the Federal Register. Registrants will have 490 days following publication in the Federal Register to comply with the structured data requirements set forth in the final rules.

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