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ARTICLE · 05 MAY 2021

SPAC Act Introduced In The Senate

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On April 29, 2021, Sen. John Kennedy (R) introduced the Sponsor Promote and Compensation (SPAC) Act (the "bill").

United StatesCorporate/Commercial Law
Carlos E. Juarez
Carlos E. Juarez
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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 cash per share expected to be held by the blank check company immediately prior to the merger under various redemption scenarios;
  2. any side payments or agreements to pay sponsors, blank check company investors, or private investors in public equity for their participation in the merger, including any rights or warrants to be issued post-merger and the dilutive impact of those rights or warrants; and

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