Publications

06.23.21 | Newsletters

SEC Upends Classification of SPAC-Issued Stock Warrants

As explained elsewhere, the Special-Purpose Acquisition Company (“SPAC”) has been the subject of significant market activity, with the use of SPACs skyrocketing for several months before recently falling back to Earth. Despite the recent dip in SPAC use, according to data from Dealogic, U.S. SPACs had raised over $100 billion in 2021 alone, with the value of SPAC mergers surpassing $260 billion. In recent months, however, the number of SPACs going public has dropped precipitously, dropping from 116 listings in March down to just 18 in April and 19 in May.  

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